Africa Oil Announces Increase in Its Impact Oil & Gas Shareholding

Africa Oil has provided an update on the offer to minority shareholders in Impact Oil & Gas Limited announced on March 18, 2024.

Africa Oil made the Offer to acquire shares from minority shareholders in Impact conditional upon 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 proceed to complete the Offer. Completion is expected to occur within five Business Days. On completion of the Offer Africa Oil will pay approximately USD 18.6 million. Following completion of these purchases the Company will increase its shareholding to 32.4%, accounting for Impact management share options exercised during July 2024.