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AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS
AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS AFRICA OIL ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS\n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 18, 2024\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n \n \n – Africa Oil Corp.\n \n (\"Africa Oil\", or the \"Company\") has made a cash offer (\"Offer\") to acquire from minority shareholders in Impact Oil and Gas Limited (\"Impact\") up to 8.0% of the issued shares in Impact. The Offer is made at a price of USD\n \n \n 0.728 per Impact share, for a consideration of up to approximately\n \n USD 64 million\n \n , which implies a valuation of USD\n \n \n 805\n \n \n million for 100% of the issued share capital of Impact. Africa Oil currently holds a 31.1% shareholding in Impact.\n \n View PDF version\n \n \n \n The share purchase is conditional upon completion of the farm down transaction for Impact's\n \n Namibia\n \n assets announced on January\n \n \n 10, 2024. The Offer is made to select minority shareholders and is open for acceptance until April\n \n \n 5, 2024. Africa Oil is under no obligation to purchase any specific number of shares in Impact.\n \n \n \n Africa Oil Chief Executive Officer, Dr\n \n Roger Tucker\n \n , commented:\n \n \"The farm down agreement with TotalEnergies materially enhances Impact's investment case for Africa Oil. At no upfront cost, we retain exposure to the Venus development, and to the significant follow-on upside potential on Blocks\n \n \n 2912/\n \n 2913B\n \n . Venus is expected to add significant reserves and production to Africa Oil's portfolio from the late 2020s through the 2030s.\n \n \n This measured advance in our strategic shareholding strengthens our influence over Impact, in line with our objectives for 2024. These include positioning Africa Oil as the leading Independent E&P company in the Orange Basin, underpinned by its interests held through Impact, and its direct position in Block\n \n 3B\n \n /\n \...