Africa Oil Announces Its Intention to Launch Share Program Under Normal Course Issuer Bid

Source: www.gulfoilandgas.com 8/10/2022, Location: North America

Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that it has Board approval to submit an application to launch its first share buyback program under a Normal Course Issuer Bid ("NCIB") scheme. The Company's intention is to repurchase up to ten percent of its public float, the maximum permitted over a twelve month period under Canadian and Swedish securities law, subject to customary approvals.

Once approved, the buyback program would expand on the Company's existing shareholder capital returns program with an annual base dividend of $0.05 per share, distributed in two semi-annual payments. A further update on the process and timing, including a launch press release, will be issued upon regulatory approval and once the Board has formally resolved to launch the NCIB.

Africa Oil President and CEO Keith Hill commented: "I am pleased to announce that we have Board approval to finalize the details for a share buyback program and to submit an application for its launch as soon as possible. This is the second step in delivering on our shareholder capital return aspirations and is supported by our strong cash position, debt-free balance sheet, and a positive outlook for our business."


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