AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM

VANCOUVER, BC, March 4, 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 424,125 Africa Oil frequent shares through the interval of February 26, 2024 to March 1, 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 applied in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Fee Delegated Regulation (EU) No 2016/1052 (Secure Harbour Regulation) and the relevant guidelines and insurance policies of the Toronto Inventory Alternate (“TSX”), Nasdaq Stockholm, and relevant Canadian and Swedish securities legal guidelines.

Through the interval dated February 26, 2024 to March 1, 2024, the Firm repurchased 156,000 Africa Oil frequent 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 268,125 Africa Oil frequent 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 through the interval of February 26 to March 1, 2024, see the next hyperlink to Nasdaq Stockholm’s web site:

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

All frequent shares repurchased by Africa Oil below the share buyback program will probably be cancelled. Since December 6, 2023, as much as and together with February 29, 2024, the Firm cancelled 4,418,847 frequent shares repurchased below the share buyback program. As of February 29, 2024, the Firm had 459,413,024 frequent shares issued and excellent with voting rights, of which the Firm holds 334,875 frequent shares in treasury.

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Since December 6, 2023, as much as and together with March 1, 2024, a complete of 4,753,722 Africa Oil frequent shares have been repurchased below the share repurchase program via the amenities of the TSX, Nasdaq Stockholm and/or different Canadian buying and selling methods. A most of 38,654,702 Africa Oil frequent shares could also be repurchased below the share buyback program via the amenities 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.

About Africa Oil

Africa Oil Corp. is a Canadian oil and fuel firm with producing and growth property 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 Alternate and on Nasdaq Stockholm below the image “AOI”.

Extra Info

This info is info that Africa Oil is obliged to make public pursuant to the Swedish Monetary Devices Buying and selling Act. The knowledge was submitted for publication, via the company of the contact individuals set out above, at 02:00 a.m. EST on March 4, 2024.

Ahead Trying Info

Sure statements and knowledge contained herein represent “forward-looking info” (inside 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 knowledge (collectively, “ahead trying statements”) relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives.

All statements apart from statements of historic truth 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 replicate conclusions which can be based mostly on sure assumptions that the reserves and sources will be economically exploited. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions or future occasions or efficiency (usually, however not all the time, utilizing phrases or phrases reminiscent of “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate, “could”, “will”, “venture”, “predict”, “potential”, “concentrating on”, “intend”, “may”, “may”, “ought to”, “imagine” and comparable expressions) are usually not statements of historic truth and could also be “forward-looking statements”. Ahead-looking statements contain recognized 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 financial modifications, availability of supplies and gear, unanticipated environmental impacts on operations, length of the drilling program, availability of third celebration service suppliers and defects in title. No assurance will be on condition 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 referring to, amongst different issues, modifications in macro-economic circumstances and their affect on operations, modifications in oil costs, reservoir and manufacturing facility efficiency, hedging counterparty contractual efficiency, outcomes of exploration and growth actions, price overruns, uninsured dangers, regulatory and financial modifications, defects in title, claims and authorized proceedings, availability of supplies and gear, availability of expert personnel, timeliness of presidency or different regulatory approvals, precise efficiency of amenities, three way partnership accomplice underperformance, availability of financing on cheap phrases, availability of third celebration service suppliers, gear 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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