Africa Oil Corp. (“Africa Oil”, or the “Company”) is
pleased to announce that the Company repurchased a total of 995,883 Africa Oil common shares during
the period of April 29, 2024 to May 3, 2024 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company
on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No
596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation)
and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and
applicable Canadian and Swedish securities laws.
During the period dated April 29, 2024 to May 3, 2024, the Company repurchased 455,000 Africa Oil
common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried
out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased
540,883 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by
Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously announced share buyback program in
Sweden, including aggregated volume, weighted average price per share and total transaction value for
each trading day during the period of April 29 to May 3, 2024, see the following link to Nasdaq Stockholm’s
website:
https://www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Since December 6, 2023, up to and including May 3, 2024, a total of 13,503,732 Africa Oil common shares
have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq
Stockholm and/or alternative Canadian trading systems. A maximum of 38,654,702 Africa Oil common
shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq
Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing
December 6, 2023 and ending December 5, 2024, or until such earlier date as the share repurchase
program is completed or terminated by the Company.
