Africa Oil Corp (AOIFF)

[douginil]

Is KH building a bit of an oil conglomerate?




Africa Oil Announces Investment in Impact Oil and Gas

Feb. 7, 2018

Africa Oil Corp. (TSX:AOI) (OMX:AOI) ("Africa Oil", "AOC" or the "Company") is pleased to announce that it has entered into agreements that will provide it with an approximately 25.2% equity interest in Impact Oil and Gas Limited ("Impact"), a private UK company with exploration assets in South and West Africa.

Investment in Impact Oil and Gas

The Company has entered into a subscription agreement (the "Subscription Agreement") with inter alia Impact providing for the purchase by AOC of 59,681,539 ordinary shares (the "Shares") and 29,840,769 ordinary share purchase warrants (the "Warrants") for an aggregate subscription price of approximately US$15 million.


The Company has also entered into a share purchase agreement (the "Helios SPA") with Helios Natural Resources 2 Ltd

Africa Oil CEO Keith Hill commented, "We are very pleased to acquire a significant interest in Impact which holds a highly attractive portfolio in West and South Africa that has the potential for major discoveries in the short and medium term. Impact has done a great job of acquiring these properties at modest prices and bringing in major oil companies to fund upcoming drilling and seismic programs. This investment is a strong complement to our existing holdings in Africa Energy and ECO Atlantic and results in Africa Oil having exposure to some of the most exciting exploration plays in Africa to complement our Kenya development project. The structure of these investments allows us to preserve the necessary cash to ensure we can get to first oil without issuing additional equity."


Read more at:
http://africaoilcorp.mwnewsroom.com/manual-releases/2018/Africa-Oil-Announces-Investment-in-Impact-Oil-and