The Canadian company Africa Oil Corp. is an energy company whose shares are publicly traded. We advised Africa Oil on an agreement with BTG Pactual Oil & Gas S.a.r.l. to consolidate their joint 50:50 respective shareholdings in Prime Oil & Gas Coöperatief U.A. 

On 24 June 2024, the transaction was announced to the market. After completion, BTG Pactual’s shareholding in Prime Oil & Gas will be held by Africa Oil while BTG Pactual receives newly issued shares in the listed company Africa Oil Corp. This significantly enlarges Africa Oil’s position as an upstream oil and gas company. 

Loyens & Loeff has a long-standing client relationship with Africa Oil and acted as counsel for Dutch and Luxembourgish tax and corporate law aspects of the transaction. The multidisciplinary and cross-border Loyens & Loeff team comprised lawyers, tax advisers and civil law notaries.