Africa Oil Corp.

Africa Oil Corp. announced the repurchase of 432,200 common shares between June 24 and June 25, 2024, under its share buyback program initiated on December 4, 2023. The buyback was conducted in compliance with EU regulations and the rules of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. Specifically, 149,700 shares were repurchased on the TSX and alternative Canadian trading systems by Scotia Capital Inc., and 282,500 shares on Nasdaq Stockholm by Pareto Securities. All repurchased shares will be cancelled. Since December 6, 2023, Africa Oil has repurchased a total of 21,932,232 shares, with a maximum of 38,654,702 shares allowed for repurchase by December 5, 2024. Following the cancellations, the company now has 442,032,639 issued and outstanding shares as of June 30, 2024. Forward-looking statements in the announcement caution about risks and uncertainties that may cause actual results to differ from expectations. For more details, 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 regions, listed on the TSX and Nasdaq Stockholm under the symbol "AOI".

Africa Oil Corp. announced the repurchase of 1,081,800 common shares between June 17, 2024, and June 21, 2024, as part of its ongoing share buyback program initiated on December 4, 2023. The buyback is conducted in line with EU regulations and the rules of the Toronto Stock Exchange (TSX), Nasdaq Stockholm, and relevant Canadian and Swedish laws. Specifically, 461,800 shares were repurchased on the TSX and alternative Canadian trading systems by Scotia Capital Inc., and 620,000 shares on Nasdaq Stockholm by Pareto Securities. All repurchased shares will be canceled. Since December 6, 2023, the company has repurchased a total of 21,500,032 shares, with a maximum of 38,654,702 shares allowed for repurchase by December 5, 2024. The company provided a link for detailed information on the transactions in Sweden. Africa Oil Corp. is a Canadian oil and gas company with assets in Nigeria, Namibia, and an exploration portfolio in Africa and Guyana. The company is listed on the TSX and Nasdaq Stockholm under the symbol "AOI".

Africa Oil Corp. has agreed to consolidate its ownership in Prime Oil & Gas Coöperatief U.A. with BTG Pactual Oil & Gas, enhancing shareholder returns and growth prospects through increased scale and financial resources. The reorganization will see BTG Oil & Gas receiving new shares in Africa Oil, resulting in BTG owning approximately 35% of the enlarged company. The reorganization aims to provide long-term free cash flows, a low leverage balance sheet, and growth opportunities, including the Venus oil project in Namibia. The agreement requires shareholder approval and regulatory consents, with completion expected by Q3 2025. The new structure will include BTG-nominated directors on Africa Oil's board.

Africa Oil Corp. has repurchased a total of 914,300 of its common shares between March 25, 2024, and March 28, 2024, under its previously announced share buyback program. This includes 336,800 shares repurchased on the Toronto Stock Exchange (TSX) and/or alternative Canadian trading systems and 577,500 shares repurchased on Nasdaq Stockholm. Since the launch of the program on December 6, 2023, the company has cancelled 7,096,272 common shares and repurchased a total of 7,858,272 shares. The program allows for a maximum of 38,654,702 shares to be repurchased over 12 months, ending December 5, 2024. As of March 28, 2024, Africa Oil had 456,868,599 common shares with voting rights, of which the company holds 762,000 in treasury.