Africa Oil Corporation will increase its shareholding in Impact Oil & Gas to 32.4% from 31.1%.
The Canadian company will purchase 25,652,039 shares from 42 accepting shareholders for about US$18.6 million.
Last week, African Oil Corporation announced in its 2Q annual report that it would buy out certain Impact Oil & Gas minority shareholders in Q3 2024.
After these purchases, the company will hold 369,304,198 Impact Oil & Gas shares.
Impact Oil & Gas Limited has an 18.9% interest in Block 2912 and a 20.0% interest in Block 2913B in the Orange Basin.
TotalEnergies (37.8% in 2912 and 40% in 2913B) operates the blocks.
Other partners include QatarEnergy (28.3% in block 2912 and 30% in block 2913B) and Namcor (15% in block 2912 and 10% in block 2913B).
The company offered to acquire shares from minority shareholders in Impact Oil & Gas conditional upon completing the farm-down transaction for Impact’s Namibia assets announced on January 10, 2024.
In a statement dated August 19, Africa Oil Corporation said it decided to waive this condition and proceed to complete the offer. Completion is expected to occur within five business days.
