(“Africa Oil” or the “Company”) is pleased to announce that leading proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co (“Glass Lewis”) have recommended that Africa Oil shareholders vote “FOR” the resolution (“Amalgamation Resolution”) to approve the issuance of Common Shares to BTG Pactual Oil & Gas S.à r.l. in connection with the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. (“Amalgamation”) This is for the purpose of consolidating 100% ownership of Prime Oil & Gas Coöperatief U.A. (“Prime”) in Africa Oil.
Each of the directors and officers of Africa Oil, and Africa Oil’s largest Shareholder have agreed to vote their Common Shares in favor of the Amalgamation Resolution at the special meeting (“Meeting”) of Africa Oil shareholders that will be held on October 15, 2024.
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