Petroleum Africa
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Wednesday, May 3, 2023
Africa Oil Corp has announced that it has participated in a $95.0 million Open Offer by Impact Oil & Gas, the privately-owned, Africa-focused exploration company. The capital raised shall be used towards funding Impact’s participating share of the multi-well drilling and testing program in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 2022(1).
Africa Oil Corp is the only publicly-listed Independent E&P company with exposure to the Venus discovery through its strategic 31.1% shareholding in Impact which in turn holds a 20.0% participating interest share in Block 2913B (PEL 56) and an 18.9% participating interest share in the adjacent Block 2912 (PEL 91).
The Company has made an investment of approx. $31.4 million and following this placement, Africa Oil’s shareholding in Impact has increased to 31.1% from 30.9%. The Company’s closing cash balance as at December 31, 2022, was $199.7 million.
The proceeds from the Open Offer is intended to be used by Impact to fund its activities in 2023 including:
The appraisal and development program on Block 2913B, in Namibia, following the Venus discovery, including the appraisal well (Venus-1A) which spud on March 4, 2023, a re-entry of the Venus-1X discovery well and testing of both wells.
The Company also announces that it has filed a redacted copy of the Impact Investors’ Agreement on SEDAR (www.sedar.com). This agreement, which Africa Oil is a party to as a major shareholder in Impact, entitles the Company to certain decision-making controls over Impact amongst other things.
The Company reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. As a result of the exercise of stock options under the Company’s stock option plan, Africa Oil now has 462,320,871 common shares issued and outstanding with voting rights as at April 28, 2023.
Impact Oil & Gas announced earlier in the week that it had raised $95 million through its Open Offer for its Namibia drilling program.
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