Source: Africa Oil Corp

Africa Oil Corp. (“Africa Oil”, “AOC” or the“Company”) notes the statements made by TotalEnergies, the operator of Block 2913B offshore Namibia, in their 2023 Results Presentation, delivered yesterday, regarding the ongoing exploration and appraisal activities on Block 2913B. Africa Oil has an interest in this block through its 31.1% shareholding in Impact Oil & Gas Limited (“Impact”).

Mangetti-1X exploration well has intersected hydrocarbon-bearing intervals in the Mangetti fan
prospect, a separate system to the Venus oil discovery. Mangetti-1X also achieved its secondary
objective of successfully intersecting and appraising the northern area of the Venus accumulation.
Mangetti has the potential to add additional recoverable resources on Block 2913B, and the joint venture
partners are working to determine the next step in the evaluation process.
The acquisition of 3D seismic in the southern area of Block 2913B, is progressing with the aim of
evaluating additional drilling targets.

The Company also notes the press release by TotalEnergies, operator of PML 2 that covers the Akpo
field, offshore Nigeria, announcing the start-up of production from Akpo West.
Located 135 kilometers off the coast, Akpo West is tied back to the existing Akpo Floating Production
Storage and Offloading (“FPSO”) facility, which started-up in 2009 and produced 124,000 barrels of oil
equivalent per day in 2023. By mid-2024, Akpo West will add 14,000 barrels of condensate production
per day, to be followed by up to 4 million cubic meters of gas per day by 2028. Africa Oil has an interest
in PML 2 through its 50% ownership in Prime Oil & Gas Coöperatief U.A, which has a 16% interest in
PML 2.

Africa Oil President and CEO, Roger Tucker commented: “The positive results of the Mangetti-1X
well present us with a new fairway opportunity, potentially adding a new recoverable resource base on
Block 2913B. Our involvement in Block 2913B continues to be exciting, with further work underway to
understand the potential of Mangetti, alongside the Venus-2A appraisal well, currently drilling.
Africa Oil is encouraged to have the operator’s confirmation of the start-up of production on Akpo West.
Utilizing the existing Akpo FPSO, Akpo West presents us with advantaged and high netback production
in a low operating cost and with a low emission project.”

Block 2913B (PEL 56) and the Venus Discovery

Petroleum Exploration License 56, Block 2913B, is located offshore southern Namibia and covers
approximately 8,215 km² in water depths between 2,450m and 3,250m. Impact currently holds a 20.0%
interest in this block. TotalEnergies, the operator, holds a 40.0% interest, QatarEnergy holds a 30.0%
interest, NAMCOR, the Namibian state oil company, holds a 10.0% interest. On the closing of the
strategic farmout agreement between Impact and TotalEnergies, announced on January 10th, 2023,
Impact will hold a 9.5% carried interest in this block.

Block 2913B contains the world class Venus light oil and associated gas field that was discovered by
the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir
of Lower Cretaceous age. This well was re-entered, side-tracked and tested in in third quarter 2023, achieving positive test results. These results are being interpreted and incorporated into the
development studies for the field.

Further appraisal of the Venus structure was undertaken with the drilling and testing of the Venus-1A
appraisal well. A fourth appraisal well on the Venus structure, Venus-2A, is currently drilling.
In addition to the on-going drilling operations a 3D seismic acquisition program over the southern part
of Block 2913B is currently under way. This program will cover an area where further follow-on
prospectivity bas been identified from existing 2D seismic data sets.

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