NUPRC has confirmed that the Amalgamation does not amount to a change of control in the beneficial ownership of Prime’s Nigerian subsidiaries and Ministerial consent is not required for the Amalgamation, and therefore, the transaction may proceed as proposed.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “We are grateful to NUPRC for its timely response to Prime’s application for regulatory clearance in respect of the transaction. We shall move forward promptly to complete the Amalgamation, which we now expect to be achieved by the end of first quarter 2025.”
The completion of the Amalgamation is subject to customary closing conditions, including competition clearance from the FCCPC, approval from Nasdaq Stockholm, completion of the previously announced farm-down of Africa Oil’s Namibian interests that are held via Impact Oil & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to implement the Amalgamation.
Additional Information
This information is information that Africa Oil is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00 pm EDT on October 30, 2024.
