VANCOUVER, BC, Dec. 9, 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 815,000 Africa Oil common
shares during the period of December 2,
2024 to December 6, 2024 under
the two previously announced share buyback programs. View PDF
version
During the period dated December 2,
2024 to December 6, 2024, the
Company repurchased 320,000 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 495,000 Africa Oil common
shares on Nasdaq Stockholm, and these repurchases were carried out
by Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously
announced share buyback program in Sweden, including aggregated volume, weighted
average price per share and total transaction value for each
trading day during the period of December 2
to December 6, 2024, see the following link to Nasdaq
Stockholm's website:
https://www.nasdaq.com/european-market-activity/news/corporate-actions/repurchase-of-own-shares
All common shares repurchased by Africa Oil under the share
buyback program will be cancelled.
Africa Oil's normal course issuer bid (share buyback) program,
announced by the Company on December 4,
2023, was 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. This share buyback program expired on December 5, 2024.
Since December 6, 2023, up to and
including December 5, 2024, a total
of 23,987,632 Africa Oil common shares were repurchased under this
previous 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 could have been
repurchased under the previous program.
The launch of Africa Oil's new normal course issuer bid (share
buyback) program, announced by the Company on December 4, 2024, is also 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.
On December 6, 2024 a total of
174,000 Africa Oil common shares were repurchased under the new
share repurchase program, with 64,000 repurchased through the
facilities of the TSX and/or alternative Canadian trading systems,
and 110,000 repurchased through Nasdaq Stockholm. A maximum of
18,362,364 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, 2024 and ending December 5,
2025, 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, an interest in the Venus light oil
and associated gas discovery, offshore Namibia, 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 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 December
9, 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 share repurchase
programs, 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.