Africa Oil Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016
Africa Oil reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported loss of 1 cent. Cash inflows during the first quarter of 2016 are primarily driven by the receipt of $439.4 million in proceeds relating to the completion of the farmout transaction with Maersk. Cash flows used in operations was $2,542,000 against $2,099,000 a year ago. Intangible exploration expenditures was $12,266,000 against $77,300,000 a year ago.