Africa Oil Corp.

Africa Oil Corp. announced that the Nigerian Upstream Petroleum Regulatory Commission has approved the amalgamation of its subsidiary, Africa Oil Papa Corp., with BTG Pactual Holding S.à r.l. This transaction will consolidate 100% ownership of Prime Oil & Gas Coöperatief U.A. in Africa Oil. The amalgamation does not change the control of Prime's Nigerian subsidiaries, so ministerial consent is not required. The completion of the amalgamation is expected by the end of the first quarter of 2025, subject to customary conditions such as competition clearance and regulatory approvals. Africa Oil is a Canadian oil and gas company with assets in Nigeria and an exploration portfolio in Africa, listed on the Toronto Stock Exchange and Nasdaq Stockholm. The announcement includes forward-looking statements about the expected completion of the transaction, which are subject to risks and uncertainties.

Africa Oil Corp. held a special shareholders' meeting in Vancouver to vote on the issuance of common shares to BTG Pactual Oil & Gas S.à r.l. as part of the amalgamation with Africa Oil Papa Corp. The aim is to consolidate 100% ownership of Prime Oil & Gas Coöperatief U.A. 175,155,462 shares were voted, representing 39.54% of outstanding shares, with 99.61% in favor and 0.39% against the amalgamation. Completion depends on approvals from Nigerian authorities, the Toronto Stock Exchange, Nasdaq Stockholm, a farm-down of Namibian interests, and a reorganization of BTG Pactual's holding structure. The company issued a statement noting potential risks and uncertainties related to forward-looking information. Africa Oil is a Canadian oil and gas company with assets in Nigeria and Namibia, listed on the Toronto Stock Exchange and Nasdaq Stockholm.

Africa Oil Corp. has announced that proxy advisory firms ISS and Glass Lewis recommend shareholders vote in favor of a resolution to issue common shares to BTG Pactual Oil & Gas in connection with the amalgamation of Africa Oil Papa Corp. and BTG Pactual Holding. This move aims to consolidate full ownership of Prime Oil & Gas Coöperatief U.A. within Africa Oil. The company's directors, officers, and largest shareholder support the resolution, which will be voted on at a special meeting on October 15, 2024, in Vancouver. Shareholders are urged to vote by proxy before the specified deadlines. The company also notes the presence of forward-looking statements, which involve risks and uncertainties that could cause actual results to differ. Africa Oil is a Canadian company with assets in Nigeria and exploration interests in Africa, listed on the Toronto Stock Exchange and Nasdaq Stockholm.

Africa Oil Corp. has announced a special meeting for its shareholders on October 15, 2024, at 9:00 a.m. (Pacific time) / 6:00 p.m. (CET) at Bennett Jones LLP, Fraser Boardroom, Park Place, 666 Burrard St #2500, Vancouver. The record date for the meeting is September 13, 2024. Shareholders are encouraged to vote using the proxy form or voting instruction form provided in the management information circular before October 8, 2024, if their shares trade on the Nasdaq Stockholm Exchange, and before October 10, 2024, if their shares trade on the Toronto Stock Exchange. Additional information and documents can be accessed on SEDAR+ and the company's website. For further details, shareholders can contact Shahin Amini, Head of Investor Relations and Communications. Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria, Namibia, and other parts of Africa, listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "AOI".

Africa Oil Corp. announced the completion of a strategic farm down agreement involving its subsidiary, Africa Oil SA Corp. (AOSAC), with TotalEnergies EP South Africa and QatarEnergy for the Orange Basin Block 3B/4B offshore South Africa. AOSAC retains a 17% interest in the block and transferred its operatorship to TotalEnergies. Additionally, AOSAC will acquire an extra 1% interest in the block from Azinam Limited under a separate agreement, pending customary conditions and government approval. The block covers 17,581 km² and includes significant exploration prospects. Africa Oil CEO Dr. Roger Tucker highlighted the company's strong position in the Orange Basin and the potential for significant exploration activities. The press release also contains forward-looking statements subject to various risks and uncertainties.

Africa Oil Corp. has entered into a call and put option agreement with three shareholders of Impact Oil and Gas Limited to potentially acquire an additional 7.0% interest in Impact, increasing its shareholding to 39.5%. The agreement allows Africa Oil to purchase 80,160,198 shares at GBP 0.57 per share within six months from August 27, 2024. If the call option is not exercised by the fourth month, the shareholders can sell their shares to Africa Oil at the same price. The CEO of Africa Oil, Dr. Roger Tucker, highlighted the strategic importance of this acquisition for the company's interests in Namibia's Orange Basin. The transaction involves a call option purchase price of GBP 0.08 per share. This press release also includes cautionary statements about forward-looking information and the associated risks and uncertainties. Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria and exploration interests in Africa, listed on the Toronto Stock Exchange and Nasdaq Stockholm.

Africa Oil Corp. has provided an update regarding its offer to minority shareholders in Impact Oil & Gas Limited. Initially, the offer to acquire shares from these shareholders was conditional upon the completion of a farm down transaction for Impact’s Namibia assets. However, Africa Oil has decided to waive this condition and proceed with the offer. The completion is expected within five business days, at which point Africa Oil will purchase 25,652,039 shares from 42 shareholders for approximately USD 18.6 million, increasing its shareholding in Impact to 32.4%. The information was released at 05:00 p.m. EDT on August 19, 2024. The update includes forward-looking statements that involve risks and uncertainties, such as changes in macro-economic conditions, oil prices, regulatory changes, and other factors that could cause actual results to differ from expectations. Africa Oil does not intend to update these statements unless required by law. For further information, contact Shahin Amini, Head of IR and Communications, at shahin.amini@africaoilcorp.com or +44 (0)20 8017 1511. Africa Oil Corp. is a Canadian oil and gas company listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "AOI".

Africa Oil Corp. announced its financial and operating results for the first half of 2024. The company highlighted several strategic transactions aimed at value creation and shareholder returns. Key financial metrics for Q2 2024 showed a net income of $0.4 million, a significant decrease from $106.9 million in Q2 2023. Cash flow from operations was $69.6 million, down from $88.7 million in the previous year. The company’s cash position stood at $185.6 million, and net debt was $222.2 million. Significant developments include the consolidation of Africa Oil's ownership in Prime, expected to enhance shareholder returns and growth opportunities. The company also reported progress in its Namibia Orange Basin appraisal and exploration campaign, and positive performance from its Nigerian assets, including the Agbami and Egina fields. Africa Oil declared a semi-annual cash dividend of $0.025 per share, payable on September 27, 2024. The company plans to hold a conference call on August 15, 2024, to discuss these results further.

Africa Oil Corp. will release its financial and operating results for the three and six months ended June 30, 2024, after the Toronto market closes on August 14, 2024. A conference call to discuss the results will be held on August 15, 2024, at 09:00 EDT / 14:00 BST / 15:00 CEST. The call can be accessed via a live webcast or telephone. For more information, contact Shahin Amini, Head of Investor Relations and Communications, at shahin.amini@africaoilcorp.com or +44 (0)20 8017 1511. Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria, Namibia, and other parts of Africa, listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "AOI".

Africa Oil Corp. has updated its share capital and voting rights as of July 31, 2024, following the exercise of stock options and settlement of share units under its Long-Term Incentive Plan. The company now has 443,014,670 common shares issued and outstanding with voting rights. This update complies with the Swedish Financial Instruments Trading Act. Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria, Namibia, and other parts of Africa, and is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "AOI". For further information, contact Shahin Amini, Head of Investor Relations and Communications.