June 24 (Reuters) - Africa Oil ( AOIFF ) has agreed to

buy out BTG Pactual Oil & Gas's 50% holding in their Prime Oil &

Gas joint venture in a deal that will see it take on BTG as a

major shareholder, it said on Monday.

Prime has offshore producing assets in Nigeria and accounts

for 100% of Africa Oil's ( AOIFF ) reserves and production. The deal is

expected to be completed in the third quarter of 2025.

On completion BTG is expected to hold about 35% of Africa

Oil's ( AOIFF ) enlarged share capital, and to nominate Huw Jenkins as

non-executive chair of the board and two other non-executive

directors, Africa Oil ( AOIFF ) said.

The agreement will "enhance our operations, deliver

identifiable savings, and increase our capital returns to

shareholders on a sustainable basis," said Africa Oil ( AOIFF ) President

and CEO Roger Tucker.