Africa Oil Corporation - Renewal of Nigerian License

Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has renewed Petroleum Mining Lease 52 (“PML 52”), containing the Agbami field, for a period of 20 years effective from November 24, 2024.

Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “The renewal of PML 52 follows last year’s renewal of the licenses for Prime’s Akpo, Egina and Preowei fields. With respective 20-year renewals for each of these fields, our long-term production outlook from these high quality assets is secure. We thank NUPRC for its efficient processing of the application and issuing the renewal.”

About PML 52 and the Agbami Field
PML 52 is operated by affiliates of Chevron and covers part (62.46%) of the producing Agbami field. This field was discovered by well Agbami-1 in 1998. The oil is light with a gravity of 45° to 47° API. The field is developed via sub-sea wells tied back to a dedicated Floating Production Storage and Offtake (“FPSO”) vessel through steel catenary risers. Production commenced in June 2008 and peak gross field production of 250,000 barrels of oil per day (“bopd”) was attained in 2009. At December 31, 2023, 30 producers, 5 gas injectors and 10 water injectors had been drilled. Field average oil production rate in 2023 was about 98,000 bopd. Cumulative oil production to December 31, 2023 was 1,089 million barrels for the field.

Prime Oil & Gas Coöperatief U.A. (“Prime”) has a 8% ownership in PML 52. The operator is Chevron with a 32% interest. Famfa oil is the concessionaire on the production sharing agreement and holds a 60% interest in PML 52. Africa Oil has a 50% shareholding in Prime and on the completion of the Prime amalgamation transaction will have a 100% shareholding in Prime. This is expected during first quarter 2024 and is subject to customary closing conditions, including competition clearance from the FCCPC, approval from Nasdaq Stockholm, completion of the previously announced farm-down of Africa Oil’s Namibian interests that are held via Impact Oil & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to implement the Amalgamation.

Additional Information
This information is information that Africa Oil is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 3:00 am EDT on November 1, 2024.