NIGERIAN REGULATOR CLEARS PRIME CONSOLIDATION

VANCOUVER, BC, Oct. 30, 2024/ CNW/ – AOI (Nasdaq-Stockholm: AOI)— Africa Oil Corp. (” Africa Oil”, “AOC” or the “Business”) is delighted to reveal that the Nigerian Upstream Petroleum Regulatory Commission (” NUPRC”) has actually offered clearance for the amalgamation of Africa Oil Papa Corp., an entirely owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. (” Amalgamation”) in exchange for the issuance of Typical Shares in the Business to BTG Pactual Oil & & Gas S.à r.l., to effect the debt consolidation of 100% ownership of Prime Oil & & Gas Coöperatief U.A. (” Prime”) in Africa Oil. View PDF variation

NUPRC has actually verified that the Amalgamation does not total up to a modification of control in the advantageous ownership of Prime’s Nigerian subsidiaries and Ministerial authorization is not needed for the Amalgamation, and for that reason, the deal might continue as proposed.

Africa Oil President, Dr Roger Tucker, commented: “We are grateful to NUPRC for its prompt action to Prime’s application for regulative clearance in regard of the deal. We will move on immediately to finish the Amalgamation, which we now anticipate to be attained by the end of very first quarter 2025.”

The conclusion of the Amalgamation goes through popular closing conditions, consisting of competitors clearance from the FCCPC, approval from Nasdaq Stockholm, conclusion of the formerly revealed farm-down of Africa Oil’s Namibian interests that are held through Effect Oil & & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to carry out the Amalgamation.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas business with producing and advancement possessions in deepwater Nigeria and an exploration/appraisal portfolio in west and south of Africa The Business is noted on the Toronto Stock Market and on Nasdaq Stockholm under the sign “AOI”.

Extra Details

This details is details that Africa Oil is required to reveal pursuant to the EU Market Abuse Policy. The details was sent for publication, through the company of the contact individuals set out above, at 7:00 pm EDT on October 30, 2024

Forward Looking Details

Specific declarations and details consisted of herein make up “positive details” (within the significance of appropriate Canadian securities legislation), consisting of declarations connected to the closing of the Amalgamation by the end of very first quarter 2025. Such declarations and details (together, “forward looking declarations”) associate with future occasions or the Business’s future efficiency, organization potential customers or chances.

All declarations aside from declarations of historic truth might be positive declarations. Any declarations that reveal or include conversations with regard to forecasts, expectations, beliefs, strategies, forecasts, goals, presumptions or future occasions or efficiency (typically, however not constantly, utilizing words or expressions such as “look for”, “prepare for”, “strategy”, “continue”, “quote”, “anticipate, “might”, “will”, “job”, “forecast”, “prospective”, “targeting”, “mean”, “might”, “may”, “must”, “think” and comparable expressions) are not declarations of historic truth and might be “positive declarations”. Positive declarations include understood and unidentified threats, continuous unpredictabilities and other aspects that might trigger real outcomes or occasions to vary materially from those expected in such positive declarations. No guarantee can be considered that these expectations will show to be right and such positive declarations must not be unduly trusted. The Business does not mean, and does not presume any commitment, to upgrade these positive declarations, other than as needed by appropriate laws. These positive declarations include threats and unpredictabilities connecting to, to name a few things, modifications in macro-economic conditions and their effect on operations, modifications in oil rates, tank and production center efficiency, hedging counterparty legal efficiency, outcomes of expedition and advancement activities, expense overruns, uninsured threats, regulative and financial modifications, flaws in title, claims and legal procedures, accessibility of products and devices, accessibility of proficient workers, timeliness of federal government or other regulative approvals, real efficiency of centers, joint endeavor partner underperformance, accessibility of funding on affordable terms, accessibility of 3rd party provider, devices and procedures relative to requirements and expectations and unexpected ecological, health and wellness influence on operations. Real outcomes might vary materially from those revealed or suggested by such positive declarations.

SOURCE Africa Oil Corp.

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