Mr. Shahin Amini reports

AFRICA OIL PUBLISHES SUPPLEMENT TO SWEDISH PROSPECTUS

Africa Oil Corp. has prepared a supplement to the Swedish prospectus regarding the admission to trading on Nasdaq Stockholm of 239,828,655 new common shares issued to BTG Oil & Gas as part of the continuing amalgamation, which was approved by the Swedish Financial Supervisory Authority and published on Feb. 21, 2025. The supplement has been prepared in accordance with Article 23 of the Regulation (European Union) 2017/1129 of the European Parliament and of the council and has today been approved by the Swedish Financial Supervisory Authority. The supplement forms part of and should be read together with the prospectus. The prospectus and the supplement are available on Africa Oil's website and will be available on the Swedish Financial Supervisory Authority's website.

The supplement has been prepared due to, among other things, the publication of Africa Oil's consolidated financial statements for the year ended Dec. 31, 2024.

For complete information about the amalgamation and the admission to trading of the new common shares on Nasdaq Stockholm, please refer to the prospectus and the supplement. The amalgamation is expected to close and the new shares are expected to be admitted to trading on Nasdaq Stockholm on or around March 13, 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 Toronto Stock Exchange and on Nasdaq Stockholm under the symbol AOI.

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