Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES SHARE CAPITAL

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

As a result of the issuance of 762,907 common shares due to a residual settlement of performance share units, triggered by the completion of the amalgamation to consolidate all of the Prime Oil & Gas Cooperatief UA shareholding in Africa Oil, the company has 675,436,334 common shares issued and outstanding with voting rights as at April 30, 2025.

About Africa Oil Corp.

Africa Oil is a full-cycle Independent upstream oil and gas company with interests in 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.