AUS
NZ
UK
CA
USA
IND
Highlights
- 517,300 shares repurchased between January 13 and January 17, 2025, as part of buyback program.
- Total of 3.6 million shares repurchased under the program since December 2024.
- Up to 18.36 million shares may be repurchased through December 2025.
Africa Oil Corp. (TSX:AOI) (Nasdaq Stockholm: AOI), a leading oil and gas exploration and production company, has reported a significant development in its ongoing share buyback program. The Company repurchased a total of 517,300 common shares between January 13, 2025, and January 17, 2025, as part of the previously announced program aimed at enhancing shareholder value.
Share Buybacks Across Multiple Exchanges
During the specified period, Africa Oil repurchased 210,800 of its common shares on the Toronto Stock Exchange (TSX) and alternative Canadian trading systems. These transactions were conducted by Scotia Capital Inc. on behalf of the Company. Simultaneously, the Company repurchased 306,500 common shares on Nasdaq Stockholm, with the purchases carried out by Pareto Securities.
These share repurchases are part of a broader strategy designed to manage the Company’s capital structure and return value to shareholders. The shares repurchased under the program will be cancelled, reducing the total number of outstanding shares and potentially increasing earnings per share over time.
Total Shares Repurchased
Since the inception of the share buyback program on December 6, 2024, Africa Oil has repurchased a total of 3,609,300 common shares across both the TSX and Nasdaq Stockholm platforms, as well as through alternative Canadian trading systems. This ongoing buyback initiative demonstrates the Company's commitment to returning capital to shareholders while maintaining flexibility for future growth initiatives.
The program allows for the repurchase of up to 18,362,364 common shares, which may be acquired through the facilities of the TSX, Nasdaq Stockholm, and/or alternative Canadian trading systems over the twelve-month period starting December 6, 2024, and ending December 5, 2025, or until the program is completed or terminated by the Company.
Compliance with Regulations
The share buyback program is being executed in accordance with applicable securities regulations, including the Market Abuse Regulation (EU) No 596/2014 (MAR), the Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation), and the rules and policies of the Toronto Stock Exchange and Nasdaq Stockholm. The program is also fully compliant with both Canadian and Swedish securities laws.
Africa Oil's management continues to focus on maintaining a strong balance sheet and optimizing shareholder value through disciplined capital management strategies, including the repurchase program. By reducing its share count, the Company aims to improve key financial metrics and enhance the overall return on investment for shareholders.
Strategic Outlook
Africa Oil remains confident in its operational and financial performance, with the share buyback program serving as a demonstration of the Company’s commitment to creating long-term shareholder value. The repurchase program is just one element of the broader strategy to ensure the Company remains well-positioned in the competitive oil and gas sector.
As the program progresses over the next year, Africa Oil intends to monitor market conditions and make strategic decisions to maximize the benefits of the buyback initiative, ultimately supporting its growth objectives and enhancing shareholder returns.
