Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

Africa Oil Corp. repurchased a total of 1,227,900 Africa Oil common shares during the period of Jan. 22, 2024, to Jan. 26, 2024, under the previously announced share buyback program.

The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the company on Dec. 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No. 596/2014 (MAR) and Commission Delegated Regulation (EU) No. 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

During the period dated Jan. 22, 2024, to Jan. 26, 2024, the company repurchased 437,900 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the company. During the same period, the company repurchased 790,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the company.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled.

Since Dec. 6, 2023, up to and including Jan. 26, 2024, a total of 3,048,684 Africa Oil common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of 12 months commencing Dec. 6, 2023, and ending Dec. 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the company.

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.