Africa Oil : Townhall Presentation

Africa Oil Corp.

THE NEXT PHASE OF VALUE CREATION

TOWN HALL PRESENTATION

17th April 2024

WWW.AFRICAOILCORP.COM

Town Hall Presentation | April 2024

PRESENTERS

Roger Tucker

President & CEO

Pascal Nicodeme

CFO

Oliver Quinn

CCO

Shahin Amini

Head of IR &

Communications

AFRICA OIL CORP.

AGENDA

• CEO's Introduction
• Core Assets Overview and Updates
• Financial Management and Shareholder Returns
• Commercial Perspectives and Updates
• Concluding Remarks
• Q&A

SLIDE 2

Town Hall Presentation | April 2024

AFRICA OIL CORP.

FORWARD-LOOKING STATEMENTS

This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the "Company") and its subsidiaries. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company's business activities. By attending this presentation and/or reviewing a copy of this document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions.

This presentation may not be copied, published, distributed or transmitted. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute or form part of any offer or invitation to whatsoever, sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. The information contained in this presentation may not be used for any other purposes.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. 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, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but 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. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations.

Actual results may differ materially from those expressed or implied by such forward-looking statements. This update contains certain forward-looking information that reflect the current views and/ or expectations of management of the Company with respect to its performance, business and future events including statements with respect to financings and the Company's plans for growth and expansion. Such information is subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied including the risk that the Company is unable to obtain required financing and risks and uncertainties inherent in oil exploration and development activities. Readers are cautioned that the assumptions used in the preparation of such information, such as market prices for oil and gas and chemical products, the Company's ability to explore, develop, produce and transport crude oil and natural gas to markets and the results of exploration and development drilling and related activities, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company assumes no future obligation to update these forward- looking information except as required by applicable securities laws.

Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors.

No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith is accepted by any such person in relation to such information.

SLIDE 3

CEO'S

INTRODUCTION

Town Hall Presentation | April 2024

AFRICA OIL CORP.

DEVELOPMENTS SINCE THE LEADERSHIP CHANGE

JUL 2023
New President and CEO
appointed, marking the
next phase of growth and	OCT 2023
focus on shareholder	New strategy
value and returns	approved by the Board

JAN 2024
Implemented a strategic	MAR 2024
farm down agreement for	Farm down agreement
Impact's Blocks 2912 and	for Block 3B/4B,
2913B, offshore Namibia	offshore South Africa

New strategy approved and new ExCom in place to deliver the business plan

Formulate new strategy, key

relationships management, Deliver the business in line with the new strategy

reorganization & key hires

JUL 2023	NOV 2023	JAN/FEB 2024	MAR 2024
Increased operated	Participated in a	Started share	Offer to Impact's minority
working interest in Orange	USD 40m equity	buybacks & declared	shareholders to purchase
Basin Block 3B/4B,	placement by Impact to	first 2024 semi-	up to 8% additional
offshore South Africa	fund its activities in 2023	annual dividend	interest in Impact

Two strategic transactions announced, significantly de-risking AOC's growth profile

Launched new NCIB share buyback program

Base dividend policy maintained

SLIDE 5

Town Hall Presentation | April 2024

AFRICA OIL CORP.

OUR STRATEGIC PRINCIPLES

Value Creation & Growth

Target sustainable shareholder capital returns

Seek growth through the opportunity sets within our current portfolio

Consolidate our ownership of the core assets

Growth through focused exposure to world- class assets

Partner with tier-1 operators, whose budgets and timetable are not disrupted by cyclical factors

Maintain equity exposure in assets at affordable levels - preserving optionality

SLIDE 6

Recent transactions significantly de-risk AOC's growth profile, and secure the total

shareholder return proposition of AOC

Town Hall Presentation | April 2024

PORTFOLIO OF MATERIAL ASSETS TO DELIVER TRANSFORMATIONAL GROWTH

AFRICA OIL CORP.

Tier-1 Operators

Chevron, TotalEnergies

World Class Production Assets

3 of the top 5 fields

in Nigeria with production base through to 2040s

Agbami, Akpo, Egina and Preowei Oil Fields

NIGERIA1

EQUATORIAL GUINEA

World Class Discovery

Venus with potential to add significant reserves and production beyond 2030s

Blocks EG-31 and EG-18

NAMIBIA

Notes:

1. AOC's 50% shareholding in Prime Oil & Gas accounts for all its reserves and production.

Venus Oil Discovery

Block 3B/4B

SOUTH AFRICA

Orange Basin

Leading Independent E&P company

EG-31

High impact infrastructure- led exploration

SLIDE 7	Exploration	Appraisal	Production

CORE ASSETS OVERVIEW AND UPDATES

Town Hall Presentation | April 2024AFRICA OIL CORP.

HIGH RETURN AND SHORT CYCLE GROWTH

3 of the Top 5 Fields in Nigeria

~310k bopd

Aggregate gross field production

Operators

Highly experienced

World-class

Production facility hubs

~60% of

2P reserves1 base is Proven category (P90)

Low risk & high IRR

Development projects

Infill drilling

Supported by 4D seismic

Preowei Project

Subsea tieback to the Egina FPSO

SLIDE 9

Town Hall Presentation | April 2024

AFRICA OIL CORP.

PMLS 2/3/4 & PPL 261: HIGHLY ATTRACTIVE LOW RISK & SHORT-

CYCLE RETURN OPPORTUNITY SET

• Rig contract extended to drill 5 wells from Feb'24 through to end Oct'24

• Egina

‒ Three infill wells drilled in 2023

‒ Producer achieved daily rate of ~5 kbopd (gross field) and

Injectors at >10 kbwpd

‒ 4D seismic expected to commence in Q2'24

• Akpo

‒ Two Akpo West producers tested better than expected

‒ Potential to achieve 7,000 bopd for each well after

production re-start

‒ Planned maintenance shut-down started on 19th March

‒ 4D seismic completed

SLIDE 10