By:Cision

Africa Oil Corp. (“Africa Oil”, or the “Company”) is pleased to announce that the Company repurchased a total of 804,400 Africa Oil common shares during the period of February 17, 2025 to February 21, 2025 under the previously announced share buyback program.

During this period, the Company repurchased 254,400 Africa Oil common shares on the Toronto Stock Exchange (“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 550,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2024, 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 TSX, Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled.

Since December 6, 2024, up to and including February 21, 2025, a total of 7,556,153 Africa Oil common shares were repurchased under the share repurchase program, through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 18,362,364 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, 2024 and ending December 5, 2025, or until such earlier date as the share repurchase program is completed or terminated by the Company.