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Highlights
- 1.89 million shares repurchased under the buyback program from December 6 to December 20, 2024.
- Repurchases conducted on the TSX and Nasdaq Stockholm platforms, including significant participation by Scotia Capital and Pareto Securities.
- Shares repurchased will be cancelled, reducing total outstanding shares of Africa Oil Corp.
Africa Oil Corp. (TSX:AOI), a prominent Canadian oil and gas company, has made significant progress in its ongoing share buyback program. From December 16 to December 20, 2024, the Company repurchased a total of 885,400 common shares under its previously announced buyback initiative. This program, which was initially outlined in December 2024, is aimed at reducing the number of outstanding shares and increasing shareholder value.
The repurchase of these shares took place across two main platforms: the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. A total of 335,400 shares were repurchased through the TSX and/or other alternative Canadian trading systems, while 550,000 shares were bought back on Nasdaq Stockholm. The transactions were executed by Scotia Capital Inc. on behalf of Africa Oil on the TSX, and by Pareto Securities on behalf of the Company on Nasdaq Stockholm.
All shares repurchased under this program will be cancelled, meaning they will no longer be part of Africa Oil's outstanding share count. This reduction in shares is part of the Company’s broader strategy to enhance shareholder returns by decreasing the total number of shares in circulation, thus potentially increasing earnings per share (EPS) and improving the overall value of remaining shares.
Since the program’s inception on December 6, 2024, a total of 1,891,400 Africa Oil common shares have been repurchased through both the TSX and Nasdaq Stockholm, as well as alternative Canadian trading systems. The Company has announced that it may repurchase up to a maximum of 18,362,364 shares under this program over the 12-month period, which will run from December 6, 2024, to December 5, 2025. These repurchases will be subject to market conditions, as well as the Company’s evaluation of its financial position and capital allocation priorities.
The buyback program is being carried out in compliance with the applicable regulations of the Market Abuse Regulation (EU) No 596/2014, Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation), as well as the rules of the TSX, Nasdaq Stockholm, and relevant Canadian and Swedish securities laws. The Company's commitment to adhering to these legal and regulatory frameworks ensures transparency and fairness in the execution of the program, benefiting shareholders and maintaining investor confidence.
Africa Oil Corp. continues to focus on its growth strategy, which includes its producing and development assets in deepwater Nigeria, its interest in the Venus light oil and gas discovery offshore Namibia, and its exploration portfolio in West and South Africa. The share buyback program is an integral part of the Company’s broader financial strategy, which is designed to optimize shareholder value, while maintaining a strong focus on its core business operations.
Africa Oil Corp. remains committed to generating value for its shareholders, and the completion of this share buyback program is a clear demonstration of that commitment.
