Dr. Roger Tucker reports

AFRICA OIL PROVIDES NAMIBIA AND NIGERIA OPERATIONAL UPDATE

Africa Oil Corp. is commenting on the statements made by TotalEnergies, the operator of Block 2913B offshore Namibia, in its 2023 results presentation, delivered yesterday, regarding the continuing exploration and appraisal activities on Block 2913B. Africa Oil has an interest in this block through its 31.1-per-cent shareholding in Impact Oil & Gas Ltd.

The Mangetti-1X exploration well has intersected hydrocarbon-bearing intervals in the Mangetti Fan prospect, a separate system to the Venus oil discovery. Mangetti-1X also achieved its secondary objective of successfully intersecting and appraising the northern area of the Venus accumulation. Mangetti has the potential to add additional recoverable resources on Block 2913B, and the joint venture partners are working to determine the next step in the evaluation process.

The acquisition of three-dimensional seismic in the southern area of Block 2913B is progressing, with the aim of evaluating additional drilling targets.

The company also notes the press release by TotalEnergies, operator of PML 2 which covers the Akpo field, offshore Nigeria, confirming the start-up of production from Akpo West.

Located 135 kilometres off the coast, Akpo West is tied back to the existing Akpo floating production storage and offloading (FPSO) facility, which started up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023. By mid-2024, Akpo West will add 14,000 barrels of condensate production per day, to be followed by up to four million cubic metres of gas per day by 2028. Africa Oil has an interest in PML 2 through its 50-per-cent ownership in Prime Oil & Gas Cooperatief UA, which has a 16-per-cent interest in PML 2.

Africa Oil president and chief executive officer Dr. Roger Tucker commented: "The positive results of the Mangetti-1X well present us with a new fairway opportunity, potentially adding a new recoverable resource base on Block 2913B. Our involvement in Block 2913B continues to be exciting, with further work under way to understand the potential of Mangetti, alongside the Venus-2A appraisal well, currently drilling.

"Africa Oil is encouraged to have the operator's confirmation of the start-up of production on Akpo West. Utilizing the existing Akpo FPSO, Akpo West presents us with advantaged and high-netback production in a low operating cost and with a low-emission project."

Block 2913B (petroleum exploration licence 56) and the Venus discovery

PEL 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215 square kilometres in water depths between 2,450 metres and 3,250 m. Impact currently holds a 20-per-cent interest in this block. TotalEnergies, the operator, holds a 40-per-cent interest, QatarEnergy holds a 30-per-cent interest, and NAMCOR (National Petroleum Corporation of Namibia) holds a 10-per-cent interest. On the closing of the strategic farmout agreement between Impact and TotalEnergies, announced on Jan. 10, 2023, Impact will hold a 9.5-per-cent carried interest in this block.

Block 2913B contains the world-class Venus light-oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered a high-quality, light-oil-bearing sandstone reservoir of Lower Cretaceous age. This well was re-entered, side tracked and tested in the third quarter of 2023, achieving positive test results. These results are being interpreted and incorporated into the development studies for the field.

Further appraisal of the Venus structure was undertaken with the drilling and testing of the Venus-1A appraisal well. A fourth appraisal well on the Venus structure, Venus-2A, is currently drilling.

In addition to the continuing drilling operations, a three-dimensional seismic acquisition program over the southern part of Block 2913B is currently under way. This program will cover an area where further follow-on prospectivity bas been identified from existing two-dimensional seismic data sets.

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.

We seek Safe Harbor.