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Africa Oil Corp
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April 2024 Townhall Presentation
| Roger Tucker | Page 17 of 11 |
May 02, 2024
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"April 2024 Townhall Presentation"
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AFRICA OIL CORP. PRIME’S COMPETITIVE DEBT FUNDING HAS ENHANCED DIVIDEND DISTRIBUTIONS TO AOC Town Hall Presentation | April 2024 AFRICA OIL CORP. Four Years of Strong Dividends USD 825m vs. USD 520m of closing cash payment to acquire AOC’s 50% interest in Prime; full repayment in less than 3 Years SLIDE 17 • Strategy of extending / optimizing maturity profiles and enhancing dividend distributions • AOC has received USD 825m in dividends for 2020-2023 • Distribution of USD 50m (USD 25m net to AOC) in Apr’24 • Following OML 130 license renewal RBL facility has: ? USD 1,050m underwritten with accordion feature for further USD 950m ? USD 750m is currently drawn ? Interest rates at SOFR + 4.00% to SOFR +4.25% ? Repayment in in semi-annual instalments over a period of 6 years starting 31 December 2024 • In line with its financing strategy, Prime is assessing options to refinance its existing RBL facility and extend its debt maturity profile in 2025 Key Banking Relationships Prime presents a strong credit case for its lending banks, due to the quality of its assets and its prudent financial management