An anonymous director reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM AND UPDATED SHARE CAPITAL

Africa Oil Corp. repurchased a total of 1,883,480 Africa Oil common shares during the period of Sept. 27, 2022, to Sept. 30, 2022, under the previously announced share buyback program.

The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the company on Sept. 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No. 596/2014 (MAR) and Commission Delegated Regulation (EU) No. 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange, Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

During the period dated Sept. 27, 2022, to Sept. 30, 2022, the company repurchased 667,480 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the company. During the same period, the company repurchased 1,216,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the company.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated Sept. 27, 2022, to Sept. 30, 2022, the company cancelled 166,870 common shares repurchased under the share buyback program.

As a result of the share cancellations and the exercise of stock options under the company's stock option plan, Africa Oil now has 477,511,904 common shares issued and outstanding with voting rights as at Sept. 30, 2022, and the company holds 1,716,610 common shares in treasury, which will be cancelled in October, 2022.

A maximum of 40,482,356 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of 12 months commencing Sept. 27, 2022, and ending Sept. 26, 2023, or until such earlier date as the share repurchase program is completed or terminated by the company.

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.

We seek Safe Harbor.