Petralon Energy is pleased to share a strategic milestone aligned with its mission to build enduring partnerships that enhance energy accessibility and create lasting value across Africa. Today marks the completion of the amalgamation between Prime Oil & Gas Coöperatief U. A ( in which it holds an indirect equity interest) and the TSX listed Africa Oil Corp (“Africa Oil”).
This transaction represents a significant milestone in Petralon’s journey to grow true indigenous ownership within the African upstream sector. Its subsidiaries, Rio Luxco 1 S.à r.l.and Rio Luxco 2 S.à r.l., now hold a combined indirect interest of 4.24% in the expanded Africa Oil entity.
Petralon Founder & CEO, Ahonsi Unuigbe, has also been appointed to the Africa Oil Board of Directors, strengthening the company’s voice in shaping responsible energy development across the continent.
The newly expanded Africa Oil now operates an impressive portfolio that includes premium deepwater Nigerian assets alongside ventures in Namibia, South Africa, and Equatorial Guinea. This enlarged entity, with its strengthened balance sheet, creates new opportunities for sustainable growth and enhances energy accessibility, directly supporting Petralon’s vision of a future where energy fuels sustainable growth and enriches lives.
This strategic partnership demonstrates Petralon’s commitment to building world-class alliances that meaningfully impact Africa’s energy landscape.