African Oil undergoes new round of share buybacks

Africa Oil Corp (TSX:AOI) revealed it repurchased more than 326,000 shares between February 5 and 9, as part of a buyback programme launched in early December.As part of the buyback, the oil company bought 120,000 shares through the Toronto Stock Exchange, which traded at around the CA$2.20 mark during the week of the purchase.

More than 206,000 shares were then repurchased through the Nasdaq Stockholm exchange.All recovered shares will now be cancelled.Since the inception of the buyback program in early December 2023, Africa Oil has successfully repurchased 3,701,097 shares.Under the group’s allocated buyback capacity, it could see up to 38,654,702 shares repurchased by December 2024.

 Last week, the company confirmed its exposure to what its chief executive Roger Tucker described as “a new fairway opportunity” amid TotalEnergies’ discovery in the Mangetti-1X well, offshore Namibia.The Canadian firm has a material economic interest in the new discovery via its 31.1% shareholding in Impact Oil & Gas, which in turn holds a 20% stake in the TotalEnergies-led project.