Africa Oil Announces Results of Share Buyback Program & Updated Share Capital

Source: www.gulfoilandgas.com 10/3/2022, Location: Africa

Africa Oil Corp. repurchased a total of 1,883,480 Africa Oil common shares during the period of September 27, 2022 to September 30, 2022 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 September 22, 2022, 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 September 27, 2022 to September 30, 2022, the Company repurchased 667,480 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 1,216,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated September 27, 2022 to September 30, 2022, the Company cancelled 166,870 common shares repurchased under the share buyback program.

As a result of the share cancellations and the exercise of stock options under the Company's Stock Option Plan, Africa Oil now has 477,511,904 common shares issued and outstanding with voting rights as at September 30, 2022. and the Company holds 1,716,610 common shares in treasury, which will be cancelled in October 2022.

A maximum of 40,482,356 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 September 27, 2022 and ending September 26, 2023, or until such earlier date as the share repurchase program is completed or terminated by the Company.


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