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VANCOUVER, B.C., Sept. 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 Company's proposed normal course
issuer bid (referred to as a share buy-back program in Europe) of up to CAD 95
million (the "NCIB"). View PDF version
Pursuant to the NCIB, Africa Oil is authorized to repurchase
through the facilities of the TSX, Nasdaq Stockholm and/or
alternative Canadian trading systems, as and when considered
advisable by Africa Oil, 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 as at September 20, 2022 (or 10% of Africa Oil's
"public float" as at September 20,
2022), over a period of twelve months commencing
September 27, 2022 and ending on the
earlier of September 26, 2023, the
date on which the Company has purchased the maximum number of
Common Shares permitted under the NCIB, and the date on which the
NCIB is terminated by Africa Oil.
The NCIB is being implemented in accordance with the Market
Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated
Regulation (EU) No 2016/1052 (the "Safe Harbor Regulation") and the
applicable rules and policies of the TSX and Nasdaq Stockholm and
applicable Canadian and Swedish securities laws.
The maximum number of Common Shares which can be repurchased
each day on Nasdaq Stockholm will be 25% of the average daily
trading volume of the Common Shares for the 20 trading days
preceding the date of purchase, subject to certain exceptions for
block purchases. In addition, Africa Oil will be limited to daily
purchases of no more than 166,870 Common Shares on the TSX, being
25% of Africa Oil's average daily TSX trading volume of 667,482
Common Shares during the six months ended August 31, 2022, subject to certain exceptions
for block purchases and other prescribed exemptions available under
applicable Canadian securities laws.
In connection with the NCIB, Africa Oil has entered into an
automatic share purchase plan ("ASPP") with its designated brokers
to allow the Company to repurchase Common Shares when it would
ordinarily not be permitted to purchase Common Shares due to
regulatory restrictions and customary self-imposed blackout
periods. Pursuant to the ASPP, Africa Oil will provide instructions
during non-blackout periods to its designated broker, which
instructions may not be varied or suspended during the blackout
period. Outside of any blackout periods, Common Shares will be
purchased in accordance with management's discretion. All purchases
made under the ASPP will be included in computing the number of
Common Shares repurchased under the NCIB. 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
on the expiry of the NCIB.
Any Common Shares that the Company repurchases under the NCIB
will be purchased on the open market through the facilities of the
TSX, Nasdaq Stockholm and/or alternative Canadian trading systems
at the prevailing market price at the time of such purchase and in
accordance with the applicable rules and policies of the TSX and
Nasdaq Stockholm and applicable Canadian and Swedish securities
laws. The actual number of Common Shares that will be repurchased,
and the timing of any such purchases, will be determined by Africa
Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and
under applicable Canadian securities laws.
There cannot be any assurances as to the number of Common Shares
that will ultimately be acquired by the Company. Any Common Shares
purchased by Africa Oil under the share repurchase program will be
cancelled. The Company does not currently hold any Common Shares in
treasury and has not repurchased any Common Shares in the last
12-month period.
Africa Oil believes that the repurchase of Common Shares for
cancellation represents an effective use of the Company's capital
and an efficient way to return value to its shareholders.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in Africa and Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Additional Information
This information is information that Africa Oil is obliged to
make public pursuant to the EU Market Abuse Regulation and the
Swedish Financial Instruments Trading Act. The information
was submitted for publication, through the agency of the
contact persons set out above, at 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 legislation), including statements related to
whether the Company does proceed with an NCIB and the timing and
number of Common Shares purchased pursuant to the NCIB. 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. 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. 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.