ECAOF - Africa Oil: The Cash Flows In

• The debt repayment is happening as expected.
• Once the debt is repaid, then the cash flow from Prime will be available to fund other ventures.
• The business atmosphere in Kenya is such that the cash flow will not command a high valuation.
• Other ventures are in markets that will likely support a higher market valuation (if they are successful) in the future.
• The presence as part of the Lundin Group companies helps to reduce the risk of this primarily exploratory company.

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