Mr. Roger Tucker reports

AFRICA OIL INTRODUCES NEW BRAND IDENTITY WITH CHANGE OF NAME TO MEREN

Africa Oil Corp. has unveiled its new brand identity with a change of name to Meren Energy Inc. The company's rebranding follows the recent completion of the transformative Prime consolidation, doubling reserves and production in high-quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime.

The company's common shares will trade under the new symbol MER on the Toronto Stock Exchange and Nasdaq OMX Stockholm. There is no change in the capitalization of the company pursuant to the change of name and new trading symbol.

President and chief executive officer Roger Tucker said: "The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the company given the transformational impact of that transaction. Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria. The business model has also evolved considerably over the past few years, moving away from being exploration led to being a full-cycle E&P [exploration and production] underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns."

The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks. Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the company's stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets.

Meren's key strategic objectives will remain to:

• Drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns;
• Continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength and disciplined capital allocation;
• Judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria.

In connection with its name change, the company will launch a new website, which will go live on morning of Monday, May 19, 2025, to coincide with the trading under the new symbol.

Timetable regarding the name change and international securities identification number (ISIN) change

The name for the common shares on Nasdaq OMX Stockholm and the TSX will change from Africa Oil to Meren Energy, and the short name (ticker) for the company's shares will change from AOI to MER. The company will begin trading under the name Meren Energy and the short name MER on Nasdaq OMX Stockholm and the TSX as of the close of business in Stockholm and Toronto, respectively, on May 16, 2025. As a result of the name change, the Cusip number/ISIN of the shares in the company will change to 588914101/CA5889141019, respectively.

The last day of trading in the current Cusip number/ISIN on Nasdaq OMX Stockholm and the TSX will be May 16, 2025, and the first day of trading in the new Cusip number/ISIN on Nasdaq OMX Stockholm will be May 19, 2025, and on the TSX will be May 20, 2025. The record date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 20, 2025, and the completion date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 21, 2025.

This is an administrative matter, and shareholders do not need to take any action.

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.

We seek Safe Harbor.