Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES DECLARATION OF DIVIDEND DISTRIBUTION AND THE DATE OF ITS AGM MEETING

Africa Oil Corp.'s board of directors has declared the distribution of the company's semi-annual cash dividend of 2.5 U.S. cents per common share. This dividend will be payable on March 28, 2024, to shareholders of record at the close of business on March 8, 2024. This dividend qualifies as an eligible dividend for Canadian income tax purposes.

Dividends for shares traded on the Toronto Stock Exchange (TSX) will be paid in Canadian dollars on March 28, 2024; however, all United States and foreign shareholders will receive U.S. dollar funds. Dividends for shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 4, 2024.

To execute the payment of the dividend, a temporary administrative cross border transfer closure will be applied by Euroclear from March 6, 2024, up to and including March 8, 2024, during which period shares of the company cannot be transferred between the TSX and Nasdaq Stockholm.

Payment to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable.

The company's annual general meeting is planned to be held on May 23, 2024.

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.

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