AFRICA OIL ANNOUNCES THE RESULTS OF YOUR SHARE BUYBACK PROGRAM

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VANCOUVER, BC, February 12, 2024 /CNW/ – (TSX: AOI) (Nasdaq-Stockholm: AOI) -Africa Oil Corp. (“Africa Oil”, or the “Company”) is pleased to announce that the Company repurchased a total of 326,163 ordinary shares of Africa Oil during the February period 5 2024 to February December 9, 2024 as part of the previously announced share buyback program. View PDF version

The launch of Africa Oil’s public share purchase offer (share buyback) program, announced by the Company on December 4, 2023is implemented in accordance with Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbor Regulation) as well as rules and policies applicable Toronto Stock Exchange (“TSX”), Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the month of February 5 2024 to February On December 9, 2024, the Company repurchased 120,000 common shares of Africa Oil on the TSX and/or Canadian alternative trading systems. The redemptions were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 206,163 ordinary shares of Africa Oil from Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

For more information on the transactions carried out under the share repurchase program previously announced in Swedenincluding aggregate volume, weighted average price per share and total trading value for each trading day during the February period. 5 to February December 9, 2024, see the following link to the Nasdaq Stockholm website:

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

All ordinary shares repurchased by Africa Oil under the share repurchase program will be cancelled.

From December 6, 2023until February inclusive On December 9, 2024, a total of 3,701,097 common shares of Africa Oil were repurchased under the share repurchase program through the TSX, Nasdaq Stockholm and/or other Canadian trading systems . A maximum of 38,654,702 common shares of Africa Oil may be repurchased under the share repurchase program through the TSX, Nasdaq Stockholm and/or other Canadian trading systems during the period of twelve months starting in December. 6 2023 and ending in December December 5, 2024, or until such earlier date on which the share repurchase program is completed or terminated by the Company.

About African Oil

Africa Oil Corp. is a Canadian oil and gas company with deepwater production and development assets. Nigeria and an exploration/evaluation portfolio to the west and south of Africaas well as Guyana. The Company is listed on the Toronto Stock Exchange and Nasdaq Stockholm under the symbol “AOI”.

Further information

This information is information that Africa Oil is required to make public in accordance with the Swedish Trading in Financial Instruments Act. The information was submitted for publication, through the contact persons indicated above, at 02:00. am EST in February 12, 2024.

Forward-looking information

Certain statements and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation), including whether the Company pursues a normal course share repurchase program. These statements and information (collectively, “forward-looking statements”) relate to future events or the future performance, business prospects or opportunities of the Company.

All statements other than statements of historical fact may be forward-looking statements. Statements regarding proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions based on certain assumptions that reserves and resources can be economically exploited. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or expressions such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “can”, “will”, “project”, “predict”, “potential”, “targeting”, “have intend”, “may”, “could”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, continuing uncertainties and other factors that may cause actual results or events to occur. differ materially from those anticipated in such forward-looking statements, including statements relating to dividend distributions, share repurchase programs, 2022 management guidance, including production, operating cash flow estimates and capital investment, performance of commodity hedges, results, schedules and costs of exploratory drilling activity, uninsured risks, regulatory and tax changes, availability of materials and equipment, unanticipated environmental impacts on operations, duration of drilling program, availability of third party service providers and title defects. No assurance can be given that these expectations will prove to be correct and undue reliance should not be placed on these forward-looking statements. The Company does not intend, and assumes no obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in macroeconomic conditions and their impact on operations, changes in oil prices, performance of reservoirs and production facilities, contractual performance of counterparties of coverage, to the results of exploration and development activities. , cost overruns, uninsured risks, regulatory and tax changes, title defects, claims and lawsuits, availability of materials and equipment, availability of qualified personnel, timeliness of government or other regulatory approvals, actual facility performance, under -performance of joint venture partners, availability of financing on reasonable terms, availability of third party service providers, equipment and processes against specifications and expectations and unanticipated environmental, health and safety impacts on operations. Actual results may differ materially from those expressed or implied by these forward-looking statements.

Africa Oil announces results of its share buyback program (CNW Group/Africa Oil Corp.)

Africa Oil announces results of its share buyback program (CNW Group/Africa Oil Corp.)

SOURCE Africa Oil Corp.

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