Africa Oil Gains Right To Acquire Additional 80,160,198 Shares In Impact Oil And Gas

(RTTNews) - Africa Oil Corp. (AOI.TO) has signed a call and put option agreement with three shareholders in Impact Oil and Gas Limited to purchase a material 7.0% interest in Impact. If exercised, the Option Agreement will increase Africa Oil's Impact shareholding to 39.5%.

Africa Oil CEO, Roger Tucker, said: "Through our shareholding in Impact we have exposure to an exciting opportunity set in Namibia's Orange Basin, including the Venus oil discovery, and a highly prospective exploration and appraisal program on Blocks 2913B and 2912. This purchase achieves the company's objective of materially increasing its ownership in Impact, enhancing its rights and influence over a core strategic asset and value driver for Africa Oil."