Energy Policy & Regulation

Africa Oil Corp. (“Africa Oil”) has announced the repurchase of 517,300 common shares between January 13, 2025, and January 17, 2025, as part of its ongoing share buyback program. Of these, 210,800 shares were repurchased on the Toronto Stock Exchange (TSX) and other Canadian trading systems, with Scotia Capital Inc. acting on the company’s behalf. The remaining 306,500 shares were acquired on Nasdaq Stockholm, managed by Pareto Securities.

The company stated that all repurchased shares will be canceled, reducing the total number of outstanding shares. The buyback program, initiated on December 4, 2024, complies with the Market Abuse Regulation (EU) No 596/2014 and the Safe Harbour Regulation, as well as the regulations of the TSX, Nasdaq Stockholm, and Canadian and Swedish securities laws. This program is designed to provide shareholder value by optimizing the company’s capital structure.

Since the program began on December 6, 2024, Africa Oil has repurchased 3,609,300 common shares through the facilities of the TSX, Nasdaq Stockholm, and alternative Canadian trading systems. The program allows for the repurchase of up to 18,362,364 shares, representing a significant commitment by the company to return capital to its shareholders over the one-year period ending December 5, 2025.

For more detailed information regarding specific transactions, including aggregated volumes and weighted average prices, Africa Oil has directed stakeholders to Nasdaq Stockholm’s website. The company continues to execute its buyback strategy, demonstrating its confidence in its long-term value and commitment to enhancing shareholder returns.