AFRICA OIL ANNOUNCES INCREASE IN ITS SHAREHOLDINGS IN IMPACT OIL & GAS

VANCOUVER, BC, 19 August 2024 /CNW/ – (TSX:AOI) (Nasdaq-Stockholm:AOI) – Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to provide an update on the offer to the minority shareholders of Impact Oil & Gas Limited (“Impact”), which was made on March 18, 2024 (“Offer”). View PDF version

The Company made the offer to acquire shares from minority shareholders of Impact contingent upon the completion of the farm-down transaction for Impact’s Namibia Assets announced on January 10, 2024.

The Company has decided to waive this condition and close the Offering, which is expected to close within five business days. Upon completion of the Offering, Africa Oil will receive 25,652,039 Shares from 42 accepting shareholders at a price of approximately 18.6 million USD. Upon completion of these purchases, the Company will hold 369,304,198 shares of Impact, increasing its stake to 32.4%, taking into account the July 2024.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with production and development assets in the deep sea Nigeria and an exploration/evaluation portfolio in the west and south AfricaThe company is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “AOI”.

More information

The information has been submitted for publication by the above contact persons to 5:00 p.m. EDT To 19 August 2024.

Forward-looking information

Certain statements and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities laws). Such statements and information (collectively, “forward-looking statements”) relate to future events or the future performance, business prospects or opportunities of the Company.

All statements that do not relate to historical facts may be forward-looking statements. Statements regarding proven and probable reserves and resource estimates may also be considered forward-looking statements and reflect conclusions 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”, “seek”, “intend”, “could”, “may”, “should”, “believe” and similar expressions) are not statements of historical facts 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 regarding dividend distributions, share repurchase programs, 2022 management guidance including production, cash flow from operations and capital investment estimates, performance of commodity hedges, results, schedules and costs of exploratory drilling, uninsured risks, regulatory and tax changes, availability of materials and equipment, unexpected environmental impacts on operations, duration of the drilling program, availability of third party contractors and defects in title. There can be no assurance that these expectations will prove to be correct and undue reliance should not be placed on such forward-looking statements. The Company does not intend and undertakes no obligation to update these forward-looking statements, except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macroeconomic conditions and their impact on operations, changes in oil prices, performance of reservoirs and production facilities, contractual performance of the hedging counterparty, results of exploration and development activities, cost overruns, uninsured risks, regulatory and tax changes, title defects, claims and litigation, availability of materials and equipment, availability of skilled personnel, timeliness of regulatory or other governmental approvals, actual performance of facilities, underperformance of joint venture partners, availability of financing on reasonable terms, availability of third party suppliers, equipment and processes relative to specifications and expectations, and unexpected environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by these forward-looking statements.

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SOURCE: Africa Oil Corp.

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