Africa Oil Corp. announced on June 17, 2024, that they repurchased a total of 1,244,300 common shares under their share buyback program. This move is in line with the company’s strategy to enhance shareholder value and is being conducted in accordance with relevant regulations and policies.
During the period from June 10 to June 14, 2024, Africa Oil bought back 456,800 common shares on the Toronto Stock Exchange and/or alternative Canadian trading systems. Additionally, 787,500 common shares were repurchased on Nasdaq Stockholm during the same period.
The company has been actively repurchasing shares since December 6, 2023, and up to June 14, 2024, a total of 20,418,232 common shares have been bought back. The maximum number of shares that can be repurchased under the program is set at 38,654,702 over the twelve-month period ending on December 5, 2024, or until the program is completed or terminated.
Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria, Namibia, and other parts of Africa and Guyana. The company is listed on the Toronto Stock Exchange and Nasdaq Stockholm.
The share repurchase program is seen as a strategic move to return value to shareholders and optimize the company’s capital structure. The decision to cancel all repurchased shares further demonstrates Africa Oil’s commitment to enhancing shareholder value.
Moving forward, investors will be keen to see how this share buyback program impacts the company’s financial performance and overall market position. With a strong portfolio of assets and a clear strategy in place, Africa Oil Corp. continues to be a key player in the oil and gas industry.
Overall, the announcement of the share buyback program reflects Africa Oil’s proactive approach to capital management and commitment to delivering value to its shareholders. As the company continues to execute its strategy and navigate the evolving energy landscape, stakeholders will be watching closely to see the outcomes of these initiatives.
