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 882,000 Africa Oil common shares during the period of Feb. 24, 2025, to Feb. 28, 2025, under the previously announced share buyback program.

During this period, the company repurchased 332,000 Africa Oil common shares on the Toronto Stock Exchange 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 550,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the company.

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 TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

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

Since Dec. 6, 2024, up to and including Feb. 28, 2025, a total of 8,438,153 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.

As a result of the cancellation of shares repurchased by Africa Oil under the company's previously announced share repurchase program, Africa Oil now has 433,296,117 common shares issued and outstanding with voting rights as at Feb. 28, 2025.

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 west and south of Africa. The company is listed on the TSX and on Nasdaq Stockholm under the symbol AOI.

We seek Safe Harbor.