Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

Africa Oil Corp. repurchased a total of 326,163 Africa Oil common shares during the period of Feb. 5, 2024, to Feb. 9, 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 December 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 February 5, 2024 to February 9, 2024, the Company repurchased 120,000 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 206,163 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

For more information regarding transactions under the previously announced share buyback program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of February 5 to February 9, 2024, see the following link to Nasdaq Stockholm's website:

https://www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares

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

Since December 6, 2023, up to and including February 9, 2024, a total of 3,701,097 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 twelve months commencing December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase program is completed or terminated by the Company.

About Africa Oil

Africa Oil Corp. 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".

Additional Information

This information is information that Africa Oil is obliged to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out above, at 02:00 a.m. EST on February 12, 2024.

We seek Safe Harbor.