05:19 PM EDT, 08/19/2024 (MT Newswires) -- Africa Oil ( AOIFF ) after trade Monday said it is updating its March 18 offer to buy shares from minority shareholders in Impact Oil & Gas.

The offer was initially tied to completing a transaction related to Impact's assets in Namibia, announced on Jan. 10, the company said, adding that it has now decided to remove this condition and will proceed with the offer.

The offer is expected to be completed within five business days. Africa Oil ( AOIFF ) will buy 25.65-million shares from 42 shareholders for about US$18.6 million. After this, the company will own about 369.3-million shares in Impact, increasing its stake to 32.4%, including shares from management options exercised in July.

The company's shares closed down $0.02 to $2.09 on the Toronto Stock Exchange.