Africa Oil (TSE:AOI) has released an update.
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Africa Oil Corp. has entered into an agreement to potentially increase its stake in Impact Oil and Gas Limited by 7%, which would result in a total ownership of 39.5%. This strategic move aims to bolster Africa Oil’s influence over Impact, focusing on valuable assets like the Venus oil discovery and exploration prospects in Namibia’s Orange Basin. The deal involves a call and put option agreement for purchasing additional shares at a set price within a six-month window.
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