Africa Oil Corp. (“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 August 27, 2024.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “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 Namibia’s Orange Basin, including the Venus oil development, and a highly prospective exploration program on Blocks 2912 and 2913B including the Tamboti exploration well that is currently drilling.”
The Company has acquired an additional 80,160,198 shares in Impact at an exercise price of GBP 0.57 per share for a payment at completion of GBP 45.7 million (USD 60.4 million 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 GBP 6.4 million (USD 8.4 million) 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.
