VANCOUVER, BC, Nov. 21,
2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm:
AOI) – Africa Oil Corp. ("Africa Oil", or the
"Company") is pleased to announce that it has completed the
purchase of an additional interest of approximately 7.0% in Impact
Oil and Gas Limited ("Impact") under the call and put option
agreement announced on August 27,
2024. View PDF Version
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "With this
purchase we have achieved a key strategic objective of materially
increasing Africa Oil's ownership in Impact, enhancing our rights
and influence over a core strategic asset and value driver for the
Company. We have greater exposure to an exciting opportunity set in
Namibia's Orange Basin, including
the Venus oil development, and a highly prospective exploration
program on Blocks 2912 and 2913B
including the Tamboti exploration well that is currently
drilling."
The Company has acquired an additional 80,160,198 shares in
Impact at an exercise price of GBP
0.57 per share for a payment at completion of GBP 45.7 million (USD 60.4
million based on a GBP-USD FX rate of 1.3205, as fixed in
late August on the signing of the option agreement). An option
purchase cost of GBP 6.4 million
(USD 8.4 million) was paid during Q3
2024. Africa Oil now holds 449,464,396 shares in Impact
representing a shareholding position of approximately 39.5% on a
fully diluted basis.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria and an exploration/appraisal portfolio
in west and south of Africa. The
Company is listed on the Toronto Stock Exchange and on Nasdaq
Stockholm under the symbol "AOI".
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including statements related to:
the Venus oil development project, exploration drilling offshore
Namibia, influence over
decision-making in Impact, potential upside in Namibia's Orange Basin and specifically
Impact's assets. Such statements and information (together,
"forward looking statements") relate to future events or the
Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining to the outcome of
exploration wells, schedules and costs of exploratory drilling
activity, uninsured risks, regulatory and fiscal changes,
availability of materials and equipment, unanticipated
environmental impacts on operations, duration of the drilling
program, availability of third party service providers and defects
in title. No assurance can be given that these expectations will
prove to be correct and such forward-looking statements should not
be unduly relied upon. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements,
except as required by applicable laws. These forward-looking
statements involve risks and uncertainties relating to, among other
things, changes in macro-economic conditions and their impact on
operations, changes in oil prices, reservoir and production
facility performance, hedging counterparty contractual performance,
results of exploration and development activities, cost overruns,
uninsured risks, regulatory and fiscal changes, defects in title,
claims and legal proceedings, availability of materials and
equipment, availability of skilled personnel, timeliness of
government or other regulatory approvals, actual performance of
facilities, joint venture partner underperformance, availability of
financing on reasonable terms, availability of third party service
providers, equipment and processes relative to specifications and
expectations and unanticipated environmental, health and safety
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements.
SOURCE Africa Oil Corp.
