Africa Oil Corp (TSX:AOI) has announced it is increasing its stake in Impact Oil and Gas Limited, a privately owned oil and gas exploration firm focused on offshore Africa.
Earlier this year, the oil and gas company offered to acquire shares from Impact’s minority shareholders conditional upon the completion of the farm down transaction for Impact’s Namibia assets, announced in January.
Africa Oil said that it has decided to waive this condition and proceed with completing the offer, which is expected to occur within five days.
It will purchase 25,652,039 shares from 42 accepting shareholders for $18.6 million.
Following the purchase, the company will hold 369,304,198 shares in Impact, representing a 32.4% stake.