Africa Oil Corp. (AOI.TO), on Monday, said it has made a cash offer to acquire from minority shareholders in Impact Oil and Gas Ltd. up to 8.0% of the issued shares in Impact.
The Offer is made for US$0.728 per Impact share, for a consideration of up to about US$64 million, which implies a valuation of US$805 million for 100% of the issued share capital of Impact. Africa Oil currently holds a 31.1% shareholding in Impact.
The share purchase is conditional upon the completion of the farm down transaction for Impact's Namibia assets announced on January 10, 2024. The Offer is made to select minority shareholders and is open for acceptance until April 5, 2024. Africa Oil noted that it is under no obligation to purchase any specific number of shares in Impact.
Africa Oil Chief Executive Officer, Dr Roger Tucker, said, "The farm down agreement with TotalEnergies materially enhances Impact's investment case for Africa Oil. At no upfront cost, we retain exposure to the Venus development, and to the significant follow-on upside potential on Blocks 2912/2913B. Venus is expected to add significant reserves and production to Africa Oil's portfolio from the late 2020s through the 2030s."
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