Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

Africa Oil Corp. repurchased a total of 1,050,800 Africa Oil common shares during the period of April 1, 2024, to April 5, 2024, under the previously announced share buyback program.

The launch of Africa Oil's normal course issuer bid (NCIB) 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 (TSX) and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

During the period dated April 1, 2024, to April 5, 2024, the company repurchased 445,800 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 605,000 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 April 1 to April 5, 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 April 5, 2024, a total of 8,909,072 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 and south of Africa, as well as Guyana.

We seek Safe Harbor.