AFRICA OIL ANNOUNCES THE RESULTS OF YOUR SHARE BUYBACK PROGRAM

VANCOUVER, BC, June 24, 2024 /CNW/ – (TSX: AOI) (Nasdaq-Stockholm: AOI) –Africa Oil Corp. (“Africa Oil”, or the “Company”) is pleased to announce that the Company has repurchased a total of 1,081,800 ordinary shares of Africa Oil during the period of June 17, 2024 has June 21, 2024 as part of the previously announced share buyback program. View PDF version

The launch of Africa Oil’s public share purchase offer (share buyback) program, announced by the Company on December 4, 2023is implemented in accordance with Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbor Regulation) as well as rules and policies applicable Toronto Stock Exchange (“TSX”), Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the period of June 17, 2024 has June 21, 2024, the Company repurchased 461,800 common shares of Africa Oil on the TSX and/or other Canadian trading systems. The redemptions were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 620,000 ordinary shares of Africa Oil from Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

For more information on the transactions carried out under the share repurchase program previously announced in Swedenincluding aggregate volume, weighted average price per share and total trading value for each trading day during the reporting period June 17 to June 21, 2024see the following link to the Nasdaq Stockholm website:

https://www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares

All ordinary shares repurchased by Africa Oil under the share repurchase program will be cancelled.

From December 6, 2023up to and including June 21, 2024, a total of 21,500,032 common shares of Africa Oil were repurchased under the share repurchase program through the TSX, Nasdaq Stockholm and/or other Canadian trading systems. A maximum of 38,654,702 common shares of Africa Oil may be repurchased under the share repurchase program through the TSX, Nasdaq Stockholm and/or other Canadian trading systems during the period of twelve months starting December 6, 2023 and ending December 5, 2024or until the earlier date on which the share repurchase program is completed or terminated by the Company.

About African Oil

Africa Oil Corp. is a Canadian oil and gas company with deepwater production and development assets. Nigeriaan interest in the discovery of Venus light oil and associated gas, offshore Namibiaand an exploration/evaluation portfolio to the west and south of Africaas well as Guyana. The Company is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “AOI”.

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Further information

This information is information that Africa Oil is required to make public in accordance with the Swedish Trading in Financial Instruments Act. The information has been submitted for publication, through the contact persons indicated above, to 2:30 a.m. EDT on June 24, 2024.

Forward-looking information

Certain statements and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation), including whether the Company pursues a normal course share repurchase program. These statements and information (collectively, “forward-looking statements”) relate to future events or the future performance, business prospects or opportunities of the Company.

All statements other than statements of historical fact may be forward-looking statements. Statements regarding proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions based on certain assumptions that reserves and resources can be economically exploited. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or expressions such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “can”, “will”, “project”, “predict”, “potential”, “targeting”, “have intend to”, “may”, “could”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. differ materially from those anticipated in these forward-looking statements, including statements relating to dividend distributions, share repurchase programs, 2022 management guidance, including production, operating cash flow estimates and capital investment, performance of commodity hedges, results, schedules and costs of exploratory drilling activity, uninsured risks, regulatory and tax changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of drilling program, availability of third party service providers and title defects. No assurance can be given that these expectations will prove to be correct and undue reliance should not be placed on these forward-looking statements. The Company does not intend, and assumes no obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macroeconomic conditions and their impact on operations, changes in oil prices, performance of reservoirs and production facilities, contractual performance of counterparties of coverage, to the results of exploration and development activities. , cost overruns, uninsured risks, regulatory and tax changes, title defects, claims and lawsuits, availability of materials and equipment, availability of qualified personnel, timeliness of government or other regulatory approvals, actual facility performance, under -performance of joint venture partners, availability of financing on reasonable terms, availability of third party service providers, equipment and processes against specifications and expectations and unanticipated environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by these forward-looking statements.

SOURCE Africa Oil Corp.

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