Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES FURTHER INVESTMENT IN IMPACT OIL & GAS AND SHARE CAPITAL AND VOTING RIGHTS UPDATE

Africa Oil Corp. has participated in a $95.0-million (U.S.) open offer by Impact Oil & Gas Ltd., the privately owned, African-focused exploration company. The capital raised shall be used toward financing Impact's participating share of the multiwell drilling and testing program in Namibia to further evaluate and appraise the Venus discovery; a world-class, light-oil and associated gas field announced in February, 2022.

Africa Oil is the only publicly listed independent E&P (exploration and production) company with exposure to the Venus discovery through its strategic 31.1-per-cent shareholding in Impact which in turn holds a 20.0-per-cent participating interest share in Block 2913B (PEL 56) and an 18.9-per-cent participating interest share in the adjacent Block 2912 (PEL 91).

The company has made an investment of approximately $31.4-million (U.S.) and following this placement, Africa Oil's shareholding in Impact has increased to 31.1 per cent from 30.9 per cent. The company's closing cash balance as at Dec. 31, 2022, was $199.7-million (U.S.).

The proceeds from the open offer is intended to be used by Impact to finance its activities in 2023 including:

• The appraisal and development program on Block 2913B, in Namibia, following the Venus discovery, including the appraisal well (Venus-1A) which spud on March 4, 2023, a re-entry of the Venus-1X discovery well and testing of both wells.
• Exploration activity on the neighbouring Block 2912 to determine the extent of the Venus discovery, including an exploration well, Nara-1X and testing on the anticipated westerly extension of Venus into the neighbouring block.

If Nara-1X is successful, it will be followed by the Nara-1A appraisal well and extended 3-D seismic survey on this block.

The company also announces that it has filed a redacted copy of the Impact investors' agreement on SEDAR. This agreement, which Africa Oil is a party to as a major shareholder in Impact, entitles the company to certain decision-making controls over Impact amongst other things.

The company reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. As a result of the exercise of stock options under the company's stock option plan, Africa Oil now has 462,320,871 common shares issued and outstanding with voting rights as at April 28, 2023.

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 west and south of Africa, as well as Guyana. The company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol AOI.

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