Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

Africa Oil Corp. repurchased a total of 424,125 Africa Oil common shares during the period of Feb. 26, 2024, to March 1, 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 (European Union) 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 and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

During the period dated Feb. 26, 2024, to March 1, 2024, the company repurchased 156,000 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 268,125 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 Feb. 26 to March 1, 2024, see the Nasdaq Stockholm's website.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled. Since Dec. 6, 2023, up to and including Feb. 29, 2024, the company cancelled 4,418,847 common shares repurchased under the share buyback program. As of Feb. 29, 2024, the company had 459,413,024 common shares issued and outstanding with voting rights, of which the company holds 334,875 common shares in treasury.

Since Dec. 6, 2023, up to and including March 1, 2024, a total of 4,753,722 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 Africa 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.