Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES SHARE CAPITAL UPDATE

Africa Oil Corp. has provided a share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

As a result of the exercise of 188,000 stock options under the company's stock option plan, the company now has 474,655,355 common shares issued and outstanding with voting rights as at Dec. 31, 2021.

About Africa Oil Corp.

Africa Oil is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, development assets in Kenya, and an exploration/appraisal portfolio in Africa and Guyana. The company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol AOI.