NCIB Program 2022-2023 | Africa Oil Corp.

Investors

AFRICA OIL NORMAL COURSE ISSUER BID SHARE BUYBACK PROGRAM

In September, 2022 Africa Oil Corp. announced that the Toronto Stock Exchange approved the Company’s proposed normal course issuer bid (referred to as a share buy-back program in Europe) of up to CAD 95 million (the “NCIB”).

Pursuant to the NCIB, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 40,482,356 common shares of Africa Oil, representing approximately 8.5% of the 477,584,774 Common Shares outstanding as at September 20, 2022 (or 10% of Africa Oil's "public float" as at September 20, 2022), over a period of twelve months commencing September 27, 2022 and ending on the earlier of September 26, 2023, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB, and the date on which the NCIB is terminated by Africa Oil.

The NCIB is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (“MAR”) and Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbor Regulation”) and the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

The maximum number of Common Shares which can be repurchased each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the Common Shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, Africa Oil will be limited to daily purchases of no more than 166,870 Common Shares on the TSX, being 25% of Africa Oil's average daily TSX trading volume of 667,482 Common Shares during the six months ended August 31, 2022, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

In connection with the NCIB, Africa Oil has entered into an automatic share purchase plan ("ASPP") with its designated brokers to allow the Company to repurchase Common Shares when it would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Africa Oil will provide instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, Common Shares will be purchased in accordance with management's discretion. All purchases made under the ASPP will be included in computing the number of Common Shares repurchased under the NCIB. The ASPP has been reviewed and pre-cleared by the TSX and may be terminated by Africa Oil or its brokers in accordance with its terms, or will terminate on the expiry of the NCIB.

Any Common Shares that the Company repurchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. The actual number of Common Shares that will be repurchased, and the timing of any such purchases, will be determined by Africa Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

September 27, 2022 to September 30, 2022
Africa Oil repurchased a total of 1,883,480 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122845/

October 3, 2022 to October 7, 2022
Africa Oil repurchased a total of 2,757,350 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122846/

October 10, 2022 to October 14, 2022
Africa Oil repurchased a total of 3,429,480 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122848/

October 17, 2022 to October 21, 2022
Africa Oil repurchased a total of 1,604,350 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122849/

October 24, 2022 to October 28, 2022
Africa Oil repurchased a total of 2,084,350 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122850/

October 31, 2022 to November 4, 2022
Africa Oil repurchased a total of 1,924,350 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122852/

November 7, 2022 to November 11, 2022
Africa Oil repurchased a total of 2,074,350 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122854/

November 14, 2022 to November 18, 2022
Africa Oil repurchased a total of 1,667,480 Africa Oil common shares.
https://africaoilcorp.com/news/africa-oil-announces-results-of-share-buyback-prog-122856/

In December, 2023 Africa Oil Corp. announced that the Toronto Stock Exchange approved the Company’s proposed normal course issuer bid (referred to as a share buy-back program in Europe).

Pursuant to the NCIB, Africa Oil is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by Africa Oil, up to 38,654,702 common shares of Africa Oil (the "Common Shares"), which represents 10% of the Company's "public float" of 386,547,028 Common Shares as at November 27, 2023. As of the same date, Africa Oil had 462,945,871 Common Shares issued and outstanding. Purchases of Common Shares will occur over a period of twelve months commencing December 6, 2023 and ending on the earlier of December 5, 2024, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB, and the date on which the NCIB is terminated by Africa Oil.

The NCIB is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 (the "Safe Harbor Regulation") and the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

For more information regarding share buyback transactions executed in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day, see the following link to Nasdaq Stockholm’s website:

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

In addition, Africa Oil will be limited to daily purchases of no more than 96,006 Common Shares on the TSX, being 25% of Africa Oil's average daily TSX trading volume of 384,024 Common Shares during the six months ended November 30, 2023, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.

The actual number of Common Shares that will be repurchased, and the timing of any such purchases, will be determined by Africa Oil, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws.

There cannot be any assurances as to the number of Common Shares that will ultimately be acquired by the Company. Any Common Shares purchased by Africa Oil under the NCIB will be cancelled. The Company does not currently hold any Common Shares in treasury.

The Company previously purchased a total of 20,512,373 Common Shares out of the 40,482,356 Common Shares authorized under the previous NCIB, which commenced on September 27, 2022 and ended on September 26, 2023, at a volume weighted average price per Common Share of CAD$3.10.

All shares were purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and alternative Canadian trading systems.

January 11, 2024 to January 12, 2024

Africa Oil repurchased a total of 522,000 Africa Oil common shares.

africa_oil_corp__africa_oil_announces_results_of_share_buyback_p.pdf (africaoilcorp.com)

January 15, 2024 to January 19, 2024

Africa Oil repurchased a total of 1,298,784 Africa Oil common shares.

africa_oil_corp__africa_oil_announces_results_of_share_buyback_p.pdf (africaoilcorp.com)

January 22, 2024 to January 26, 2024

Africa Oil repurchased a total of 1,227,900 Africa Oil common shares.

africa_oil_corp__africa_oil_announces_results_of_share_buyback_p.pdf (africaoilcorp.com)

January 29, 2024 to February 2, 2024

Africa Oil repurchased a total of 326,250 Africa Oil common shares.