Page 7 - AfrOil Week 07 2023

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Dual-listed Africa Oil Corp reveals

share buyback programme results

REGIONAL CANADIAN oil and gas company Africa A maximum of 40,482,356 Africa Oil Corp.
Oil Corp. has announced that it repurchased common shares may be repurchased under the
530,400 common shares during February 6-10 share buyback programme through the facilities
under a share buyback programme announced of the TSX, Nasdaq Stockholm and/or alterna-
in September. tive Canadian trading systems over the period
Africa Oil Corp., listed on the Toronto Stock of 12 months commencing September 27, 2022
Exchange (TSX) and Nasdaq Stockholm, has and ending September 26, 2023, or until such
producing and development assets in deepwa- earlier date as the share repurchase programme
ter Nigeria, development assets in Kenya and an is completed or terminated by the company. ™
exploration/appraisal portfolio in Africa.
During the February 6-10 period, the com-
pany repurchased 235,400 Africa Oil Corp.
common shares on the TSX and/or alternative
Canadian trading systems, it said.
The repurchases were carried out by Scotia
Capital Inc. on behalf of the Company. During
the same period, the company repurchased
295,000 Africa Oil Corp. common shares on
Nasdaq Stockholm, carried out by Pareto Secu-
rities on its behalf.
All common shares repurchased by Africa
Oil Corp. under the share buyback program will
be cancelled. During the February 6-10 period,
the company cancelled 475,000 common shares
repurchased under the buyback programme.
Since September 27, 2022, up to and includ-
ing February 10, 2023, a total of 20,158,473
Africa Oil Corp. common shares have been
repurchased under the share repurchase pro-
gramme through the facilities of the TSX, Nas-
daq Stockholm and/or alternative Canadian
trading systems. The company has assets in multiple African countries (Image: Africa Oil Corp.)

Petronas selling 74% equity stake in

South Africa’s Engen to Vivo Energy

SOUTH AFRICA VIVO Energy, one of the largest African fuel said that while the company’s “decision to step
retail operators, is buying a 74% stake in South back and reshape its portfolio is driven by
Africa’s largest gas station chain Engen from evolving business priorities, we fully appreciate
Malaysia’s national oil and gas company Petro- Engen’s potential and acknowledge that this is
nas, Upstream Online reports. a necessary move forward to further accelerate
The value of the deal has not been revealed. its growth.”
But Engen and Vivo, which is owned by global Engen’s primary business is the marketing of
energy trader Vitol, said the combined group petroleum, lubricants and functional fluids and
will have over 3,900 service stations and more chemicals and the operation of retail conveni-
than 2bn litres of storage capacity across 27 Afri- ence services. It currently operates 1,300 service
can countries. stations across seven countries in Sub-Saharan
Petronas’ CEO Tengku Muhammad Taufik Africa and the Indian Ocean islands.

Week 07 16•February•2023 www. NEWSBASE .com P7