06:49 AM EDT, 03/18/2024 (MT Newswires) -- Africa Oil Corp. ( AOIFF ) earlier Monday has made a cash offer to acquire from Impact Oil and Gas Limited minority shareholders up to 8.0% of Impact's issued shares.

The offer was made at US$0.728 per Impact share for a consideration of up to around US$64 million, implying a valuation of US$805 million for 100% of Impact's issued share capital.

The share purchase is conditioned upon completion of the farm down transaction for Impact's Namibia assets.

The offer was made to select minority shareholders and is open for acceptance until April 5.

"The farm down agreement with TotalEnergies materially enhances Impact's investment case for Africa Oil ( AOIFF )," said Africa Oil ( AOIFF ) CEO Roger Tucker. "At no upfront cost, we retain exposure to the Venus development, and to the significant follow-on upside potential on Blocks 2912/2913B. Venus is expected to add significant reserves and production to Africa Oil's ( AOIFF ) portfolio from the late 2020s through the 2030s."

Africa Oil ( AOIFF ) currently holds a 31.1% stake in Impact.

Separately, Africa Oil ( AOIFF ) said it repurchased a total of 488,075 Africa Oil ( AOIFF ) common shares from March 11-15 under a previously announced share buyback program.

From March 11-15, the company repurchased 178,700 Africa Oil ( AOIFF ) common shares on the TSX and/or alternative Canadian trading systems and 309,375 Africa Oil ( AOIFF ) common shares on Nasdaq Stockholm.

All common shares repurchased under the share buyback program will be cancelled.