Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES NORMAL COURSE ISSUER BID - LAUNCH OF SHARE BUYBACK PROGRAM

The Toronto Stock Exchange has approved Africa Oil Corp.'s proposed normal course issuer bid (referred to as a share buy-back program in Europe) (NCIB).

Pursuant to the NCIB, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 38,654,702 common shares of Africa Oil, which represents 10 per cent of the company's public float of 386,547,028 common shares as at Nov. 27, 2023. As of the same date, Africa Oil had 462,945,871 common shares issued and outstanding. Purchases of common shares will occur over a period of 12 months commencing Dec. 6, 2023, and ending on the earlier of Dec. 5, 2024, the date on which the company has purchased the maximum number of common shares permitted under the NCIB, and the date on which the NCIB is terminated by Africa Oil.

The NCIB is being implemented in accordance with the Market Abuse Regulation (European Union) No. 596/2014 (MAR) and Commission Delegated Regulation (EU) No. 2016/1052, and the applicable rules and policies of the TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

The maximum number of common shares which can be repurchased each day on Nasdaq Stockholm will be 25 per cent of the average daily trading volume of the common shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, Africa Oil will be limited to daily purchases of no more than 96,006 common shares on the TSX, being 25 per cent of Africa Oil's average daily TSX trading volume of 384,024 common shares during the six months ended Nov. 30, 2023, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

Any common shares that the company repurchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase, and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by Africa Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

There cannot be any assurances as to the number of common shares that will ultimately be acquired by the company. Any common shares purchased by Africa Oil under the NCIB will be cancelled. The company does not currently hold any common shares in treasury.

The company previously purchased a total of 20,512,373 common shares out of the 40,482,356 common shares authorized under the previous NCIB, which commenced on Sept. 27, 2022, and ended on Sept. 26, 2023, at a volume-weighted average price per common share of $3.10. All shares were purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and alternative Canadian trading systems.

Africa Oil believes that the repurchase of common shares for cancellation represents an effective use of the company's capital and an efficient way to return value to its shareholders.

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.

We seek Safe Harbor.