Dr. Roger Tucker reports

AFRICA OIL ANNOUNCES FINAL APPROVAL FOR AN INCREASE OF ITS INTEREST IN THE ORANGE BASIN BLOCK 3B/4B

Africa Oil Corp. has received the final approval from the government of the Republic of South Africa for the transfer of a 6.25-per-cent interest in Block 3B/4B in the Orange basin from Azinam Ltd., a wholly owned subsidiary of Eco (Atlantic) Oil & Gas Ltd., to the company, as announced on July 11, 2023. As per the terms of the assignment and transfer agreement with Eco, the company has made a payment of $2.5-million (U.S.) to Eco.

Consequently, the company now holds an operated 26.25-per-cent interest in Block 3B/4B, with Eco retaining a 20-per-cent interest and Ricocure Pty. Ltd. with a 53.75-per-cent interest.

An independent review of the prospective resources and probability of geological success of the exploration prospects within Block 3B/4B has reported total unrisked gross P50 prospective resources of approximately four billion barrels of oil equivalent. Probability of success ranges from 11 per cent to 39 per cent over the 24 prospects identified.

The company and its Block 3B/4B partners are progressing plans to conduct a drilling campaign on the block and are in discussions with potential partners to farm out a share of their working interest in the block. The company and its partners are also working with an environmental consulting firm in conducting an environmental and social impact assessment process, in preparation for permitting and drilling activity on the block.

Africa Oil chief executive officer Dr. Roger Tucker commented: "I am pleased we have received final approval for the increase of our interest in Block 3B/4B. Africa Oil has a significant opportunity set in the Orange basin, probably the most sought-after new petroleum region globally. We are excited about the large prospect inventory in Block 3B/4B; the prospects are all based on 3-D [three-dimensional] seismic and are of similar age and type to the discoveries announced by Shell and TotalEnergies in the Orange basin."

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 western and southern Africa, as well as Guyana.

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