VANCOUVER, BC, May 15, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)  – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce its financial and operating results for the three months ended March 31, 2024. View PDF Highlights During Q1 2024, the Company's disciplined capital allocation framework that prioritizes maintaining a strong balance sheet, consolidating its core assets, and shareholder capital returns was supported by two strategic farm down agreements for its assets in the prolific Orange Basin. On completion, these agreements will de-risk the Company's balance sheet in relation to the Venus oil development project that is expected to underpin the Company's long-term production outlook. These agreements allowed the Company to increase the pace of its shareholder capital returns with a total shareholder return of $25.4 million during Q1 2024 and $37.5 from start of the year to May 10, 2024. The Company ended Q1 2024 with a cash balance of $195.5 million and no debt. In April 2024 the Company received a $25.0 million dividend distribution from Prime, net to its 50% shareholding. TotalEnergies, the operator of Block 2913B, offshore Namibia, successfully completed the drilling and testing of Venus-1A and Mangetti-1X wells, acquiring important technical data to incorporate into the Venus reservoir model. Selected Prime's highlights and results net to Africa Oil's 50% shareholding*: Recorded daily WI2 production of approximately 17,100 barrels of oil equivalent per day ("boepd") and average daily net entitlement3 production of approximately 20,100 boepd The infill drilling program on Prime's Nigerian assets continued during Q1 2024 with two Akpo wells completed, and the drilling rig contract for this campaign was extended to the end of October 2024. Recorded cashflow from operations4,5 of $77.1 million. Prime's cash position of $134.3 million and debt balance of $375.0 million resulting in a Prime net debt position of $240.7 million at March 31, 2024. Africa Oil President and CEO, Roger Tucker commented: "First quarter 2024 was a significant period for Africa Oil with two strategic farm down transactions in the highly sought-after Orange Basin. Through these transactions we will retain significant upside, including exposure to the world-class Venus development project, offshore Namibia, at no upfront cost. With the funding assured for our core Orange Basin assets, we were able to continue with our shareholder capital return program including the re-start of share repurchases, and distributing the first semi-annual dividend for 2024. Africa Oil is in a strong position to work its core asset opportunity set, and we can now look forward to progress on the Venus project, our first Orange Basin discovery, towards a final investment decision and first production. This asset is expected to add significant reserves and production to our portfolio from the late 2020s through the 2030s and beyond." * Important information: Africa Oil's interest in Prime is accounted for as an investment in joint venture. Refer to Note 1 on page 4 for further details. Please also refer to other notes on page 5 for important information on the material presented. 2024 First Quarter Results Summary(Millions United States Dollars, except Per Share and Share Amounts) Three Months Ended Year Ended   Unit     March 31, 2024 March 31, 2023 December 31, 2023   AOC highlights Net income/ (loss) $'m 3.5 21.9 87.1 Net income/ (loss) per share - basic $/ share 0.01 0.05 0.19 Cash position $'m 195.5 158.2 232.0   Prime highlights, net to AOC's 50% shareholding1,2 WI production3 boepd 17,100 20,900 19,800 Economic entitlement production4 boepd 20,100 23,200 22,400 Cash flow from operations5 $'m 77.1 70.9 298.8 EBITDAX $'m 93.6 113.6 458.7 Free Cash Flow $'m 67.2 75.0 149.1 Net debt $'m 240.7 161.7 298.9 The financial information in this table was selected from the Company's unaudited consolidated financial statements for the three months ended March 31, 2024 and the Company's audited consolidated financial statements for the year ended December 31, 2023. The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three months ended March 31, 2024 and 2023 and the 2023 Report to Shareholders and Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). In Q1 2024, the Company recorded a net income attributable to common shareholders of $3.5 million (Q1 2023 net income - $21.9 million). This is primarily made up of share of profit from the Company's investment in Prime of ...