AFRICA OIL SHARE CAPITAL AND VOTING RIGHTS UPDATE

VANCOUVER, BC, March 31, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) ? Africa Oil Corp. ("Africa Oil", or the "Company") reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. View PDF version.

As a result of the cancellation of shares repurchased by Africa Oil under the Company's previously announced share repurchase program, the exercise of stock options, and the settlement of share units issued under the Company's Long-Term Incentive Plan, Africa Oil now has 462,217,871 common shares issued and outstanding with voting rights as at March 31, 2023.

The Company has revised the date for its annual general meeting of shareholders, and the meeting will be held on May 25, 2023.

About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in west and south of Africa, as well as Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".

Additional Information
This information is information that Africa Oil is obliged to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out above, at 06:00 p.m. ET on March 31, 2023.

Forward Looking Information
Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "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, ongoing uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

SOURCE Africa Oil Corp.