Mr. William Lundin reports

AFRICA ENERGY ANNOUNCES CORPORATE UPDATE

Africa Energy Corp. has appointed Robert Nicolella as chief executive officer to replace Garrett Soden effective June 22, 2023, following the company's annual shareholder meeting. As previously announced, Mr. Soden is expected to be appointed chairman of the board on June 22, 2023, following the departure of William Lundin.

William Lundin, chairman of Africa Energy, said: "We look forward to Robert's appointment as CEO next month. He is a well-known South African executive based in Cape Town with valuable banking and public company experience in the region. Robert is also a board member of Impact Oil and Gas, Africa Energy's largest shareholder. He will help us advance the block 11B/12B development to create value for all shareholders."

Mr. Nicolella is the financial director of Hosken Consolidated Investments Ltd. (HCI), a black empowerment investment holding company listed on the Johannesburg Stock Exchange (JSE). He serves on the boards of several JSE-listed subsidiaries of HCI, including Southern Sun and Frontier Transport Holdings. He is also on the board of Impact Oil and Gas Ltd., a private oil and gas exploration company that is partners with TotalEnergies in the recent Venus discovery offshore Namibia. Prior to joining HCI in 2011, Mr. Nicolella was employed by Investec Bank Ltd. for 17 years, including as head of corporate banking and subsequently head of private banking for the Western Cape. Mr. Nicolella holds a bachelor of accounting science and honours in accounting science. He has been registered as a chartered accountant CA (SA) with the South African Institute of Chartered Accountants since 1994.

Mr. Lundin added: "The board would like to thank Garrett for serving as president and CEO since 2017, closing several transactions for exploration assets offshore Southern Africa and delivering two large discoveries with TotalEnergies on block 11B/12B. Garrett will continue to guide Africa Energy as chairman following the annual shareholders meeting next month. We wish him well in his new CEO role at ShaMaran Petroleum."

The block 11B/12B joint venture has applied for the production right and is advancing the proposed Luiperd gas condensate development to support South Africa's energy transition. The company expects the operator, TotalEnergies, to finalize the development concept and gas offtake terms this year before receiving the production right approval in early 2024. Africa Energy owns 49 per cent of the common shares and 100 per cent of the Class B shares of Main Street 1549 Proprietary Ltd., which has a 10-per-cent participating interest in the exploration right for block 11B/12B offshore South Africa.

About Africa Energy Corp.

Africa Energy is a Canadian oil and gas exploration company focused on South Africa. The company is listed in Toronto on TSX Venture Exchange (ticker AFE) and in Stockholm on Nasdaq First North Growth Market (ticker AEC). Africa Energy is part of the Lundin Group of Companies.

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