douginil
1 week ago
AFRICA OIL ANNUAL GENERAL MEETING WEBCAST AND CONFERENCE CALL DETAILS
VANCOUVER, BC, May 16, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") will hold its Annual General Meeting of Shareholders on Thursday, May 23, 2024, at 09:00 (PDT) / 12:00 (EDT) / 18:00 (CEST) at Bennett Jones LLP Fraser Boardroom, Park Place, 666 Burrard Street, Suite 2500, Vancouver V6C 2X8. View PDF
Following conclusion of the formal business of the Annual General Meeting, Executive Management and Chairman of the Board are available to answer shareholders' questions. Shareholders that are unable to attend in person can follow the meeting via webcast or conference call facility on the details shown below. Please note that shareholders joining remotely are unable to vote during the meeting using the webcast and conference call facility.
Shareholders can submit written question using the webcast facility or ask questions using the conference call facility. Those shareholders wishing to ask a question using the telephone facility are requested to send an email to events@africaoilcorp.com and register their name and email address prior to the meeting. Â
Participants should use the following link to register for the live webcast:
https://edge.media-server.com/mmc/p/vmuimsbi
Participants can join via telephone with the instructions available on the following link:
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Click on the call link and complete the online registration form.
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Scarbender307
1 month ago
Well!! We are in the Right Neighborhood!
By Sergio Goncalves
LISBON (Reuters) - Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.
Galp said it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it said "significant light oil columns were discovered in high-quality reservoir sands".
The Mopane field is located in the Orange Basin, along the coast of the southern African country, where Shell and France's TotalEnergies have made several oil and gas discoveries.
Galp said flows achieved during the tests reached the maximum allowed limit of 14 thousand barrels per day, potentially positioning Mopane as an important commercial discovery.
"In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher", Galp said.
Galp Energia, SGPS, S.A. (GALP.LS)
Galp holds an 80% stake in Petroleum Exploration Licence 83 (PEL 83), which covers an area of almost 10,000 square kilometres in the Orange Basin.
Namibia could become a new source of revenue for Galp, which currently has strong investments off the coast of Brazil and is also present in a natural gas project in Mozambique's Rovuma basin.
Galp has previously indicated it could launch a process to attract other investors to its projects in Namibia, as they could reach a large scale.
The OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official told Reuters.
Scarbender307
1 month ago
Apr. 11, 2024 3:49 PM ETAfrica Oil Corp. (AOIFF) Stock, AOI:CA Stock3
The Value Portfolio profile picture
Investing Group Leader
Summary
"Africa Oil Corp. has been aggressively repurchasing shares, indicating strong shareholder returns.
The company's renewal of OML 130 and development of world-class assets like Venus contribute to its strong performance.
Africa Oil Corporation aims to maintain a strong balance sheet and provide future growth in production through strategic asset growth.
I am The Value Portfolio, an experienced analyst specializing in stock research and wealth growth. I run the investing group The Retirement Forum where I focus on ideas to prepare you for retirement.
Africa Oil Corp. (OTCPK:AOIFF) is a small-to-mid capitalization oil company with a market capitalization of around $870 million. The company has been aggressively repurchasing shares, and has repurchased almost 9 million in shares since it started the program in early December 2023. As we'll see throughout this article, the company's cash flow, combined with future assets, means strong shareholder returns for investors with a long horizon.
Africa Oil Corporation 2023 Highlights
Africa Oil Corporation had a strong 2023 that will enable continued shareholder returns.
Africa Oil Corporation Investor Presentation
The biggest deal was the company's renewal of OML 130, which added 20 years and enabled the company to refinance Prime Oil and Gas' debt. This enables the company to make Prime Oil and Gas a cash flow machine, providing reliable cash flow as it scales up other assets. The company hit the midpoint of its guidance and has continued to appraise some world-class assets.
The company is working to maintain a strong balance sheet and provide shareholder returns. It's also working to develop world-class assets such as Venus, which will provide future growth in production.
Africa Oil Corporation early-2024 Performance
The company has had a strong start to 2024, showing its continued performance, as we discussed with share buybacks above.
Africa Oil Corporation Investor Presentation
The biggest deal here is a strategic Impact farm down agreement. This is related to the Venus discovery and the offshore Namibia assets. This will cover all costs through the first production and provide a $100 million reimbursement. Africa Oil Corporation has a 3% stake in these two blocks, which could provide hundreds of thousands of barrels/day in production.
The company has continued to have strong exploration success, especially in Block 3B/4B, where another farm-out agreement could be significant. It's also seen the Akpo West Production start-up, which will add 14k bopd of production. The company has a number of exciting catalysts over the upcoming years that will support growth in attributable production.
Africa Oil Corporation Strategic Asset Growth
Let's delve deeper into Africa Oil Corporation and some of the company's most exciting assets.
Africa Oil Corporation Investor Presentation
The Orange Basin is among the company's most exciting assets as a new petroleum province emerges. The company has stakes in both 2913B/2912 in Namibia and Block 3B/4B in South Africa. The Mangetti discovery is expected to be a third of the size of Venus. Block 3B/4B is particularly exciting due to the size of Africa Oil Corporation's stake.
The asset is on trend with the Namibian oil discoveries and drilling could start a 2025. A farm-out agreement here could be completely game-changing for the company.
Africa Oil Corporation Investor Presentation
This shows the company's goals for 2024 and where it is. The company is excelling across its set of goals. The most important catalyst for the company is being able to secure a farm-out agreement for Block 3B/4B and the company's other assets here. A farm-out agreement given the company's stake there could be a game changer.
Africa Oil Corporation Shareholder Returns
The company is focused on using its existing cash flow for shareholder returns.
Africa Oil Corporation Investor Presentation
The company has given 2024 guidance that is slightly below 2023 guidance. WI production is expected to be at 18k boepd, down almost 10% from the company's 2023 guidance. More importantly, the company's capital investment is expected to be dramatically higher at $115 million, up from $62 million in 2023 as the company continues to grow.
The company has returned $100 million to shareholders since 2022, a double-digit return in two years. The company has continued to pay a $0.05 / share dividend annually, a ~2.7% dividend yield. The company has already repurchased ~11% of its 2024 share buyback limit, and we'd like to see it use its cash flow to ramp that up.
The company is guiding for $160 million in free cash flow, or FCF, which is a hefty double-digit FCF that will enable strong shareholder returns after continued investment. That makes Africa Oil Corporation a strong investment opportunity.
Thesis Risk
The largest risk to our thesis is crude oil prices. Brent is at more than $90 / barrel, and that's supporting the company's share price and returns. However, there's no guarantee that prices remain high, especially with long-term structural impacts. That could hurt Africa Oil Corporation on the multi-year timeline it needs to develop its next-generation assets.
Conclusion
Africa Oil Corporation has an impressive portfolio of assets. The company has seen its share price go up some in a strong oil price environment, but it does continue to face long-term risks from a potential decline in crude oil prices. The company has numerous exciting assets within its portfolio; however, it needs multiple years to ramp them up.
The company has achieved a massive accomplishment with a farm-out deal for Namibia 2912/2913B. The biggest thing the company could accomplish this year is a farm-out deal for Block 3B/4B, given the company's hefty positioning in those fields. That combined with future drilling could enable hefty long-term shareholder returns. Please let us know your thoughts in the comments below.
Scarbender307
2 months ago
To whom it may concern:
CNW Group
Wed, Apr 3, 2024, 8:00 PM HST2 min read
In this article:
VANCOUVER, BC, April 4, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that it will host a physical town hall meeting in Stockholm, Sweden, on Wednesday April 17, 2024, at 17:00 CEST (11:00 EDT). This event will be live streamed. View PDF version
Roger Tucker, President and CEO, Pascal Nicodeme, CFO, and Oliver Quinn, CCO, will present an update on the Company's activities and take part in a Q&A session with investors. The physical meeting will take place at: Aulan (Floor 6), Vasagatan 28, 111 20 Stockholm.
Those shareholders wishing to join the event are requested to register their names, and state whether they wish to attend in person or join the webcast, by sending an email no later than Monday April 15 to: events@africaoilcorp.com.
Scarbender307
2 months ago
VANCOUVER, BC, March 25, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,213,100 Africa Oil common shares during the period of March 18, 2024 to March 22, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated March 18, 2024 to March 22, 2024, the Company repurchased 388,100 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 825,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously announced share buyback program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of March 18 to March 22, 2024, see the following link to Nasdaq Stockholm's website:
https://www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including March 22, 2024, a total of 6,943,972 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.
douginil
2 months ago
AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS
VANCOUVER, BC, March 18, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") has made a cash offer ("Offer") to acquire from minority shareholders in Impact Oil and Gas Limited ("Impact") up to 8.0% of the issued shares in Impact. The Offer is made at a price of USD 0.728 per Impact share, for a consideration of up to approximately USD 64 million, which implies a valuation of USD 805 million for 100% of the issued share capital of Impact. Africa Oil currently holds a 31.1% shareholding in Impact. View PDF version
The share purchase is conditional upon 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 is under no obligation to purchase any specific number of shares in Impact.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "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.
This measured advance in our strategic shareholding strengthens our influence over Impact, in line with our objectives for 2024. These include positioning Africa Oil as the leading Independent E&P company in the Orange Basin, underpinned by its interests held through Impact, and its direct position in Block 3B/4B with a retained 17% interest on the completion of the farm down agreement with TotalEnergies and QatarEnergy, announced on March 6, 2024.
douginil
2 months ago
Africa Oil and Eco (Atlantic) Oil & GasAfrica Oil
Thanks to: Oilman Jim's Letter - 10 March 2024
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Interesting news from a number of companies last week. Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L EOI.F) announced it has signed a farm out agreement pursuant to which it will farm out a 13.75% participating interest in Block 3B/4B, offshore South Africa as part of an aggregate 57% farm down transaction along with its JV partners, Africa Oil (AOI.TO AOIFF AFZ.F) and Ricocure. Farmees are TotalEnergies (TTE TTE.L), which will become operator, and QatarEnergy. Upon completion, Eco will retain a 6.25% interest. The transaction has a maximum value, including carry, of up to US$32.1 million to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements. The carry is expected to be adequate to fund Eco's share of drilling up to two wells on the licence.
farrell90
3 months ago
Terrific news! Great deal, excellent terms.
"A large opportunity set of exploration prospects has been identified in deepwater Block 3B/4B and the ability
to stack targets in early wells on the license combined with an extensive data acquisition campaign will help
to significantly understand the prospectivity and presents opportunities for ‘cluster’ developments to
optimize value from any possible developments.
Recent exploration in South Africa has opened a new deepwater play. TotalEnergies made the Brulpadda
gas-condensate discovery on Block 11B/12B in 2019. Prior to this discovery, South Africa's deepwater plays
had seen minimal exploration. Only four deepwater exploration wells had been drilled, in the late 1980s and
early 1990s, in the Southwest coastal basin. TotalEnergies followed the Brulpadda discovery with the Luiperd
discovery in 2020.
Shell Exploration & Production’s (“Shell”) recent Graff well discovery and TotalEnergies Venus well discovery
in deep water Namibia contain seismic amplitude anomalies and are on trend with AOC’s South African
3B/4B license. The discoveries prove the existence of a working petroleum system for light oil, gas
condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are
similar to Cretaceous reservoirs and geological plays that would be targeted in the AOC 3B/4B Exploration
Right.
Block 3B/4B is in water depths ranging between 500 m and 2,500 m with the majority of the prospects lying
in approximately 1,500 m of water. AOC has approximately 14,000 km2 of 2D seismic and 10,800 km2 of 3D
seismic over Block 3B/4B. RISC has reviewed 10,210 km2 of 3D seismic..."
https://africaoilcorp.com/operations/block-3b-4b/
douginil
3 months ago
AFRICA OIL ANNOUNCES STRATEGIC FARM DOWN AGREEMENT FOR ITS ORANGE BASIN BLOCK 3B/4B
VANCOUVER, BC, March 6, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce its wholly-owned subsidiary, Africa Oil SA Corp. ("AOSAC") has signed a strategic farm down agreement ("Agreement") with TotalEnergies EP South Africa B.V. ("TotalEnergies") and QatarEnergy International E&P LLC ("QatarEnergy") for the Orange Basin Block 3B/4B, offshore South Africa. Through AOSAC, the Company currently has an operated 26.25% interest in Block 3B/4B and has entered the Agreement jointly with its partners Eco (Atlantic) Oil & Gas Limited ("Eco") and Ricocure (Proprietary) Ltd ("Ricocure"), through their respective subsidiaries. View PDF version
On completion of the transaction, Africa Oil will retain a 17.00% interest and the operatorship of Block 3B/4B will transfer to TotalEnergies.
Transaction Highlights:
Maximum transaction value of up to $46.8 million to Africa Oil.
Africa Oil will receive, subject to achieving certain milestones defined in the Agreement, staged payments for a total cash amount of $10.0 million, of which $3.3 million is payable at Completion, as defined below, and the remaining balance in two successive payments conditional upon achievement of key operational and regulatory milestones.
Africa Oil will also receive a full carry of its 17.00% retained share of all JV costs, up to a cap, that is repayable to TotalEnergies and QatarEnergy from production, and which is expected to be adequate to fund the Company's share of drilling for up to two wells on the licence.
Completion of the Agreement ("Completion") is subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "Attracting TotalEnergies and QatarEnergy as our new partners in Block 3B/4B is an endorsement of the exploration potential of the block. These opportunities are on trend with the discoveries in Namibia's Orange Basin, including Venus in Block 2913B. Both companies have deep geological knowledge of the basin with successful nearby discoveries. TotalEnergies, as the new operator, also brings extensive deepwater drilling and development expertise.
Africa Oil has an unrivalled position amongst its Independent E&P peer group in this world-class basin. This includes our indirect interest in the Venus discovery and the on-going appraisal and exploration campaign on Block 2913B."
Go to website to read more.
douginil
3 months ago
AFRICA OIL ANNOUNCES DECLARATION OF DIVIDEND DISTRIBUTION AND THE DATE OF ITS AGM MEETING
VANCOUVER, BC, March 4, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that its Board of Directors has declared the distribution of the Company's semi-annual cash dividend of US$0.025 per common share. This dividend will be payable on March 28, 2024, to shareholders of record at the close of business on March 8, 2024. This dividend  qualifies as an 'eligible dividend' for Canadian income tax purposes. View PDF version
Scarbender307
3 months ago
AND:
In 2023, the Company recorded a net income attributable to common shareholders of $87.1 million.
This is primarily made up of income from the Company's investment in Prime of $228.0 million offset against losses from the Company's investment in associates of $47.0 million and impairment recognized to its Kenyan intangible exploration assets of $62.2 million writing these assets down to nil. The net income attributable to common shareholders in 2023 of $87.1 million has increased from a loss of $60.3 million in 2022 as the income from Prime has increased by $81.4 million and the impairment recognized in relation to the Company's intangible exploration assets in Kenya has decreased by $108.4 million. This is offset by an increase in the share of loss from investments in associates of $38.8 million.
Net income $87,000,000/approx 462,000,000 shares outstanding = $0.188 cents per share EPS.
If this is wrong, please correct me. If it's right then AOC well done!
douginil
3 months ago
AFRICA OIL TO RELEASE FOURTH QUARTER 2023 FINANCIAL RESULTS ON MONDAY, FEBRUARY 26, 2024
VANCOUVER, BC, Feb. 19, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") will publish its financial and operating results and related management's discussion and analysis for the three months and twelve months ended December 31, 2023, after Toronto market close on Monday, February 26, 2024. View PDF version
Senior management will hold a conference call to discuss the results on Tuesday, February 27, 2024 at 09:00 (ET) / 14:00 (GMT) / 15:00 (CET). The conference call may be accessed by dial in or via webcast.
Participants should use the following link to register for the live webcast:
https://onlinexperiences.com/Launch/QReg/ShowUUID=D8CA19B8-00F2-4CF1-B444-DEC5E88D4620Â
Please note that for optimal viewing, it is best not to connect to a Virtual Private Network (VPN) but instead to connect directly to the Internet.
Please test your connection prior to joining to ensure a successful user experience. Connection Test: Click Here. For system requirements, visit the FAQ page.Â
Participants can also join via telephone with the instructions available on the following link:
https://register.vevent.com/register/BId987800ee0c745f88102c4aa729c1087Â
Click on the call link and complete the online registration form.
Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
Select a method for joining the call;
Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone.
Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.
douginil
3 months ago
AFRICA OIL PROVIDES NAMIBIA AND NIGERIA OPERATIONAL UPDATE
VANCOUVER, BC, Feb. 8, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") notes the statements made by TotalEnergies, the operator of Block 2913B offshore Namibia, in their 2023 Results Presentation, delivered yesterday, regarding the ongoing exploration and appraisal activities on Block 2913B. Africa Oil has an interest in this block through its 31.1% shareholding in Impact Oil & Gas Limited ("Impact"). View PDF version
Mangetti-1X exploration well has intersected hydrocarbon-bearing intervals in the Mangetti fan prospect, a separate system to the Venus oil discovery. Mangetti-1X also achieved its secondary objective of successfully intersecting and appraising the northern area of the Venus accumulation. Mangetti has the potential to add additional recoverable resources on Block 2913B, and the joint venture partners are working to determine the next step in the evaluation process.
The acquisition of 3D seismic in the southern area of Block 2913B, is progressing with the aim of evaluating additional drilling targets.
The Company also notes the press release by TotalEnergies, operator of PML 2 that covers the Akpo field, offshore Nigeria, announcing the start-up of production from Akpo West.
Located 135 kilometers off the coast, Akpo West is tied back to the existing Akpo Floating Production Storage and Offloading ("FPSO") facility, which started-up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023. By mid-2024, Akpo West will add 14,000 barrels of condensate production per day, to be followed by up to 4 million cubic meters of gas per day by 2028. Africa Oil has an interest in PML 2 through its 50% ownership in Prime Oil & Gas Coöperatief U.A, which has a 16% interest in PML 2.
Africa Oil President and CEO, Roger Tucker commented: "The positive results of the Mangetti-1X well  present us with a new fairway opportunity, potentially adding a new recoverable resource base on Block 2913B. Our involvement in Block 2913B continues to be exciting, with further work underway to understand the potential of Mangetti, alongside the Venus-2A appraisal well, currently drilling.
Africa Oil is encouraged to have the operator's confirmation of the start-up of production on Akpo West. Utilizing the existing Akpo FPSO, Akpo West presents us with advantaged and high netback production in a low operating cost and with a low emission project."
Block 2913B (PEL 56) and the Venus Discovery
Petroleum Exploration License 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215 km² in water depths between 2,450m and 3,250m. Impact currently holds a 20.0% interest in this block. TotalEnergies, the operator, holds a 40.0% interest, QatarEnergy holds a 30.0% interest, NAMCOR, the Namibian state oil company, holds a 10.0% interest. On the closing of the strategic farmout agreement between Impact and TotalEnergies, announced on January 10th, 2023,  Impact will hold a 9.5% carried interest in this block. Please use this link to access the press release for more information:
https://africaoilcorp.com/site/assets/files/1861/africa_oil_corp_africa_oil_announces_stra tegic_farmout_c2_a0of_impac.pdf
Block 2913B contains the world class Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age. This well was re-entered, side-tracked and tested in in third quarter 2023, achieving positive test results. These results are being interpreted and incorporated into the development studies for the field.
Further appraisal of the Venus structure was undertaken with the drilling and testing of the Venus-1A appraisal well. A fourth appraisal well on the Venus structure, Venus-2A, is currently drilling.
In addition to the on-going drilling operations a 3D seismic acquisition program over the southern part of Block 2913B is currently under way. This program will cover an area where further follow-on prospectivity bas been identified from existing 2D seismic data sets.
douginil
4 months ago
News Release Issued: Jan 29, 2024 (2:00am EST)
AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM
VANCOUVER, BC, Jan. 29, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,227,900 Africa Oil common shares during the period of January 22, 2024 to January 26, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated January 22, 2024 to January 26, 2024, the Company repurchased 437,900 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 790,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Scarbender307
4 months ago
More recent news:
News
AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN BLOCK 3B/4B
January 22, 2024
View PDF
VANCOUVER, BC, Jan. 22, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ( "Africa Oil", or the "Company") is pleased to announce that it has received the final approval from the Government of the Republic of South Africa for the transfer of a 6.25% interest in Block 3B/4B in the Orange Basin from Azinam Limited, a wholly-owned subsidiary of Eco (Atlantic) Oil & Gas Ltd. ("Eco"), to the Company as announced on July 11, 2023. As per the terms of the Assignment and Transfer Agreement with Eco, the Company has made a payment of USD 2.5 million to Eco. View PDF version
Consequently, the Company now holds an operated 26.25% interest in Block 3B/4B with Eco retaining a 20.00% interest and Ricocure (Pty) Ltd with a 53.75% interest.
An independent review of the prospective resources and probability of geological success of the exploration prospects within Block 3B/4B has reported total unrisked gross P50 prospective resources of approximately 4 billion barrels of oil equivalent. Probability of success ranges from 11% to 39% over the 24 prospects identified.
The Company and its Block 3B/4B partners are progressing plans to conduct a drilling campaign on the Block and are in discussions with potential partners to farm out a share of their working interest in the Block. The Company and its partners are also working with an environmental consulting firm in conducting an Environmental and Social Impact Assessment process, in preparation for permitting and drilling activity on the Block.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "I am pleased we have received final approval for the increase of our interest in Block 3B/4B. Africa Oil has a significant opportunity set in the Orange Basin, probably the most sought-after new petroleum region globally. We are excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3D seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange Basin."
About Block 3B/4B
Block 3B/4B covers an area of 17,581 km2 within the Orange Basin, offshore South Africa in water depths ranging between 500m and 2,500m. This block lies to the southeast and on trend with number of oil discoveries including Venus and Graff. Africa Oil has approximately 14,000 km of 2D seismic and 10,800 km2 of 3D seismic over Block 3B/4B and has identified a large opportunity set of exploration prospects, with the majority of the prospects lying in approximately 1,500m of water.
An independent review of the block's prospective resources has been completed by RISC Advisory (UK) Limited ("RISC"), in accordance with Canadian National Instrument 51-101 – Standards for Oil and Gas Activities ("NI 51-101"), the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and the Petroleum Resources Management System 2018 ("PRMS"). The effective date of RISC's report is March 7, 2023, and can be found on the Company's website: https://africaoilcorp.com/operations/project-overview/
RISC has reviewed the prospective resources and probability of geological success of 24 exploration prospects within Block 3B/4B in accordance with the PRMS. The report provides an evaluation of prospective resources from a prospect inventory identified using 3D seismic data and follows completion of the reprocessing of 2,200 km2 of 3D seismic data and play-opening discoveries in Namibia including TotalEnergies' Venus discovery and Shell's Graff, La Rona, and Jonker light oil discoveries. These discoveries prove the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in Block3B/4B. Prospects in Block 3B/4B are identified using 3D seismic data to assess the presence of seismic attributes including amplitude-variation-with-offset ("AVO") or direct hydrocarbon indicators ("DHI's").
Scarbender307
4 months ago
FYI More Buyback purchases:
News
AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM
January 22, 2024
View PDF
VANCOUVER, BC, Jan. 22, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,298,784 Africa Oil common shares during the period of January 15, 2024 to January 19, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated January 15, 2024 to January 19, 2024, the Company repurchased 477,200 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 821,584 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including January 19, 2024, a total of 1,820,784 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.
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