As announced on 5 May 2018, Africa Oil Corp (AOC) acquired 144,956,250 common shares of Africa Energy Corp (AEC). The shares were as part of a AECâs private placement which closed on 4 May 2018. In total AEC issued 362,390,626 million new common shares and raised USD 45 Million. AOC acquired roughly 40% of the shares on offer for a total consideration of roughly USD 17,999,969 million (CAD 23,192,960 million).   Immediately prior to the acquisition AOC held 91,096,164 issued outstanding AEC shares representing some 28.54% of AEC outstanding share capital. Immediately after the acquisition AOC held some 236,052,414 common shares representing approximately 34.63% of AECâs issues outstanding share capital. Â   AEC will use the proceeds from the offering to finance its acquisition, drilling and other joint venture costs for its projects offshore South Africa and Namibia as well as other general corporate purposes.   This latest share acquisition by AOC follows equity acquisitions it made in Impact Oil and Gas and Eco Atlantic Oil and Gas. The net effect is that AOC now has a significant equity position in several licences offshore Namibia and South Africa.  AOCâs recent deals/acquisitions:    The AOC/AEC share purchase (May 2018) grants AOC greater equity in PEL 037 (Blocks 2012B, 2112A and 2113B) in Namibia and Block 11B/12B and Block 2B in South Africa.      The AOC/Impact investment (March 2018) granted AOC: access to acreage held by Impact in Gabon (Nyama and Osulu blocks), Guinea-Bissau/Senegal JEZ (AGC Profond block), Namibia (Block 2913B) and South Africa (Orange Basin Deep TCP, Transkei, Algoa and Tugela South blocks in addition to Tugela North and West Bredasdorp blocks that are currently under exploration rights application).      The AOC/Eco strategic partnership (November 2017) grants AOC access to four Namibian licences PEL 30 (Block 2012A), PEL 33 (Block 2213), PEL 34 (Blocks 2111B, 2211A) and PEL 50 (Blocks 2211Ba, 2311a)
South Africa, Block 11B/12B