Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM AND PROVIDES SHARE CAPITAL AND VOTING RIGHTS UPDATE

Africa Oil Corp. repurchased a total of 914,300 Africa Oil common shares during the period of March 25, 2024, to March 28, 2024, under the previously announced share buyback program. The company has provided the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

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 (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 March 25, 2024 to March 28, 2024, the company repurchased 336,800 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 577,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the company.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled. Since Dec. 6, 2023, up to and including March 28, 2024, the company cancelled 7,096,272 common shares repurchased under the share buyback program.

Since Dec. 6, 2023, up to and including March 28, 2024, a total of 7,858,272 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.

As a result of the cancellation of shares repurchased by Africa Oil under the company's previously announced share repurchase program, and the exercise of stock options under the company's stock option plan, Africa Oil had 456,868,599 common shares issued and outstanding with voting rights as at March 28, 2024, of which the company holds 762,000 common shares in treasury.

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.

We seek Safe Harbor.