VANCOUVER, BC, Oct. 15, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to report the voting results from the Company's special meeting ("Meeting") of shareholders held today in Vancouver, British Columbia. This meeting was held for shareholders to vote on the resolution to approve the issuance of Common Shares to BTG Pactual Oil & Gas S.à r.l. in connection with the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. ("Amalgamation") This is for the purpose of consolidating 100% ownership of Prime Oil & Gas Co?peratief U.A. ("Prime") in Africa Oil. View PDF version

A total of 175,155,462 common shares were voted at the Meeting, representing 39.54% of the votes attached to all the outstanding common shares of the Company as at a record date of September 13, 2024. 99.61% of the votes cast were in favour of the Amalgamation with 0.39% of the votes against the Amalgamation.

The completion of the Amalgamation is subject to, among other conditions, customary consents and approvals from the Nigerian authorities, the Toronto Stock Exchange and Nasdaq Stockholm, completion of the previously announced farm-down of Africa Oil's Namibian interests that are held via Impact Oil & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to implement the Amalgamation.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. 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 05:00 p.m. EDT on October 15, 2024.

Forward Looking Information

Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities.