VANCOUVER, BC, Jan. 15,
2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm:
AOI) – Africa Oil Corp.
("Africa Oil",
or the "Company") is pleased to announce that the Company
repurchased a total of 522,000 Africa Oil common shares during the
period of January 11, 2024 to
January 12, 2024 under the previously announced
share buyback program. View PDF version.
The launch of Africa Oil's normal course issuer bid (share
buyback) program, announced by the Company on
December 4, 2023, is being implemented in
accordance with the Market Abuse Regulation (EU)
No 596/2014 (MAR) and Commission Delegated
Regulation (EU) No 2016/1052 (Safe Harbour
Regulation) and the applicable rules and policies of the Toronto
Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian
and Swedish securities laws.
During the period dated January 11, 2024 to
January 12, 2024, the Company repurchased 192,000
Africa Oil
common shares on the TSX and/or alternative Canadian trading
systems. The repurchases were carried out by Scotia Capital Inc. on
behalf of the Company. During the same period, the Company
repurchased 330,000 Africa Oil common shares on
Nasdaq Stockholm, and these repurchases were carried out by Pareto
Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share
buyback program will be cancelled.
Since December 6, 2023, up to and including
January 12, 2024, a total of 522,000 Africa Oil
common shares have been repurchased under the share repurchase
program through the facilities of the TSX, Nasdaq Stockholm and/or
alternative Canadian trading systems. A maximum of 38,654,702
Africa Oil common shares may be repurchased under the share buyback
program through the facilities of the TSX, Nasdaq Stockholm and/or
alternative Canadian trading systems over the period of twelve
months commencing December 6, 2023 and ending
December 5, 2024, or until such earlier date as
the share repurchase program is completed or terminated by the
Company.
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, as
well as Guyana. The Company is
listed on the Toronto Stock Exchange and on Nasdaq Stockholm under
the symbol "AOI".
Additional Information
This information is information that Africa Oil is obliged to
make public pursuant to the Swedish Financial Instruments Trading
Act. The information was submitted for publication, through the
agency of the contact persons set out above, at
02:00 a.m. EST on
January 15, 2024.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including whether the Company
continues with an Normal Course Issuer Bid share buyback program.
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 dividend
distributions, share repurchase programs, the 2022 Management
Guidance including production, cashflow from operation and capital
investment estimates, performance of commodity hedges, the results,
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.