VANCOUVER, BC, Feb. 28, 2022 /CNW/ - (TSX: AOI)
(Nasdaq-Stockholm; AOI) – Africa Oil Corp. ("Africa
Oil", "AOC" or the "Company") is pleased to announce its operating
and consolidated financial results for the three months and the
year ended December 31, 2021,
together with its 2022 Management Guidance. The Company is also
pleased to announce the introduction of a regular shareholder
dividend policy as part of its commitment to returning excess
capital to its shareholders. View PDF
Highlights
- Record full-year net income of $190.7
million or $0.40 per
share.
- Cash balance at December 31, 2021
of $58.9 million. Our corporate
facility has been fully repaid and $100m of the facility remains available for
general corporate purposes until December
2022.
- The Company will institute a shareholder dividend policy with
an initial 2022 aggregate annual distribution of $0.05 per share (approximately $25 million) to be paid semi-annually, with the
first payment payable on March 31,
2022, to shareholders of record at the close of business on
March 17, 2022.
- Venus 1-X exploration well results in a major light oil
discovery on Block 2913B (the Company
has a 6.2% indirect interest through its shareholding in Impact Oil
& Gas Limited), offshore Namibia, that together with the nearby Graff-1
discovery on the adjacent Block 2913A (the Company has no interest
in this block), herald the opening of a major petroleum province
with significant upside potential for the Company.
- Positive year-end 2021 statement of reserves with working
interest (W.I.) proved plus probable reserves ("2P") replacement
ratio of 102% (year-end 2020: 114%).
- Selected Prime's results net to Africa Oil's 50%
shareholding*:
-
- full-year W.I. production of 27,300 boepd and economic
entitlement production of 29,700 boepd (84% light and medium crude
oil and 16% conventional natural gas) are at the top end of 2021
Management Guidance2,3; and
- In Q4 2021, EBITDAX of $163.4
million (full-year period: $654.5
million)4.
- In Q4 2021, cash generated from operating activities of
$60.6 million (full-year period:
$526.7 million, includes $152.5 million of Agbami Security Deposit
received).
- Cash position of $258.9 million
and debt balance of $508.4 million at
December 31, 2021; Robust Net Debt to
EBITDAX of 0.4x in 2021.
- 2022 Management Guidance (refer to page 3 for more
details):
-
- Average daily W.I. production range of 22,500-25,500 boepd and
net entitlement production range of 23,000-27,000 boepd net to the
Company's 50% shareholding in Prime, with approximately 84%
expected to be light and medium crude oil and 16% conventional
natural gas; and
- Prime's cash flow from operating activities of $300-$400 million
net to the Company's 50% shareholding in Prime.
- Inaugural ESG Review published in March
2021, followed by a comprehensive Sustainability Report,
including TCFD compliant scenario analysis, published today,
28th February 2022.
- In 2021, the Company set a target to achieve carbon neutrality
by 2025. Towards this goal, the Company purchased an initial
tranche of offsets covering >20% of Scope 1 and 2 emissions from
a Gold Standard certified clean cookstove project in Kenya, and began feasibility studies for
direct investment in a proprietary nature-based carbon removal
project.
* Important
information: Africa Oil's interest in Prime is accounted for as an
investment in joint venture. Refer to Note 1 on page 5 for further
details. Please also refer to other notes on page 5 for important
information on the material presented.
|
Africa Oil President and CEO Keith
Hill commented: "We had a very strong financial year as
demonstrated by our record earnings and the full repayment of our
corporate debt, and I am pleased that we are now in the robust
financial position to able to announce our inaugural dividend. This
strong position will allow us to continue to pursue accretive
production acquisition opportunities while returning excess
cash to shareholders. We remain bullish about oil prices and
opportunities in the current energy transition environment."
2021 Fourth Quarter Financial Results
(Thousands
United States Dollars, except Per Share and Share Amounts)
|
December 31,
2021
|
December 31,
2020
|
|
|
|
Cash and cash
equivalents
|
58,885
|
40,474
|
|
|
|
Total
assets
|
991,618
|
910,499
|
|
|
|
Short-term
debt
|
-
|
-
|
|
|
|
Long-term
debt
|
-
|
141,000
|
|
|
|
Total
liabilities
|
43,560
|
156,212
|
|
|
|
Total equity
attributable to common shareholders
|
948,058
|
754,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
Year
ended
|
Three months
ended
|
Three months
ended
|
|
December 31,
2021
|
December 31,
2020
|
December 31,
2021
|
December 31,
2020
|
Share of profit from
investment in joint venture
|
224,384
|
208,981
|
56,053
|
59,193
|
Share of profit from
investment in associates
|
2,495
|
31,381
|
5,790
|
32,041
|
Total operating
income
|
226,879
|
240,362
|
61,843
|
91,234
|
Net operating
income
|
208,854
|
10,633
|
56,821
|
86,151
|
Net
income/(loss)
|
190,722
|
(17,614)
|
54,912
|
79,845
|
Net income/(loss) per
share - basic and diluted
|
0.40
|
(0.04)
|
0.12
|
0.17
|
Weighted average
number of share outstanding - basic ('000s)
|
473,332
|
471,792
|
474,192
|
471,954
|
Weighted average
number of share outstanding - diluted ('000s)
|
477,361
|
471,792
|
479,611
|
475,144
|
Number of shares
outstanding ('000s)
|
474,655
|
471,960
|
474,655
|
471,960
|
|
|
|
|
|
Cash flows used in
operating activities
|
(10,209)
|
(5,348)
|
(2,440)
|
(1,916)
|
Cash flows generated
by/(used in) investing activities
|
187,703
|
(394,272)
|
47,295
|
54,418
|
Cash flows (used
in)/generated by financing activities
|
(159,119)
|
110,644
|
(24,889)
|
42,541
|
Total change in cash
and cash equivalents
|
18,411
|
(288,990)
|
20,031
|
10,078
|
|
|
|
|
|
Total change in
equity
|
193,771
|
(12,416)
|
55,758
|
73,531
|
|
|
|
|
|
|
|
|
|
|
|
The financial information in this table was selected from the
Company's audited consolidated financial statements for the year
ended December 31, 2021. The
Company's consolidated financial statements, notes to the financial
statements, management's discussion and analysis for the year ended
December 31, 2021 and 2020 have been
filed on SEDAR (www.sedar.com) and are available on the Company's
website (www.africaoilcorp.com).
FINANCIAL POSITION AND EARNINGS
The Company recognized a total operating income of $61.8 million and net income of $54.9 million during the fourth quarter of 2021.
The operating income primarily relates to the Company's share of
profit from its investments in Prime amounting to $56.1 million. For the full year, the Company
recognized a record net income of $190.7
million or $0.40 per
share.
The Company ended 2021 fourth quarter with cash of $58.9 million and a zero debt balance in
comparison to cash of $40.5 million
and outstanding debt balance of $141.0
million at the end of 2020. During the 2021 fourth quarter,
Prime paid one dividend for $100.0
million with net payment to Africa Oil of $50.0 million, related to its 50% shareholding
interest. The Company received four dividends from Prime during
2021 for a total amount of $200.0
million and it fully repaid its outstanding debt balance
from the proceeds. Since the acquisition of a 50% shareholding in
Prime in January 2020 for
$519.5 million, the Company has
received 10 dividends from Prime for a total amount of $400.0 million, representing that 77% of the
closing purchase price has been returned in less than two
years.
On January 31, 2022, the Company
announced that all lenders to its Corporate Facility had approved
increasing the available amount to $100.0
million from the then unutilized amount of $62.0 million, and extending the availability
period to December 31, 2022, from
May 13, 2022. The Corporate Facility
maturity date of May 13, 2024, and
interest margins were unchanged.
PRIME'S FOURTH QUARTER 2021 PERFORMANCE
Prime's fourth quarter 2021 average daily W.I. production was
26,400 boepd and economic entitlement production was 28,500 boepd
(83% light and medium crude oil and 17% conventional natural gas),
net to Africa Oil's 50% shareholding in Prime. Its full-year
average working Interest production was 27,300 boepd and economic
entitlement production was 29,700 boepd (84% light and medium crude
oil and 16% conventional natural gas), net to Africa Oil's 50%
shareholding in Prime.
During the fourth quarter, Prime was allocated 4 oil liftings
with total sales volume of approximately 4.0 million barrels or 2.0
million barrels net to Africa Oil's 50% shareholding. For the full
year, Prime was allocated 17 oil liftings with total sales volume
of approximately 17.0 million barrels or 8.5 million barrels net to
Africa Oil's 50% shareholding. These volumes only represent Prime's
share of cost and profit oil with its corresponding share of tax
oil cargoes sold on its behalf by the operators for the settlement
of its taxes to the Nigerian state.
Prime achieved an average realized oil price of $62.1/bbl in Q4 2021 and an average realized oil
price of $59.3/bbl for 2021, in each
case including hedging.
Prime achieved fourth quarter 2021 sales revenue of $153.9 million (full-year period: $610.2 million); EBITDAX of $163.4 million (full-year period: $654.5 million) and cash flow generated from
operating activities of $60.6 million
(full-year period: $526.7 million),
in each case net to Africa Oil's 50% shareholding.
Prime's 2021 capital expenditure of $25.3
million (net to the Company's 50% shareholding) is 40% lower
than the 2021 Management Guidance midpoint of $42.5 million. The reduction is mostly due to the
deferral of infill drilling on the Egina field and deferral of
Agbami gas project FEED. These activities are expected to progress
during 2022.
2022 MANAGEMENT GUIDANCE
The Company's 2022 production will be contributed solely by its
50% shareholding in Prime. The 2022 Management Guidance includes WI
production guidance range of 22,500-25,500 boepd and net
entitlement production range of 23,000-27,000 boepd with
approximately 84% expected to be light and medium crude oil and 16%
conventional natural gas.
Net entitlement production estimate is based on a 2022 Brent
price of $87.0/bbl being the average
of the Brent forward curve as of February
15, 2022. Net entitlement production is calculated using the
economic interest methodology and includes cost recovery oil, tax
oil and profit oil and is different from WI. production that is
calculated based on project volumes multiplied by Prime's effective
WI.
Prime is continuing its hedging program with the target of
covering 50%-70% of its planned cargoes over a rolling 12-month
look-ahead period. For the period Q2 2022 to end Q1 2023, only 5
out of 11 cargoes that are scheduled to be lifted by Prime have
been hedged, providing the Company with material exposure to oil
prices.
It is expected that Prime will lift 11-13 cargoes (5.5-6.5
cargoes net to the Company) in 2022 for its share of cost and
profit oil. The average cargo lifted is for one million barrels of
oil. Prime has forward sold its first 10 cargos in 2022 at average
Dated Brent price of $73.1/bbl. The
actual price will include a quality and shipping cost adjustment
which means the realized price will be different to the hedged
prices. At the date of this press release, Prime has lifted 3
cargoes with an average realized price of $66.0/bbl and is expected to lift another two
cargoes by end of Q1 2022 at average Dated Brent price of
$70.1/bbl. Remaining five cargoes
that are sold forward are at average Dated Brent Price of
$78.6/bbl.
Based on the above production and cargo lifting ranges and
Prime's current 2022 hedging program, the Company's management
estimate Prime to generate cash flow from operations of
approximately $300-$400 million net to the Company's 50%
shareholding.
Any dividends received by the Company from Prime's operating
cash flows and cash on hand will be subject to Prime's capital
investment and financing cashflows, including Prime's RBL interest
payments and principal amortization. Net to the Company's 50%
shareholding, Prime's 2022 capital investment is expected to be in
the range of $40-$70 million and its net debt repayment in the
range of $200-$230 million. Prime had a cash and cash
equivalents balance of $258.9 million
net to the Company's 50% shareholding at December 31, 2021.
The Company's 2022 corporate budget is estimated to be
approximately $19-$21 million and includes pre-FID budget for
Project Oil Kenya, G&A and exploration activities.
Prime, net to AOC's 50%
shareholding:
|
2022
Guidance
|
2021 Actuals
|
WI production
(boepd)
|
22,500-25,500
|
27,300
|
Economic entitlement
production (boepd)
|
23,000-27,000
|
29,700
|
Cash flow from
operations before working capital (million)
|
$300-$400
|
$536
|
Expenditure on oil and
gas properties (million)
|
$40-$70
|
$25
|
Net Debt repayment
(million)
|
$200-$230
|
$218
|
Africa Oil's corporate
budget (million)
|
$23-$25
|
$18
|
2022 OUTLOOK
The Company's debt-free balance sheet, its share of Prime's cash
flows and access to debt funding on competitive terms, supports a
range of opportunities for the Company to achieve accretive growth
and create shareholder value. The Company's valuation is
underpinned by its 50% shareholding in Prime, which accounts for
all of the Company's reserves and production interests.
The Company will work to maximize Prime's dividends by
distributing its excess cash, whilst maintaining a prudent treasury
management policy at Prime. The near-term priority is to extend
Prime's debt tenor with the primary objective over the next year of
refinancing Prime's RBL facility, possibly facilitated by the
voluntary early conversion of Prime's licenses in Nigeria to the new PIA terms. The Company's
management will also work with Prime to assess other financing
options that could extend Prime's debt maturity profile on
competitive costs, such as the PXF facility that was arranged by
Prime in 2021. An extension of Prime's debt tenor is anticipated to
allocate more of Prime's near-term cash flows towards the payment
of dividends to its shareholders, including the Company.
Dividends received from Prime will support the Company's
shareholder capital return programs and business development
activities that are focused on the acquisition of producing
assets.
The Company is committed to a sustainable dividend policy for
its shareholders over the future years. The Company is pleased to
announce that its Board of Directors has declared an initial
aggregate annual dividend of $0.05
per share (approximately $25.0
million) to be paid semi-annually, with the first payment
payable on March 31, 2022, to
shareholders of record at the close of business on March 17, 2022. This dividend qualifies as an
'eligible dividend' for Canadian income tax purposes.
Dividends on shares traded on the Toronto Stock Exchange ("TSX")
will be paid in Canadian dollars on March 31, 2022. Dividends
on shares traded on Nasdaq Stockholm will be paid in Swedish kronor
in accordance with Euroclear principles on April 1, 2022. To
execute the payment of the dividend, a temporary administrative
cross-border transfer closure will be applied by Euroclear
from March 16, 2022, up to and including March 17,
2022 during which period shares of the Company cannot be
transferred between the TSX and Nasdaq Stockholm The Company's
Annual General Meeting is planned to be held on April 20, 2022.
This initial annual dividend has been determined by the Board to
strike a prudent balance between allocating capital for potential
acquisitions, shareholder capital returns and maintaining a robust
balance sheet in a range of oil market conditions. The Board will
regularly review this policy and depending on the Company's
progress in maturing acquisition opportunities and the market
outlook, the Board may approve additional distributions and/or
share buybacks, subject to the customary approvals. As always, the
declaration of dividends is at the discretion of the Board.
The Company has been actively working on the acquisition of
strategic producing assets that are accretive on per share
valuation and cashflow metrics. The Company has maintained a very
disciplined approach towards this goal with detailed technical,
commercial and legal due diligence applied for each opportunity and
the primary goal of not diluting or risking the current strong
investment case. The Company's focus remains on buying producing
assets offshore West Africa and
the management will consider both operated and non-operated
opportunities as well as oil and natural gas assets. The Board may
also consider corporate merger and acquisition opportunities if
there is strong strategic rationale for such a transaction with
strong prospects to increase shareholder value. There is no
guarantee that the Company can complete such transactions and it
will update the market during the year on its efforts.
Through its 30.9% shareholding in Impact Oil & Gas, the
Company has an indirect interest of 6.2% in Block 2913B, offshore Namibia. The Company announced the Venus light
oil and associated gas discovery on this block on February 24, 2021. Venus' initial results have
exceeded pre-drill estimates and along with the recently announced
Graff discovery on a neighboring block, has opened a new petroleum
province in the Orange Basin with significant upside potential.
Venus and Graff discoveries support the exploration case for Block
3B/4B,
which is operated by the Company with a 20% working interest and
Impact's Orange Basin Deep Block, both located on trend in the
Orange Basin, South Africa.
Through its shareholdings in Africa Energy, the Company has
exposure to the Gazania-1 exploration well that will be drilled in
Block 2B offshore South Africa, with a target spud date by end
of 2022. The Gazania-1 will test a prospect in the A-J rift basin
that is near but updip of the A-J1 oil discovery (1988) that flowed
36o API oil to surface. A success at Gazania-1 would
de-risk a large inventory of prospects in the block that have been
identified from 3D seismic data. Africa Oil has an indirect 5.5%
economic interest in Block 2B through
its 19.9% shareholding of Africa Energy. Africa Energy holds a
carried 27.5% working interest in Block 2B with partners Eco Atlantic (Operator, 50% WI),
Panoro Energy (12.5% W.I.) and Crown Energy (10% W.I.).
During 2021, the Company and its JV Partners (Tullow Oil and
TotalEnergies) have completed the redesign of Project Oil Kenya to
ensure it is technically, commercially and environmentally robust.
The Company and its partners initiated a farm-out process for
Project Oil Kenya in 2021. Advanced discussions are on-going with
the interested parties. A successful farm-out is viewed by the
Company as a critical step towards the FID for Project Oil Kenya
being achieved over the course of next year. There is no guarantee
that the Company can successfully conclude a farm-out to new
strategic partner(s) on favorable terms. The Company will
update the market on this process in due course.
NOTES
1.
|
The 50% shareholding
in Prime is accounted for using the equity method and presented as
an investment in joint venture in the Consolidated Balance Sheet.
Africa Oil's 50% share of Prime's net profit or loss will be shown
in the Consolidated Statements of Net Income/Loss and Comprehensive
Income/Loss. Any dividends received by Africa Oil from Prime are
recorded as Cash flow from Investing Activities. The guidance
presented here is for information only.
|
2.
|
Aggregate oil
equivalent production data comprised of light and medium crude oil
and conventional natural gas production net to Prime's W.I. in
Agbami, Akpo and Egina fields. These production rates only include
sold gas volumes and not those volumes used for fuel, reinjected or
flared.
|
3.
|
Net entitlement
production is calculated using the economic interest methodology
and includes cost recovery oil, tax oil and profit oil and is
different from working interest production that is calculated based
on project volumes multiplied by Prime's effective working interest
in each license.
|
4.
|
Earnings Before
Interest, Tax, Impairment, Depreciation, Amortization and
Exploration Expenses ("EBITDAX") is not a generally accepted
accounting measure under International Financial Reporting
Standards ("IFRS") and does not have any standardized meaning
prescribed by IFRS and, therefore, may not be comparable with
definitions of EBITDAX that may be used by other public companies.
This is used by management as a performance measure to understand
the financial performance from Prime's business operations without
including the effects of the capital structure, tax rates,
DD&A, impairment and exploration expenses. Non-IFRS
measures should not be considered in isolation or as a substitute
for measures prepared in accordance with IFRS. A reconciliation
from total profit (a GAAP measure) to EBITDAX (a non-GAAP
measure) is shown below.
|
|
|
Three months
ended
|
Year ended
|
|
$'m
|
December 31,
2021
|
December 31,
2020
|
December 31,
2021
|
December 31,
2020
|
|
Per Prime's
financial statements
|
|
|
|
|
|
Total
profit
|
119.5
|
118.4
|
441.6
|
443.6
|
|
Add
back:
|
|
|
|
|
|
Tax
|
114.8
|
8.0
|
460.0
|
(5.7)
|
|
Finance
costs
|
16.8
|
23.4
|
100.4
|
76.1
|
|
Finance
income
|
(0.3)
|
(0.1)
|
(0.4)
|
(12.4)
|
|
DD&A and
Impairment
|
74.6
|
107.9
|
303.4
|
737.3
|
|
Exploration
expenses
|
1.3
|
1.2
|
3.9
|
4.4
|
|
EBITDAX
|
326.7
|
258.8
|
1,308.9
|
1,243.3
|
|
Net to AOC's 50%
shareholding:
|
|
|
|
|
|
EBITDAX
|
163.4
|
129.4
|
654.5
|
621.7
|
|
|
|
|
|
|
|
5.
|
Prime does not pay
dividends to its shareholders, including Africa Oil, on a fixed
pre-determined schedule. Previous number of dividends and their
amounts should not be taken as a guide for future dividends to be
received by Africa Oil. Any dividends received by Africa Oil from
Prime's operating cash flows will be subject to Prime's capital
investment and financing cashflows, including payments of Prime's
Reserve Based Lending ("RBL") principal amortization, which are
subject to semi-annual RBL redeterminations.
|
6.
|
All dollar amounts
are in United States dollars unless otherwise indicated.
|
Africa Oil also reports the following share capital and voting
rights update in accordance with the Swedish Financial Instruments
Trading Act. As a result of the exercise of 47,900 stock options
under the Company's stock option plan, the Company now has
474,831,355 common shares issued and outstanding with voting
rights as at February 28, 2022.
Management Conference Call
Senior management will hold a conference call to discuss the
results on Tuesday, March 1, 2022 at
10:00 (ET) / 16:00 (CET). The conference call may be accessed by
dial in or via webcast:
Canada
|
+1 647 484
0473
|
North America toll
free
|
800-289-0459
|
Sweden
|
+46 (0)8 5033
6573
|
Sweden toll
free
|
0200 883
447
|
UK
|
0800 358
6374
|
Participant
Passcode
|
419230
|
Webcast
URL
|
https://event.webcasts.com/starthere.jsp?ei=1532170&tp_key=71e74182db
|
Please join the event conference 5-10 minutes prior to the start
time. A recording of the webcast will be available on the Company's
website after the event.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in Africa and Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Additional Information
This information is information that Africa Oil is obliged to
make public pursuant to the EU Market Abuse
Regulation and the Swedish Financial Instruments Trading
Act. The information was submitted for publication,
through the agency of the contact persons set out above, at
5:30 p.m. ET on February 28, 2022.
Advisory Regarding Oil and Gas Information
The terms boe (barrel of oil equivalent) is used throughout this
press release. Such terms may be misleading, particularly if used
in isolation. Production data are based on a conversion ratio of
six thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion
ratio is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ratio based on
the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining to the 2021 Management
Guidance including production, cashflow from operation and capital
investment estimates, performance of commodity hedges, the results,
schedules and costs of exploratory drilling activity, uninsured
risks, regulatory and fiscal changes, availability of materials and
equipment, unanticipated environmental impacts on operations,
duration of the drilling program, availability of third party
service providers and defects in title. No assurance can be given
that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. The
Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by
applicable laws. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in
macro-economic conditions and their impact on operations, changes
in oil prices, reservoir and production facility performance,
hedging counterparty contractual performance, results of
exploration and development activities, cost overruns, uninsured
risks, regulatory and fiscal changes, defects in title, claims and
legal proceedings, availability of materials and equipment,
availability of skilled personnel, timeliness of government or
other regulatory approvals, actual performance of facilities, joint
venture partner underperformance, availability of financing on
reasonable terms, availability of third party service providers,
equipment and processes relative to specifications and expectations
and unanticipated environmental, health and safety impacts on
operations. Actual results may differ materially from those
expressed or implied by such forward-looking statements.
SOURCE Africa Oil Corp.