06:02 AM EST, 02/28/2025 (MT Newswires) -- Africa Oil ( AOIFF ) late on Thursday said it swung to a profit in the fourth quarter and that it has almost completed a corporate reorganization.

Net income came in at US$6.2 million, or US$0.02 per share, compared with a loss of US$88.8 million, or US$0.19 per share.

The reorganization, which involves consolidating all the Prime Oil and Gas Cooperatief shareholding in Africa Oil ( AOIFF ), is expected to be completed by March 7. Africa Oil ( AOIFF ) says the reorganization will double its reserves and production and allow it to take direct control of Prime's cash flows and balance sheet. As a result of the reorganization, the company plans to increase its annual base dividend to at least US$100 million, or about US$0.15 per share, three times the current level.

The company plans to declare the first quarterly dividend of US$25 million, or roughly US$0.037 per share, once the reorganization is completed.