Canadian oil and gas company Africa Oil Corp has released its financial results and operating results for the three months and year ended December 31, 2016.

According to a statement issued by the company, at December 31, 2016, it had cash of $463.1 million and working capital of $435m. It said: "The Company’s liquidity and capital resource position improved dramatically during 2016 with the receipt of $439.4 million (inclusive of deposit received prior to 2015 year-end) upon completion of the farmout transaction with Maersk Olie og Gas A/S (“Maersk”) whereby Maersk acquired 50 per cent of the Company’s interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia.

Africa Oil Corp, which has assets in Kenya and Ethiopia, is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The company's shares closed at $1.85 - a year ago, they were trading at $1.26.

In a press release it said: "In addition to progressing the full field development work in Kenya, an Early Oil Pilot Scheme (EOPS) transporting oil from South Lokichar to Mombasa, utilising road, has been approved by the Joint Venture Partners. This will provide technical and non-technical information that will assist in full field development planning. The EOPS would utilise existing upstream wells and oil storage tanks to initially produce 2,000 bopd around mid-2017, subject to agreement with National and County governments."

SEE FULL COMPANY STATEMENT AND 4TH QUARTER RESULT IN FULL HERE

RETURN TO INDUSTRY NEWS