VANCOUVER, BC, Jan. 22,
2025 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm:
AOI) – Africa Oil Corp. ("Africa Oil", or the
"Company") notes the announcement by its investee company, Impact
Oil & Gas Limited ("Impact"), regarding the approval of a
dividend of approximately USD 80
million to Impact's shareholders. This dividend represents
USD 0.0702 per ordinary share and
will be paid from January 29, 2025,
to shareholders on Impact's register at the close of business on
January 20, 2025. View PDF
version.
The dividend payment net to Africa Oil's shareholding of
approximately 39.5% (449,464,396 Impact shares) is approximately
USD 31.6 million.
Impact Board's approval for the dividend distribution follows
receipt of the associated cash payment of USD 99 million from TotalEnergies following
completion, in November 2024, of the
farm down transaction relating to Blocks 2912 and 2913B, offshore Namibia.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria, an interest in the Venus light oil
and associated gas discovery, offshore Namibia, and an exploration/appraisal
portfolio in west and south of Africa. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including the receipt of a
USD 31.6 million dividend payment
from Impact from January 29, 2025.
Such statements and information (together, "forward looking
statements") relate to future events or the Company's future
performance, business prospects or opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and
probable reserves and resource estimates may also be deemed to
constitute forward-looking statements and reflect conclusions that
are based on certain assumptions that the reserves and resources
can be economically exploited. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect, "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical
fact and may be "forward-looking statements". Forward-looking
statements involve known and unknown risks, ongoing uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements, including statements pertaining to share repurchase
programs, cashflow from operation and capital investment estimates,
performance of commodity hedges, the results, schedules and costs
of exploratory drilling activity, uninsured risks, regulatory and
fiscal changes, availability of materials and equipment,
unanticipated environmental impacts on operations, duration of the
drilling program, availability of third party service providers and
defects in title. No assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. The Company does not intend, and does
not assume any obligation, to update these forward-looking
statements, except as required by applicable laws. These
forward-looking statements involve risks and uncertainties relating
to, among other things, changes in macro-economic conditions and
their impact on operations, changes in oil prices, reservoir and
production facility performance, hedging counterparty contractual
performance, results of exploration and development activities,
cost overruns, uninsured risks, regulatory and fiscal changes,
defects in title, claims and legal proceedings, availability of
materials and equipment, availability of skilled personnel,
timeliness of government or other regulatory approvals, actual
performance of facilities, joint venture partner underperformance,
availability of financing on reasonable terms, availability of
third party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental,
health and safety impacts on operations. Actual results may differ
materially from those expressed or implied by such forward-looking
statements.
SOURCE Africa Oil Corp.
