- Companies
- Prime Oil & Gas Coöperatief U.A.
Prime Oil & Gas Coöperatief U.A. Acquisition, Valuation, Funding & Investors
Prime Oil & Gas Coöperatief U.A. was acquired by Africa Oil Corp for $821M in February 2025, a 1.0x multiple on $816M of revenue.
Prime Oil & Gas Coöperatief U.A. acquisition price
$821M
Acquired by Africa Oil Corp · Feb 2025
Prime Oil & Gas Coöperatief U.A. revenue at acquisition
$816M
Last twelve months · Feb 2025
Prime Oil & Gas Coöperatief U.A. revenue multiple at acquisition
1.0x
EV/Revenue · Feb 2025
Prime Oil & Gas Coöperatief U.A. EBITDA multiple at acquisition
1.2x
EV/EBITDA · Feb 2025
About Prime Oil & Gas Coöperatief U.A.
Prime Oil & Gas Coöperatief U.A. is a Netherlands-based exploration and production company active in Sub-Saharan Africa, holding interests in offshore blocks in Gabon, Equatorial Guinea, and Nigeria. Incorporated in Amsterdam, it operates through subsidiaries focusing on seismic data acquisition, drilling, and hydrocarbon appraisal. The firm partners with national oil companies on licenses covering more than 5,000 square kilometers, emphasizing high-impact prospects in proven basins.
Founded
2013
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$816M (Feb 2025)
Valuation
$1B (Jan 2020)
Sectors
Prime Oil & Gas Coöperatief U.A. Acquisition
Prime Oil & Gas Coöperatief U.A. was acquired by Africa Oil Corp for $821M on 27 February 2025.
The acquisition price implies a 1.0x revenue and 1.2x EBITDA multiple on $816M of revenue.
Before the acquisition Prime Oil & Gas Coöperatief U.A. had raised $520M across 1 funding round.
Prime Oil & Gas Coöperatief U.A., a Netherlands-based company with indirect stakes in deepwater Nigerian oil fields including 8% working interest in Petroleum Mining Lease (PML) 52 and Petroleum Prospecting License (PPL) 2003, and 16% working interest in PMLs 2, 3, 4, and PPL 261, generated €755.98 million revenue, €641.12 million operating profit, €436.53 million profit after tax, and €2,423.84 million total assets as of December 31, 2024. These non-operated assets in the Niger Delta, previously known as Petrobras Oil & Gas and operated by Chevron and TotalEnergies, feature low lifting costs under $10 per barrel, enabling high-margin production expected to reach around 35,000 barrels per day post-acquisition. Africa Oil Corp., a TSX- and Nasdaq Stockholm-listed Canadian E&P company previously holding a 50% stake in Prime alongside BTG Pactual Oil & Gas S.à r.l., completed the consolidation of full ownership on March 19-20, 2025, via a three-cornered amalgamation under Canadian law where BTG Pactual Holding S.à r.l. merged with a new Africa Oil subsidiary. The deal, announced June 24, 2024, involved BTG receiving 239,828,655 new Africa Oil shares valued at approximately CAD 501.2 million based on the March 19, 2025 TSX closing price of CAD 2.09, granting BTG a 35.5% stake in the enlarged entity. Strategic rationale centered on direct control of Prime's cash flows and balance sheet for enhanced transparency, doubling production and reserves, boosting liquidity, and enabling a new shareholder returns model with a base quarterly dividend of USD 25 million targeting at least USD 100 million annually. Completion followed shareholder approval, TSX and Nasdaq consents, Nigerian regulatory approvals, Namibia farm-out to TotalEnergies via Impact Oil & Gas, and BTG holding reorganization; Africa Oil anticipates selling 11-13 cargoes of 1 million barrels each in 2025 for $320-370 million operational cash flow. Post-deal, Africa Oil (rebranded Meren Energy Inc. by May 2025) holds Prime's Nigerian assets complemented by funded growth in Namibia's Orange Basin Venus project, with Petralon Energy emerging with a 4.24% stake. The transaction scales operations, delivers savings, and positions the company for sustained capital returns amid Nigeria's competitive deepwater dynamics.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 27 Feb 2025 | Strategic M&A | $821M | 1.0x | 1.2x |
Prime Oil & Gas Coöperatief U.A. Valuation
Prime Oil & Gas Coöperatief U.A. is currently valued at $1B, based on its strategic investment round in January 2020.
The $520M round was led by Africa Oil Corp.
Prime Oil & Gas Coöperatief U.A. valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2020 | Strategic investment | $1B |
Prime Oil & Gas Coöperatief U.A. Funding History
Prime Oil & Gas Coöperatief U.A. has raised a total of $520M across 1 funding round.
Prime Oil & Gas Coöperatief U.A. funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2020 | Strategic investment | Africa Oil Corp (lead) | $520M | $1B | Prime Oil & Gas Coöperatief U.A. is a joint venture company focused on exploration and production of oil and gas in Nigeria, with headquarters in Rotterdam and subsidiaries in Nigeria. The company owns interests in two world-class producing deepwater assets located offshore Nigeria: an 8% participating interest in the Chevron-operated Agbami field (petroleum mining lease PML 52 and petroleum prospecting license PPL 2003), and a 16% participating interest in the TotalEnergies-operated Akpo, Egina, and Preowei fields (PML 2, 3, 4 and PPL 261). Africa Oil Corp. and BTG Pactual Oil & Gas formed a 50:50 joint venture ownership of Prime. In January 2020, Africa Oil acquired its 50% shareholding for a cash consideration of $519.5 million. The acquisition was facilitated through a $250 million bridge loan provided by BTG Pactual, demonstrating strategic alignment between the parties. Prime demonstrated strong operational performance, with FY'23 average sales price of US$84.6/bbl (premium to Dated Brent at US$82.6/bbl), average OPEX of US$15.0/boe (significantly below peer average of US$21.1/boe), and average EBITDA/boe of US$61.1/boe (compared to peer average of US$38.5/boe). Following its acquisition, Prime distributed substantial dividends to shareholders; from completion in January 2020 to September 2021, Prime distributed nine dividend payments totaling $700 million gross, with $350 million net to Africa Oil's 50% interest. On March 20, 2025, Africa Oil completed the consolidation of the remaining 50% interest in Prime through a three-corner amalgamation structure, with BTG Oil & Gas receiving approximately 35% of Africa Oil's outstanding share capital in exchange, resulting in BTG becoming a major shareholder in the enlarged Africa Oil. |
Who has invested in Prime Oil & Gas Coöperatief U.A.?
1 investor has backed Prime Oil & Gas Coöperatief U.A. across its funding rounds, including Africa Oil Corp.
Lead investors include Africa Oil Corp.
Prime Oil & Gas Coöperatief U.A. Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Prime Oil & Gas Coöperatief U.A. investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPrime Oil & Gas Coöperatief U.A. Competitors
Prime Oil & Gas Coöperatief U.A. competitors include listed companies like SunCoke Energy, Tamar Petroleum, TXO Partners and Pason Systems, and private ones like Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.8B | $109M | $820M | 0.8x | ||
| Publicly listed | $300M | $140M | $816M | - | ||
| Publicly listed | $401M | $91M | $812M | 2.6x | ||
| Publicly listed | $300M | $93M | $809M | 2.5x | ||
| Private | - | - | $900M | - | ||
| Private | $92M | $15M | $397M | 4.3x |
Prime Oil & Gas Coöperatief U.A. Public Comps
Prime Oil & Gas Coöperatief U.A. is no longer listed, but its public comps include SunCoke Energy, Tamar Petroleum, TXO Partners, Pason Systems, Sable Offshore, BW Offshore, Surge Energy, Paratus, CrossAmerica Partners and Hunting.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $109M | 0.8x | 0.8x | 13.4x | 5.9x | |||
| $300M | $140M | 5.0x | - | 10.6x | - | |||
| $401M | $91M | 2.4x | 2.6x | 10.7x | 5.7x | |||
| $300M | $93M | 2.6x | 2.5x | 8.3x | 6.8x | |||
| - | ($296M) | - | 4.6x | (6.1x) | (56.3x) | |||
| $510M | $255M | 4.6x | 4.0x | 9.3x | 9.2x | |||
| $415M | $191M | 2.4x | 2.0x | 5.1x | 4.0x | |||
| $153M | - | 9.8x | 5.6x | - | 14.1x | |||
This data is available for Pro users. Sign up to see all Prime Oil & Gas Coöperatief U.A. competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Prime Oil & Gas Coöperatief U.A.
| When was Prime Oil & Gas Coöperatief U.A. founded? | Prime Oil & Gas Coöperatief U.A. was founded in 2013. |
| Where is Prime Oil & Gas Coöperatief U.A. headquartered? | Prime Oil & Gas Coöperatief U.A. is headquartered in Rotterdam, Netherlands. |
| Is Prime Oil & Gas Coöperatief U.A. publicly listed? | No, Prime Oil & Gas Coöperatief U.A. was acquired by Africa Oil Corp in February 2025. |
| Who acquired Prime Oil & Gas Coöperatief U.A.? | Prime Oil & Gas Coöperatief U.A. was acquired by Africa Oil Corp in February 2025. |
| How much was Prime Oil & Gas Coöperatief U.A. acquired for? | Prime Oil & Gas Coöperatief U.A. was acquired for $821M in February 2025, a 1.0x revenue multiple. |
| What is Prime Oil & Gas Coöperatief U.A.'s valuation? | Prime Oil & Gas Coöperatief U.A. was last valued at $1B in its strategic investment round in January 2020. |
| How much funding has Prime Oil & Gas Coöperatief U.A. raised? | Prime Oil & Gas Coöperatief U.A. has raised $520M across 1 funding round. |
| What was Prime Oil & Gas Coöperatief U.A.'s last funding round? | Prime Oil & Gas Coöperatief U.A.'s last funding round was a $520M strategic investment round in January 2020, led by Africa Oil Corp. |
| Who are Prime Oil & Gas Coöperatief U.A.'s investors? | Prime Oil & Gas Coöperatief U.A.'s investors include Africa Oil Corp. |
| Which companies are comparable to Prime Oil & Gas Coöperatief U.A.? | Companies comparable to Prime Oil & Gas Coöperatief U.A. include SunCoke Energy, Tamar Petroleum, TXO Partners, Pason Systems, Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC. |
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