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Hydrocarbons : Africa Oil Corp announces positive results for Q1 2024

Africa Oil Corp (AOI) reports positive results for Q1 2024, with a net income of $3.5 million. The company emphasizes disciplined cash management and shareholder returns. Operations in Nigeria, Equatorial Guinea, Namibia, and South Africa are growth drivers. Africa Oil strengthens its assets by acquiring an additional stake in Impact. The focus is on organic growth, with 38% of the share buyback program already completed. It has returned $130 million to shareholders since 2022. Average selling prices exceed those of Brent. The company continues asset consolidation efforts in Nigeria.

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