Mr. Roger Tucker reports

AFRICA OIL ANNOUNCES NAMIBIA OPERATIONAL UPDATE

Africa Oil Corp. says representatives on Impact Oil & Gas Ltd.'s board have received an update on the Marula-1X drilling operation on block 2913B (petroleum exploration licence 56), offshore Namibia.

Highlights:

• Safely drilled the Marula-1X well to a total depth of 6,460 metres (measured depth) on block 2913B, targeting Albian-aged sandstones, within the Marula fan complex, approximately 47 kilometres south of the Venus-1X well, using the Deepsea Mira semi-submersible drilling rig.
• No hydrocarbons were encountered in the primary target in the Marula-1X well. No drill stem test was performed.
• A comprehensive analysis of the well results is now under way.

Impact has a 9.5-per-cent interest in blocks 2912 and 2913B in Namibia's Orange basin. Africa Oil, through its 39.5-per-cent interest in Impact, has an effective interest of approximately 3.8 per cent in these blocks. Block 2913B contains the Venus light-oil discovery.

Africa Oil president and chief executive officer Roger Tucker commented: "The farm-down agreement between Impact and TotalEnergies that completed last year provides full carry of Impact's exploration and development costs on blocks 2912 and 2913B through to first commercial production from these blocks. This presents us with an attractive opportunity set to test different geological plays on these blocks at no upfront cost."

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.

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