VANCOUVER, BC, Oct. 30,
2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) –
Africa Oil Corp. ("Africa Oil", "AOC" or the "Company")
is pleased to announce that the Nigerian Upstream Petroleum
Regulatory Commission ("NUPRC") has given clearance for the
amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of
Africa Oil, and BTG Pactual Holding S.à r.l. ("Amalgamation") in
exchange for the issuance of Common Shares in the Company to BTG
Pactual Oil & Gas S.à r.l., to effect the consolidation of 100%
ownership of Prime Oil & Gas Coöperatief U.A. ("Prime") in
Africa Oil. View PDF version
NUPRC has confirmed that the Amalgamation does not amount to a
change of control in the beneficial ownership of Prime's Nigerian
subsidiaries and Ministerial consent is not required for the
Amalgamation, and therefore, the transaction may proceed as
proposed.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "We are grateful to
NUPRC for its timely response to Prime's application for regulatory
clearance in respect of the transaction. We shall move
forward promptly to complete the Amalgamation, which we now expect
to be achieved by the end of first quarter 2025."
The completion of the Amalgamation is subject to customary
closing conditions, including competition clearance from the FCCPC,
approval from Nasdaq Stockholm, completion of the previously
announced farm-down of Africa Oil's Namibian interests that are
held via Impact Oil & Gas Limited, and a reorganization of the
holding structure of BTG Pactual Holding S.à r.l. to implement the
Amalgamation.
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 information is information that Africa Oil is obliged 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 7:00 pm EDT on
October 30, 2024.
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 closing of the Amalgamation by the end of first quarter 2025.
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. 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. 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.