Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

Africa Oil Corp. repurchased a total of 658,200 Africa Oil common shares during the period of Jan. 20, 2025, to Jan. 24, 2025, under the previously announced share buyback program.

During this period, the company repurchased 245,700 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 412,500 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 Jan. 20, 2025, to Jan. 24, 2025, see Nasdaq Stockholm's website.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled.

Africa Oil's normal course issuer bid (share buyback) program, announced by the company on Dec. 4, 2024, 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), the applicable rules and policies of the Toronto Stock Exchange and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

Since Dec. 6, 2024, up to and including Jan. 24, 2025, a total of 4,267,500 Africa Oil common shares were repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 18,362,364 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, 2024, and ending Dec. 5, 2025, 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, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in the west and south of Africa. The company is listed on the TSX and on Nasdaq Stockholm under the symbol AOI.

We seek Safe Harbor.