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AFRICA OIL ANNOUNCES THE CLOSING OF A MATERIAL ACQUISITION IN IMPACT
AFRICA OIL ANNOUNCES THE CLOSING OF A MATERIAL ACQUISITION IN IMPACT Canada NewsWire ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n\n\n\n AFRICA OIL ANNOUNCES THE CLOSING OF A MATERIAL ACQUISITION IN IMPACT\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\n Canada NewsWire\n \n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Nov. 21, 2024\n \n\n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n – Africa Oil Corp.\n \n (\"Africa Oil\", or the \"Company\") is pleased to announce that it has completed the purchase of an additional interest of approximately 7.0% in Impact Oil and Gas Limited (\"Impact\") under the call and put option agreement announced on\n \n August 27, 2024\n \n .\n \n View PDF Version\n \n\n\n\n Africa Oil Chief Executive Officer, Dr\n \n Roger Tucker\n \n , commented:\n \n \"With this purchase we have achieved a key strategic objective of materially increasing Africa Oil's ownership in Impact, enhancing our rights and influence over a core strategic asset and value driver for the Company. We have greater exposure to an exciting opportunity set in\n \n Namibia's\n \n Orange Basin, including the Venus oil development, and a highly prospective exploration program on Blocks 2912 and\n \n 2913B\n \n including the Tamboti exploration well that is currently drilling.\"\n \n\n The Company has acquired an additional 80,160,198 shares in Impact at an exercise price of\n \n GBP 0.57\n \n per share for a payment at completion of\n \n GBP 45.7 million\n \n (\n \n USD 60.4 million\n \n based on a GBP-USD FX rate of 1.3205, as fixed in late August on the signing of the option agreement). An option purchase cost of\n \n GBP 6.4 million\n \n (\n \n USD 8.4 million\n \n ) was paid during Q3 2024. Africa Oil now holds 449,464,396 shares in Impact representing a shareholding position of approximately 39.5% on a fully diluted basis.\n \n\n\n About Africa Oil\n \n\n\n Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater\n \n Nigeria\n \n and an exploration/appraisal portfolio in west and south of\n \n Africa\n \n . The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol \"AOI\".\n \n\n\n Forward Looking Informat...