Mr. Shahin Amini reports

AFRICA OIL ANNOUNCES NORMAL COURSE ISSUER BID - LAUNCH OF SHARE BUYBACK PROGRAM

The Toronto Stock Exchange has approved Africa Oil Corp.'s proposed normal course issuer bid (referred to as a share buyback program in Europe) of up to $95-million.

Pursuant to the normal course issuer bid, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 40,482,356 common shares of Africa Oil, representing approximately 8.5 per cent of the 477,584,774 common shares outstanding as at Sept. 20, 2022 (or 10 per cent of Africa Oil's public float as at Sept. 20, 2022), over a period of 12 months commencing Sept. 27, 2022, and ending on the earlier of Sept. 26, 2023, the date on which the company has purchased the maximum number of common shares permitted under the normal course issuer bid and the date on which the normal course issuer bid is terminated by Africa Oil.

The normal course issuer bid is being implemented in accordance with the Market Abuse Regulation (European Union) No. 596/2014 and Commission Delegated Regulation (European Union) No. 2016/1052, the applicable rules and policies of the TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

The maximum number of common shares that can be repurchased each day on Nasdaq Stockholm will be 25 per cent of the average daily trading volume of the common shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, Africa Oil will be limited to daily purchases of no more than 166,870 common shares on the TSX, being 25 per cent of Africa Oil's average daily TSX trading volume of 667,482 common shares during the six months ended Aug. 31, 2022, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

In connection with the normal course issuer bid, Africa Oil has entered into an automatic share purchase plan with its designated brokers to allow the company to repurchase common shares when it would ordinarily not be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the automatic share purchase plan, Africa Oil will provide instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, common shares will be purchased in accordance with management's discretion. All purchases made under the automatic share purchase plan will be included in computing the number of common shares repurchased under the normal course issuer bid. The automatic share purchase plan has been reviewed and precleared by the TSX and may be terminated by Africa Oil or its brokers in accordance with its terms or will terminate on the expiry of the normal course issuer bid.

Any common shares that the company repurchases under the normal course issuer bid will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm as well as applicable Canadian and Swedish securities laws. The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by Africa Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

There cannot be any assurances as to the number of common shares that will ultimately be acquired by the company. Any common shares purchased by Africa Oil under the share repurchase program will be cancelled. The company does not currently hold any common shares in treasury and has not repurchased any common shares in the last 12-month period.

Africa Oil believes that the repurchase of common shares for cancellation represents an effective use of the company's capital and an efficient way to return value to its shareholders.

About Africa Oil Corp.

Africa Oil is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, development assets in Kenya, and an exploration/appraisal portfolio in Africa and Guyana. The company is listed on the TSX and Nasdaq Stockholm under the symbol AOI.

We seek Safe Harbor.