Gernandt & Danielsson has advised Africa Oil Corp. in connection with the agreement with BTG Pactual Oil & Gas S.a.r.l. to consolidate the remaining 50 percent interest in Prime Oil & Gas Coöperatief U.A.

BTG Holding will be amalgamated under Canadian corporate law with a newly created subsidiary of Africa Oil, with BTG Oil & Gas receiving newly issued common shares in Africa Oil as part of the amalgamation. On completion of the proposed reorganization, BTG Oil & Gas is expected to hold approximately 35 per cent of the outstanding share capital of the enlarged Africa Oil. Completion is expected during or before the third quarter of 2025 and completion is subject to certain closing conditions, including approval by the shareholders of Africa Oil Corp. and receipt of certain regulatory consents and approvals in Nigeria.

Gernandt & Danielsson's team consists of partner Carl Westerberg, counsel Erika Olofsson and senior associate Marlene Wiklund.