Africa Oil Announces Results of Share Buyback Program

Source: www.gulfoilandgas.com 1/16/2023, Location: Africa

Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 200,000 Africa Oil common shares during the period of January 9, 2023 to January 13, 2023 under the previously announced share buyback program, having recommenced the buyback trades on January 13, 2023.

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 January 9, 2023 to January 13, 2023, the Company repurchased 100,000 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 100,000 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.

Since September 27, 2022, up to an including January 13, 2023, a total of 17,625,190 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 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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