Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES SHARE CAPITAL AND VOTING RIGHTS UPDATE AND THE DATE OF ITS AGM

Africa Oil Corp. has provided share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

As a result of the issuance of 239,828,655 common shares to BTG Pactual Oil & Gas Sarl, in connection with the completion of the amalgamation to consolidate all of the Prime Oil & Gas Cooperatief U.A. shareholding in Africa Oil; the issuance of 1,942,655 common shares in connection with the settlement of restricted share units and performance share units under the company's long-term incentive plan during March, 2025; and the cancellation of 394,000 shares in connection with the share buybacks executed during February, 2025, Africa Oil now has 674,673,427 common shares issued and outstanding with voting rights as at March 31, 2025.

The company's annual general meeting of shareholders will be held on Thursday, June 12, 2025, with a record date of April 24, 2025. The company will provide a further update once the notice of meeting, management information circular and related meeting materials have been published.

About Africa Oil Corp.

Africa Oil is a full-cycle independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria operated by Majors. The company holds a leading position in the Orange basin including its effective interest in the Venus light oil project, offshore Namibia and its direct interest in Block 3B/4B, offshore South Africa. The company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol AOI.

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