AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

VANCOUVER, BC, March 18, 2024 /CNW/ – (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. (“Africa Oil”, or the “Firm”) is happy to announce that the Firm repurchased a complete of 488,075 Africa Oil widespread shares throughout the interval of March 11, 2024 to March 15, 2024 below the beforehand introduced share buyback program. View PDF model

The launch of Africa Oil’s regular course issuer bid (share buyback) program, introduced by the Firm on December 4, 2023, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Fee Delegated Regulation (EU) No 2016/1052 (Protected Harbour Regulation) and the relevant guidelines and insurance policies of the Toronto Inventory Trade (“TSX”), Nasdaq Stockholm, and relevant Canadian and Swedish securities legal guidelines.

Throughout the interval dated March 11, 2024 to March 15, 2024, the Firm repurchased 178,700 Africa Oil widespread shares on the TSX and/or different Canadian buying and selling methods. The repurchases have been carried out by Scotia Capital Inc. on behalf of the Firm. Throughout the identical interval, the Firm repurchased 309,375 Africa Oil widespread shares on Nasdaq Stockholm, and these repurchases have been carried out by Pareto Securities on behalf of the Firm.

For extra info concerning transactions below the beforehand introduced share buyback program in Sweden, together with aggregated quantity, weighted common worth per share and complete transaction worth for every buying and selling day throughout the interval of March 11 to March 15, 2024, see the next hyperlink to Nasdaq Stockholm’s web site:

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

All widespread shares repurchased by Africa Oil below the share buyback program will probably be cancelled.

Since December 6, 2023, as much as and together with March 15, 2024, a complete of 5,730,872 Africa Oil widespread shares have been repurchased below the share repurchase program via the services of the TSX, Nasdaq Stockholm and/or different Canadian buying and selling methods. A most of 38,654,702 Africa Oil widespread shares could also be repurchased below the share buyback program via the services of the TSX, Nasdaq Stockholm and/or different Canadian buying and selling methods over the interval of twelve months commencing December 6, 2023 and ending December 5, 2024, or till such earlier date because the share repurchase program is accomplished or terminated by the Firm.

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About Africa Oil

Africa Oil Corp. is a Canadian oil and fuel firm with producing and improvement belongings in deepwater Nigeria and an exploration/appraisal portfolio in west and south of Africa, in addition to Guyana. The Firm is listed on the Toronto Inventory Trade and on Nasdaq Stockholm below the image “AOI”.

Further Info

This info is info that Africa Oil is obliged to make public pursuant to the Swedish Monetary Devices Buying and selling Act. The data was submitted for publication, via the company of the contact individuals set out above, at 03:00 a.m. EDT on March 18, 2024.

Ahead Trying Info

Sure statements and data contained herein represent “forward-looking info” (throughout the which means of relevant Canadian securities laws), together with whether or not the Firm continues with an Regular Course Issuer Bid share buyback program. Such statements and data (collectively, “ahead wanting statements”) relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives.

All statements aside from statements of historic reality could also be forward-looking statements. Statements regarding confirmed and possible reserves and useful resource estimates might also be deemed to represent forward-looking statements and mirror conclusions which can be primarily based on sure assumptions that the reserves and assets will be economically exploited. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions or future occasions or efficiency (usually, however not at all times, utilizing phrases or phrases equivalent to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on, “could”, “will”, “venture”, “predict”, “potential”, “focusing on”, “intend”, “may”, “may”, “ought to”, “imagine” and related expressions) aren’t statements of historic reality and could also be “forward-looking statements”. Ahead-looking statements contain identified and unknown dangers, ongoing uncertainties and different elements that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements, together with statements pertaining to dividend distributions, share repurchase packages, the 2022 Administration Steerage together with manufacturing, cashflow from operation and capital funding estimates, efficiency of commodity hedges, the outcomes, schedules and prices of exploratory drilling exercise, uninsured dangers, regulatory and monetary adjustments, availability of supplies and tools, unanticipated environmental impacts on operations, length of the drilling program, availability of third get together service suppliers and defects in title. No assurance will be provided that these expectations will show to be right and such forward-looking statements shouldn’t be unduly relied upon. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines. These forward-looking statements contain dangers and uncertainties regarding, amongst different issues, adjustments in macro-economic situations and their influence on operations, adjustments in oil costs, reservoir and manufacturing facility efficiency, hedging counterparty contractual efficiency, outcomes of exploration and improvement actions, value overruns, uninsured dangers, regulatory and monetary adjustments, defects in title, claims and authorized proceedings, availability of supplies and tools, availability of expert personnel, timeliness of presidency or different regulatory approvals, precise efficiency of services, three way partnership associate underperformance, availability of financing on affordable phrases, availability of third get together service suppliers, tools and processes relative to specs and expectations and unanticipated environmental, well being and security impacts on operations. Precise outcomes could differ materially from these expressed or implied by such forward-looking statements.

SOURCE Africa Oil Corp.

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