VANCOUVER, BC, Aug. 27,
2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)
– Africa Oil Corp. ("Africa Oil", or the "Company") is
pleased to announce that it has signed a call and put option
agreement with three shareholders ("Selling Shareholders") in
Impact Oil and Gas Limited ("Impact") to purchase a material 7.0%
interest in Impact ("Option Agreement"). If exercised, the Option
Agreement will increase Africa Oil's Impact shareholding to 39.5%.
PDF Version.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "Through our
shareholding in Impact we have exposure to an exciting opportunity
set in Namibia's Orange Basin,
including the Venus oil discovery, and a highly prospective
exploration and appraisal program on Blocks 2913B and 2912. This purchase achieves the
Company's objective of materially increasing its ownership in
Impact, enhancing its rights and influence over a core strategic
asset and value driver for Africa Oil."
Under the Option Agreement, the Company has the right to acquire
an additional 80,160,198 shares in Impact at an exercise price of
GBP 0.57 per share for a period of up
to six months ("Option Period") from the Option Agreement's signing
date of August 27, 2024 ("Signing
Date"). The Company has purchased the call option feature at a
price of GBP 0.08 per underlying
Impact share. If Africa Oil has not exercised its call option by
the end of the fourth month post the Signing Date, Selling
Shareholders have the right to put their Impact shares to Africa
Oil at an exercise price of GBP 0.57
until the expiry of the Option Period.
If the Option Agreement is exercised, Africa Oil will hold
449,464,396 shares in Impact representing a 39.5% shareholding
position 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".
Additional Information
This press release contains inside information that Africa Oil
Corp. is required to make public pursuant to the EU Market Abuse
Regulation. The information was submitted for publication,
through the agency of the contact persons set out above, at
07:00 a.m. EDT on August 27, 2024.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). 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.