Africa Oil Announces Results of Share Buyback Program

Source: www.gulfoilandgas.com 3/4/2024, Location: North America

Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 424,125 Africa Oil common shares during the period of February 26, 2024 to March 1, 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 February 26, 2024 to March 1, 2024, the Company repurchased 156,000 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 268,125 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 February 26 to March 1, 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 February 29, 2024, the Company cancelled 4,418,847 common shares repurchased under the share buyback program. As of February 29, 2024, the Company had 459,413,024 common shares issued and outstanding with voting rights, of which the Company holds 334,875 common shares in treasury.

Since December 6, 2023, up to and including March 1, 2024, a total of 4,753,722 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.


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