Africa Oil (TSE:AOI) has released an update.
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Africa Oil Corp. has completed a strategic farm down of its Namibian interests, selling stakes in Blocks 2912 and 2913B to TotalEnergies for $99 million, while retaining a 9.5% interest and securing a carry loan for development costs. This move enhances Africa Oil’s portfolio by expanding reserves and production potential, with further exploration activity planned in the region. The company’s shareholding in Impact is set to increase, potentially boosting its economic interest in the blocks.
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