Dr. Roger Tucker reports

AFRICA OIL ANNOUNCES ITS YEAR-END 2023 STATEMENT OF RESERVES

Africa Oil Corp. has posted its 2023 statement of reserves on SEDAR as part of its annual information form. This disclosure is based on an independent reserves evaluation, effective Dec. 31, 2023, prepared by RISC (U.K.) Ltd. (RISC) for Africa Oil in accordance with Canadian National Instrument 51-101 -- Standards for Oil and Gas Activities (NI 51-101), and the Canadian Oil and Gas Evaluation Handbook (COGE Handbook). Africa Oil's statement of reserves is based on the company's 50-per-cent ownership interest in Prime Oil & Gas Cooperatief UA.

Highlights1

• Year-end ("YE") 2023 reserves determination has resulted in a small increase in the after-tax Proved reserves ("1P") NPV(10) valuation of $722 million (YE'22: $714 million)2. The increase in 1P reserves valuation is net of total dividend payments of $175 million by Prime to Africa Oil during 2023.
• YE'23 reserves determination has delivered an after-tax Proved plus Probable reserves ("2P") NPV(10) valuation of $1,192 million (YE'22: $1,232 million)2. The change in 2P reserves valuation is net of total dividend payments of $175 million by Prime to Africa Oil during 2023.
• YE'23 working interest ("W.I.") and net entitlement3 1P reserves of 29.9 MMboe (YE'22: 34.6 MMboe) and 35.6 MMboe (YE'22: 41.3 MMboe), respectively.
• YE'23 W.I. and net entitlement 2P reserves of 52.2 MMboe (YE'22: 55.6 MMboe) and 59.6 MMboe (YE'22: 63.9 MMboe), respectively.

Africa Oil Chief Executive Officer, Dr Roger Tucker, commented on the statement of reserves: "I am pleased to report robust year-end 2023 reserves for Africa Oil. Our assets offshore Nigeria have performed in line with our expectation and continue to provide us with significant high netback production. Furthermore, with the renewal of OML 130 and the anticipated renewal of OML 127, both for 20 years, these assets will provide Africa Oil with long life reserves in three of Nigeria's top producing assets. There is also considerable scope for low-risk, high-return investment opportunities in the license areas, such as the Preowei development project, that will support production in the coming years."

Africa Oil's statement of reserves is based on the Company's 50% ownership interest in Prime Oil & Gas Cooperatief U.A ("Prime"). Prime's main assets are an indirect 8% interest in Oil Mining Lease ("OML") 127 and an indirect 16% interest in OML 1304; both are deep-water Nigeria concessions. OML 127 is operated by the affiliates of Chevron Corporation and contains the producing Agbami field. OML 1304 is operated by affiliates of TotalEnergies SE and contains the producing Akpo and Egina fields and the undeveloped Preowei field.

Notes:

1 Please refer to the oil and gas advisory on page 4 for important information.

2 Based on Brent oil price forecast of ($/bbl): 2024 - $82.0; 2025 - $78.0; 2026 - $78.8; 2027 - $80.8; 2028 - 82.8; 2029 and beyond escalation rate of 2.5%.

3 Net entitlement reserves are calculated using the economic interest methodology and include cost recovery oil, tax oil and profit oil and are different from working interest reserves that are calculated based on project volumes multiplied by Prime's effective working interest.

4 Renewal of the rights under OML 130 in 2023 resulted in the award of three new production leases and one prospecting license. These cover some of the areas previously covered by OML 130, with some of the areas also relinquished. These are PML 2 (Akpo field), PML 3 (Egina), PML 4 (Preowei) and PPL 261 (South Egina).

5 All dollar amounts in this press release are U.S. Dollars unless otherwise indicated.

The YE'23 reserves and reconciliation of changes in W.I. reserves summarized in the following tables pertain to 50% of Prime's W.I. and net entitlement reserves:

W.I. reserves are lower than the previous year primarily due to W.I. production of 7.2 MMboe, which was offset by upwards technical and economic revisions of 2.3MMboe of Proved plus 1.3MMboe of Probable Reserves. The technical revisions were as a result of improved performance at Agbami and the maturation of contingent gas resources to developed resources at Akpo.

The following table provides a reconciliation between the Gross W.I. Reserves disclosed on the 27 February 2023 (effective date 31 December, 2022) and this disclosure (effective date 31 December, 2023).

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".

Advisory Regarding Oil and Gas Information

The terms boe (barrel of oil equivalent) and MMboe (millions of barrels of oil equivalent) are used throughout this press release. Such terms may be misleading, particularly if used in isolation. Year-end 2023 reserves estimates are based on a conversion ratio of six thousand cubic feet per barrel of oil equivalent (6 Mcf: 1 boe), which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

RISC's report was prepared using Brent oil price forecast of ($/bbl): 2024 - $82.0; 2025 - $78.0; 2026 - $78.8; 2027 - $80.8; 2028 - 82.8; 2029 and beyond escalation rate of 2.5%.. There is no assurance that the forecast prices will be attained and variances could be material. The recovery and reserves estimates of crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.

The reserves estimates presented in this press release have been evaluated by RISC in accordance with NI 51-101 and the COGE Handbook, are effective December 31, 2023. The reserves presented herein have been categorized accordance with the reserves and resource definitions as set out in the COGE Handbook. The estimates of reserves in this press release may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Reserves are estimated remaining quantities of petroleum anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are further classified according to the level of certainty associated with the estimates and may be sub-classified based on development and production status. Proved Reserves are those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations. Probable Reserves are those additional quantities of petroleum that are less certain to be recovered than Proved Reserves, but which, together with Proved Reserves, are as likely as not to be recovered. Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

The Company's Annual Information Form for the year ended December 31, 2023 and other documents filed with securities regulatory authorities (accessible through the SEDAR website) describe risks, material assumptions and other factors that could influence actual results and are incorporated herein by reference.

We seek Safe Harbor.