All lenders have approved increasing the available amount to $100 million from the current unutilised amount of $62 million, and extending the availability period to December 31, 2022, from May 13, 2022. The Corporate Facility maturity date of May 13, 2024, and interest margins are unchanged. The lenders have also waived certain conditions in support of the Company's plans to implement a shareholder returns program, and have agreed to release their security over the Company's shares in Africa Energy Corp., Eco (Atlantic) Oil & Gas Ltd. and Impact Oil and Gas Limited.

The Corporate Facility was signed on May 13, 2021, for an amount of up to $150 million. The facility and commitments were subsequently increased to $160 million with $98 million drawn, to repay the Company's Term Loan arranged in January 2020, for the acquisition of a 50% shareholding in Prime Oil & Gas Cooperatief UA ("Prime). The Company has repaid the balance of $98 million from the dividends received from Prime and is currently debt-free.  

Interest charges are unchanged with future drawn amounts incurring interest at rate of LIBOR plus a margin of: 6.5% until May 2022; 7.0% from May 2022 to May 2023; and 7.5% from May 2023 until maturity. The Corporate Facility can be utilised for general corporate purposes, subject to customary covenants.

Keith Hill, Africa Oil's President and CEO, commented, "The amended Corporate Facility provides us with standby credit at attractive costs and supports our 2022 plans, including the acquisition of producing assets. Together with our debt-free balance sheet and our share of dividends from Prime, we are in a very strong position to take advantage of growth opportunities."

Pascal Nicodeme, Africa Oil's CFO, commented, "I am delighted with the strong support of our lenders in agreeing to the amendments. This is an endorsement of our business and strategic plans and reflects the quality of our assets, cash flows and financial strength. I thank our lenders for their continuing support of Africa Oil."

Africa Oil also reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. As a result of the exercise of 128,100 stock options under the Company's stock option plan, the Company now has 474,783,455 common shares issued and outstanding with voting rights as at January 31, 2022.

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".

All dollar amounts are in United States dollars unless otherwise indicated.

This information is information that Africa Oil Corp. is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out below on January 31, 2022 at 2:00 a.m. ET.Additional Information

Forward Looking Information

Certain statements and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities.

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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. Actual results may differ materially from those expressed or implied by such forward-looking statements.