Dr. Roger Tucker reports

AFRICA OIL ANNOUNCES POSITIVE UPDATE ON NAMIBIA OPERATIONS

Africa Oil Corp. notes the news release by its investee company, Impact Oil and Gas Ltd., and has released positive drill stem test (DST) results for the Venus-1X well, the major light oil discovery on block 2913B. The company also provides a further update on exploration and appraisal activities on blocks 2913B and 2912, both located in the Orange basin, offshore Namibia.

Highlights:

• The Deepsea Mira rig re-entered and side-tracked the Venus-1X discovery well (announced in February, 2022) and flowed oil from the test with positive results.
• The operator and its partners are now interpreting the results of the flow test and incorporating them into the development studies, which are expected to be confirmed with the flow test of Venus-1A in Q4 2023.
• The Venus-1A appraisal well results were positive, having been successfully drilled, cored and logged by the Tungsten Explorer, approximately 13 kilometres north of the Venus-1X discovery well.
• The Deepsea Mira rig will re-enter Venus-1A imminently to undertake a DST program.
• Tungsten Explorer will mobilize to drill the Mangetti-1X exploration well on a prospect located in the northern part of block 2913B.

Africa Oil's president and chief executive officer, Dr. Roger Tucker, commented: "The successful Venus-1X DST program is a major milestone in the Venus campaign and, if confirmed by Venus-1A DST results, supports the commercial development of this world-class light oil discovery. It is important to highlight that the opportunity here is not just about one discovery and we expect that further work will be done to mature large-scale targets already identified on block 2193B, including those to the south of Venus. We have an exciting work program ahead of us, and, together with our other interests in the Orange basin, we have a very exciting and attractive opportunity set."

Block 2913B

The Venus discovery is a world-class light oil and associated gas field, located in the Orange basin, off the coast of southern Namibia. The Venus-1X well was drilled in 2022 and encountered high-quality-light-oil-bearing sandstone reservoir of Lower Cretaceous age. Following this discovery, preparations were made to side-track and perform a DST of the oil-earing reservoirs using the Deepsea Mira rig. The DST program began in early September and has now been concluded, with positive DST results.

The Venus-1A appraisal well, located approximately 13 kilometres northwest of the Venus-1X discovery well, was successfully drilled to a total depth of 6,146 metres, cored and logged using the Tungsten Explorer drillship. The Deepsea Mira rig will re-enter Venus-1A imminently to undertake a DST program.

The Tungsten Explorer drillship that was recently operating on block 2912 will mobilize shortly to drill the Mangetti-1X well on block 2913B, targeting a prospect located to the north of the Venus structure, with the drilling expected to commence in October, 2023.

Block 2912

The Nara-1X well is located approximately 30 kilometres northwest of the Venus-1X well and was drilled to a total depth of 6,181 metres using the Tungsten Explorer drillship. A full wireline logging program was completed and a core taken. However, the Nara-1X well was not flow tested as it was deemed non-commercial. The joint venture is continuing to evaluate the results of Nara-1X.

Africa Oil holds a 31.0-per-cent shareholding in Impact, and has an effective interest of 6.2 per cent in block 2913B and an effective interest of 5.9 per cent in block 2912.

Impact (through its wholly owned subsidiary, Impact Oil and Gas Namibia Pty. Ltd.) holds a 20-per-cent working interest in block 2913B (PEL 56). PEL 56 is operated by TotalEnergies EP Namibia B.V., which holds a 40-per-cent working interest, and QatarEnergy and NAMOR respectively hold a 30-per-cent working interest and a 10-per-cent working interest in PEL 56.

Impact, through the same subsidiary, also holds an 18.89-per-cent working interest in block 2912 (PEL 91), where it is partnered with TotalEnergies (operator, with 37.78 per cent), QatarEnergy (28.33 per cent) and NAMCOR (15 per cent).

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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