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

The Company 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 purchase 25,652,039 shares from 42 accepting shareholders at a cost of approximately USD 18.6 million. Following completion of these purchases the Company will hold 369,304,198 shares in Impact and will increase its shareholding to 32.4%, accounting for Impact management share options exercised during July 2024.

KeyFacts Energy: Africa Oil Namibia country profile