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Africa Oil Announces Share Capital Update

March 31, 2021

VANCOUVER, BC, March 31, 2021 /CNW/ - (TSX: AOI) (Nasdaq Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" 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 issuance of 1,291,645 common shares in connection with the settlement of restricted share units and performance share units under the Company's long-term incentive plan during the month, the number of issued and outstanding shares of the Company has increased to 473,252,117 common shares with voting rights as at March 31, 2021.

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 Africa and 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 5:30 p.m. ET on March 31, 2021.

Africa Oil Announces Share Capital Update (CNW Group/Africa Oil Corp.)

SOURCE Africa Oil Corp.

Shahin Amini, IR and Commercial Manager, shahin.amini@africaoilcorp.com, T: +44 (0)203 982 6800; Sophia Shane, Corporate Development, sophias@namdo.com, T: +1 (604) 806-3575