Monday, December 5 2022

/Not for distribution to United States newswire services or for circulation in United States/

VANCOUVER, BC, September 23, 2022 /CNW/ – (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has approved the normal course issuer bid proposed by the Company (referred to as a share buyback program in Europe) until CAD 95 million (the “OPRC”). See the PDF version

Pursuant to the tender offer, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or other Canadian trading systems, as it sees fit. , up to 40,482,356 common shares of Africa Oil (the “Common Shares”), representing approximately 8.5% of the 477,584,774 common shares outstanding at September 20, 2022 (i.e. 10% of Africa Oil’s “public float” in September 20, 2022), over a period of twelve months from September 27, 2022 and ending on the earliest of September 26, 2023the date on which the Company has purchased the maximum number of common shares authorized under the tender offer and the date on which the tender offer is terminated by Africa Oil.

The OPRC is implemented pursuant to the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) and Commission Delegated Regulation (EU) No. 2016/1052 (the “Safe Harbor Regulation”) and applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

The maximum number of Common Shares that may be redeemed each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the Common Shares during the 20 trading days prior to the date of purchase, subject to certain exceptions for bulk purchases. In addition, Africa Oil will be limited to daily purchases of a maximum of 166,870 common shares on the TSX, representing 25% of Africa Oil’s average daily trading volume on the TSX of 667,482 common shares during the six months ended. August 31, 2022subject to certain exceptions for bulk purchases and other prescribed exemptions available under applicable Canadian securities laws.

As part of the OPRCA, Africa Oil has entered into an Automatic Share Purchase Plan (“ASPP”) with its Designated Brokers to enable the Company to repurchase Common Shares when it would not normally be permitted to purchase common stock due to regulatory and customary restrictions. self-imposed blackout periods. Pursuant to the ASPP, Africa Oil will provide instructions during the blackout periods to its Designated Broker, which instructions cannot be modified or suspended during the blackout period. Outside of any blackout period, common shares will be purchased at the discretion of management. All purchases made under the AESP will be included in the calculation of the number of common shares repurchased under the issuer bid. The ASPP has been reviewed and pre-cleared by the TSX and may be terminated by Africa Oil or its brokers in accordance with its terms, or will terminate upon expiration of the tender offer.

All common shares that the Company is purchasing under the issuer bid will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or other Canadian trading systems at the price of market prevailing at the time of such purchase and in accordance with the rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. The actual number of Common Shares to be purchased and the timing of such purchases will be determined by Africa Oil, subject to limits imposed by the TSX, Nasdaq Stockholm and applicable Canadian securities laws.

There can be no assurance as to the number of Common Shares that will ultimately be acquired by the Company. All common stock purchased by Africa Oil under the share buyback program will be cancelled. The Company does not currently hold any common shares in cash and has not purchased any common shares during the past 12 month period.

Africa Oil believes that the repurchase of common stock for cancellation represents an efficient use of the Company’s capital and an effective means of returning value to its shareholders.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with deepwater production and development assets Nigeria; development assets in Kenya; and an exploration/evaluation portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “AOI”.

Further information

This information is information that Africa Oil is required to make public in accordance with the EU Market Abuse Regulation and the Swedish Trading in Financial Instruments Act. The information has been submitted for publication, through the contact persons listed above, to 2:00 a.m. EDT on September 23, 2022.

Forward-looking information

Certain statements and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities laws), including statements regarding whether the Company is making an issuer bid and when and the number of common shares purchased under the issuer bid. These statements and information (collectively, “forward-looking statements”) relate to future events or the Company’s future performance, prospects or business opportunities.

All statements other than statements of historical fact may be forward-looking statements. Any statement that expresses or implies discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, using words or phrases such that “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting “, “intend”, “could”, “could”, “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. No assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be relied upon unduly. The Company does not intend, and undertakes no obligation, to update these forward-looking statements except as required by applicable law. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macroeconomic conditions and their impact on operations, changes in oil prices, performance of reservoirs and production facilities, contractual performance of hedging counterparties, results of exploration and development activities, cost overruns, uninsured risks, regulatory and tax changes, defects of title, claims and legal proceedings, availability of materials and equipment , availability of qualified personnel, timeliness of government approvals or other regulations, actual performance of facilities, underperformance of joint venture partners, availability of financing on reasonable terms, availability of third party service providers, ‘equipment and process compared to spec cifications and expectations and unforeseen environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by these forward-looking statements.

SOURCE Africa Oil Corp.

For further information: Shahin Amini, IR and Commercial Manager, [email protected], Tel: +44 (0)20 8017 1511; Sophia Shane, Business Development, [email protected]Tel: +1 (604) 806-3575

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