VANCOUVER, BC, Oct. 3, 2022
/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 1,883,480 Africa Oil common
shares during the period of September 27,
2022 to September 30, 2022
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 September 22, 2022, 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 September 27,
2022 to September 30, 2022,
the Company repurchased 667,480 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
1,216,000 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. During the period dated
September 27, 2022 to September 30, 2022, the Company cancelled 166,870
common shares repurchased under the share buyback program.
As a result of the share cancellations and the exercise of stock
options under the Company's Stock Option Plan, Africa Oil now has
477,511,904 common shares issued and outstanding with voting rights
as at September 30, 2022. and the Company holds 1,716,610
common shares in treasury, which will be cancelled in October 2022.
A maximum of 40,482,356 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 September 27, 2022 and ending September 26, 2023, or until such earlier date as
the share repurchase program is completed or terminated by the
Company.
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 Swedish Financial Instruments Trading
Act. The information was submitted for publication, through the
agency of the contact persons set out above, at 6:00 a.m. ET on October 3,
2022.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation), including whether the Company
continues with an Normal Course Issuer Bid share buyback program.
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 dividend
distributions, share repurchase programs, the 2022 Management
Guidance including production, 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.