Deal Insight
Africa Oil acquires BTG's 50% stake in Prime Oil & Gas
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Report summary
Africa Oil Corp. signed an agreement with BTG Oil & Gas to consolidate its equity in Prime Oil & Gas. Both companies hold 50% equity each in Prime Oil. In an all-share transaction, Africa Oil will acquire BTG’s 50% stake and issue 240 million new shares to BTG, equivalent to 35% of the enlarged Africa Oil. The deal is subject to Board and regulatory approvals.
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