Africa Oil Corp (TSX:AOI) announced the completion of a strategic acquisition, raising its stake in Impact Oil and Gas Limited to 39.5% on a fully diluted basis.
In the deal it purchased an additional 7% interest, acquiring 80.16 million shares at a price of £0.57 per share. The transaction's total value amounted to £45.70 million (US$60.40 million).
"With this purchase we have achieved a key strategic objective of materially increasing Africa Oil's ownership in Impact, enhancing our rights and influence over a core strategic asset and value driver for the company,” chief executive Dr Roger Tucker said in a statement.
“We have greater exposure to an exciting opportunity set in Namibia's Orange Basin, including the Venus oil development, and a highly prospective exploration program on Blocks 2912 and 2913B including the Tamboti exploration well that is currently drilling."