Dr. Roger Tucker reports

AFRICA OIL ANNOUNCES LEADERSHIP CHANGE

Keith Hill, president and chief executive officer, has informed Africa Oil Corp.'s board of his intention to step down from his executive role at Africa Oil. Mr. Hill has led the company for more than 14 years and has presided over major milestones, including the Prime Oil & Gas acquisition and the Venus oil discovery offshore Namibia. Under Mr. Hill's leadership, Africa Oil has grown from a junior explorer to a full-cycle upstream company, and he leaves it in a very strong position, poised for continued future growth.

The company is pleased to announce that Dr. Roger Tucker will join Africa Oil to succeed Mr. Hill as the new president and CEO. Dr. Tucker has a distinguished international oil and gas career with extensive experience of running and developing businesses in multiple and varied international environments. His career is characterized by significant value creation in businesses ranging from independents, multinationals and state-owned companies. He was senior vice-president, Europe, for BG Group; chief executive officer of African Arabian Petroleum Ltd., and Latitude Energy; managing director of Yukos Oil; and president of LASMO Venezuela and a member of LASMO's group executive committee. More recently he was chairman of Viaro Energy and has experience in private equity through senior partner-level positions at Prostar Capital and Vanwall Capital. He is currently a non-executive director of Petrotal Corp.

Mr. Hill has agreed to remain on the board as a director of the company with Dr. Tucker also joining the board as a director. The handover will take place on Sept. 5, 2023, and Mr. Hill will continue to lead the company until that date.

Mr. Craig, chairman of the board, commented: "Keith's vision, industry expertise and astute deal making has created a leading Africa-focused E&P company. On behalf of the board, I thank him for his years of hard work and his unwavering commitment to the company. We are delighted to welcome Roger to Africa Oil and, we are confident that he is the right candidate to succeed Keith and to lead the company on its next phase of development."

Mr. Hill, outgoing president and CEO, commented: "It has been a privilege to lead Africa Oil on its journey from a microcap junior explorer to a significant independent E&P company, but now, with our increasing focus on production and developments, it is the right time to hand over the reins to Roger. I thank our board and the Africa Oil team for their professionalism and support over the past 14 years. I am very pleased that we have attracted Roger, a high-calibre executive with his extensive experience in the international energy sector. I wish him the very best for his new role."

Dr. Tucker, designate president and chief executive officer, commented: "I am very happy to be joining Africa Oil, a company that has grown significantly in the last few years with an excellent opportunity set and material catalysts for shareholder value creation. I am grateful for the vote of confidence from the Africa Oil board and this opportunity to lead the company on its next phase of sustainable growth, with a firm focus on shareholder value and returns."

About Dr. Roger Tucker

Dr. Tucker holds a PhD doctorate in sedimentology and geochemistry from University of Newcastle Upon Tyne in the United Kingdom. He started his career with Exxon and managed a wide range of exploration and research projects globally. He then joined LASMO, a U.K. independent exploration and production company, as exploration management executive with a focus on building LASMO's exploration interests with particular emphasis on North Sea, the Middle East and North Africa. He subsequently took the role of director of global business development at LASMO to develop and execute a strategy for driving new global business opportunities. He advanced to become a member of LASMO's group executive committee with leadership responsibility for LASMO Venezuela and all business activities in the Latin American region.

Latterly, he held senior leadership roles as managing director of Yukos Oil and CEO of African Arabian Petroleum and Latitude Energy, before joining BG Group as senior vice-president, Europe, where he was directly responsible for budget, operational and financial performance of BG's European business that accounted for 150,000 barrels of oil equivalent per day production and a significant portion of the group's revenues and had an annual budget of $2-billion (U.S.). This business employed 700 staff in four countries. During his time at BG, Dr. Tucker also sat on the regional executive and regional investment committee for Americas and Europe and Central Asia covering Brazilian, Americas and Kazakhstan operations.

About Africa Oil Corp.

Africa Oil is a Canadian oil and gas company with producing and development assets in deepwater Nigeria 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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