Africa Oil invests further in Impact Oil & Gas

On April 28, 2023, Africa Oil Corp. ("Africa Oil" or the "Company") announced its participation in the US$95 million open offer for new ordinary shares by Impact Oil & Gas Limited ("Impact") with an investment of approximately US$31.4 million. Following this placement, Africa Oil's shareholding in Impact increased from 30.9% to 31.1%.

Impact intends to use the capital raised through the open offer towards funding its participating share of the multi-well drilling and testing programme in Namibia to further evaluate and appraise the Venus discovery—a world class, light-oil and associated gas field.

Africa Oil is the only publicly-listed independent E&P company with exposure to the Venus discovery through its interest in Impact, which turn holds a 20% participating interest share in Block 2913B (PEL 56) and an 18.9% participating interest share in the adjacent Block 2912 (PEL 91).

Further information can be found on Canada Newswire’s website.

Impact is a UK-based, privately owned, independent exploration company with a focus on finding large scale, deep water plays offshore Western and Southern Africa.

Africa Oil 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 west and south of Africa, as well as Guyana.