Africa Oil Corp (TSX:AOI) announced that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the amalgamation of its subsidiary Africa Oil Papa Corp with BTG Pactual Holding S.à r.l.
This transaction will allow Africa Oil to consolidate its 100% ownership of Prime Oil & Gas Coöperatief U.A. in exchange for issuing common shares to BTG Pactual Oil & Gas S.à r.l.
Africa Oil said that NUPRC has confirmed that this amalgamation does not constitute a change of control over Prime's Nigerian subsidiaries, meaning no Ministerial consent is necessary for the deal to proceed.
"We are grateful to NUPRC for its timely response to Prime's application for regulatory clearance in respect of the transaction,” Africa Oil CEO Roger Tucker commented.
“We shall move forward promptly to complete the amalgamation, which we now expect to be achieved by the end of first quarter 2025."
Africa Oil is a Canadian oil and gas company focused on deepwater production and development in Nigeria.