ASKAR ALSHINBAYEV ANNOUNCES SALE OF STAKE IN IMPACT OIL & GAS TO AFRICA OIL CORP.

LONDON, ON, Dec. 6, 2024 /CNW/ - Askar Alshinbayev has successfully executed the sale of his strategic stake in Impact Oil & Gas to Africa Oil Corporation disposing of 75,665,129 shares.

Askar Alshinbayev ("AA") is pleased to announce the successful completion of the sale of his stake in Impact Oil & Gas to Africa Oil Corp. (TSX: AOI, Nasdaq-Stockholm: AOI).

The transaction represents a significant milestone in Mr. Alshinbayev's investment strategy in Africa, highlighting his early recognition of value within the Orange Basin. The sale of 75,665,129 common shares of Impact Oil & Gas (the "Common Shares") in 2024 underscores years of value creation and marks a major exit for Mr. Alshinbayev.

This acquisition by Africa Oil Corp. increases its stake in Impact Oil & Gas and demonstrates its commitment to the Orange Basin's vast untapped potential. Widely regarded as one of the most promising new petroleum regions globally, this strategic move aligns with Africa Oil's vision to capitalize on emerging opportunities in the sector.

Commenting on the transaction, Mr. Alshinbayev stated: "This successful transaction is the result of a long-term commitment to creating value."

About Askar Alshinbayev

Askar Alshinbayev is a private equity investor with extensive experience in the oil and gas sector. Throughout his career, he has built a portfolio of successful investments, leveraging his ability to identify emerging opportunities and create long-term value.

SOURCE Askar Alshinbayev