07:27 AM EST, 11/21/2024 (MT Newswires) -- Africa Oil ( AOIFF ) on Thursday said it acquired an additional 7% of Impact Oil and Gas for US$60.4 million.

Africa Oil ( AOIFF ) now holds 39.5% of Imperial Oil on a fully diluted basis.

"With this purchase we have achieved a key strategic objective of materially increasing Africa Oil's ( AOIFF ) ownership in Impact, enhancing our rights and influence over a core strategic asset and value driver for the company," said CEO Roger Tucker. "We have greater exposure to an exciting opportunity set in Namibia's Orange Basin, including the Venus oil development, and a highly prospective exploration program on Blocks 2912 and 2913B including the Tamboti exploration well that is currently drilling."