AFRICA OIL CORP.

CORPORATE PRESENTATION
POISED FOR TRANSFORMATIONAL VALUE UPSIDE
March 2023

WWW.AFRICAOILCORP.COM
 Corporate Presentation | March 2023 AFRICA OIL CORP.

AFRICA FOCUSED FULL CYCLE E&P COMPANY

Returns
Committed to sustainable shareholder Strong, high margin cash generation from
returns – distributed $63.3m in 2022 world class deepwater Nigeria assets

SHAREHOLDER PRODUCTION
RETURNS

Low risk development opportunities Delineating Venus, largest global

close to existing world class DEVELOPMENT EXPLORATION discovery in 20221 and potentially Sub-
& ACQUISITIONS & APPRAISAL
infrastructure deepwater Nigeria Saharan Africa’s largest ever discovery

1. According to Wood Mackenzie report of January 2023

Catalyst-rich portfolio with multiple upside events in 2023

SLIDE 2
Debt-free balance sheet
Corporate Presentation | March 2023 AFRICA OIL CORP.

VENUS DISCOVERY
- TRANSFORMATIONAL UPSIDE
• Largest global discovery in 20221
• Potential to become a top 10 offshore oil discovery2
• Venus-1X well exceeded pre-drill expectations
‒ Light, sweet oil discovery with associated gas
‒ 84m net oil pay

• Africa Oil is the only publicly listed Independent

E&P with exposure to Venus and Nara

1. According to Wood Mackenzie report of January 2023

2. Please refer to Reader Advisory Section for the details.

SLIDE 3
 Corporate Presentation | March 2023 AFRICA OIL CORP.

DRILLING UNDERWAY TO DELINEATE GIANT DISCOVERY

• Multi-billion barrel potential

• TotalEnergies’
mooted “Golden Block”
• 2023 campaign could underpin
a fast-tracked phase one
development
• Nara-1 well to test westerly
extension of Venus

Rig Q1 Q2 Q3 Q4

Tungsten Explorer Venus 1 appraisal Nara -1X + DST Nara-1A appraisal + DST

Deepsea Mira Venus-1A DST Venus-1 DST

SLIDE 4
 Returns
Corporate Presentation | March 2023 AFRICA OIL CORP.

AFRICA FOCUSED SHAREHOLDER PRODUCTION

2P Reserves 1
55.6MMBOE
FULL CYCLE E&P
RETURNS

COMPANY FY’22 Production2

Exploration Development Production 25.6 KBOE/d

DEVELOPMENT EXPLORATION
& ACQUISITIONS & APPRAISAL

YE’22 Cash

SENEGAL
$199.7m
GUINEA-BISSAU NIGERIA

KENYA
Catalysts
AGC Profond

GUYANA
Venus, OML 130
renewal
EQUATORIAL GUINEA4
Carbon Neutral 3
2025
NAMIBIA

SOUTH AFRICA
Notes:
1. Based on RISC’s NI 51-101 report
for YE’2022. In the Top 1% of the 85,000+
SLIDE 5
2. Entitlement production. companies rated by EcoVadis
3. Scope 1 and Scope 2 emissions.
4. Subject to Government ratification
Corporate Presentation | March 2023 AFRICA OIL CORP.

2022 HIGHLIGHTS
ROBUST FINANCIAL SHAREHOLDER
RESULTS & BALANCE SHEET (YE’22) RETURNS
• Debt free and cash balance of $199.7m • Full-year 2022 returns of $63.3m
• Consolidated AOC and Prime (net 50%) • $39.5m through share repurchases
net debt of $25.6m • Distributed $23.8m in dividends
• Prime’s LTM Net Debt/EBITDAX1 of 0.4x

PRIME DIVIDENDS SIGNIFICANT

STRONG CASHFLOW EXPLORATION SUCCESS
• Received $250.0m in dividends from Prime • Venus light oil discovery materially
exceeds pre-drill expectations
• $650.0m since the acquisition in Jan’20 vs.
$519.5m closing cash payment • New petroleum province with substantial
upside potential for the Company

Notes:
1 EBITDAX is not a generally accepted IFRS term. Refer to Reader Advisory Section of this document for important information on non-IFRS measures.

SLIDE 6
Corporate Presentation | March 2023 AFRICA OIL CORP.

ADVANTAGED BARRELS OFFSHORE NIGERIA Top oil fields

In Nigeria

Operators
Highly experienced

World-class
production facility hubs

62% of
2P reserves1 base is
Proven category (P90)

Low risk & high IRR

development projects

Infill drilling
and satellite tiebacks

OML 127
3-Year Average 1P
RRR1 of 72%

OML 130 Low lifting

Costs
(FY’2022: $8.3/boe)

1. Based on RISC’s NI 51-101

SLIDE 7 report for YE’2022.
Corporate Presentation | March 2023 AFRICA OIL CORP.

OML 130 MULTI-WELL DRILLING CAMPAIGN

• First infill well commenced drilling

on Egina in late February 2023
• New 4D monitoring survey
planned for 2023 to help
underpin future drilling
• Engineering work
continuing on Preowei
development project

SLIDE 8
Corporate Presentation | March 2023 AFRICA OIL CORP.

PRIME INVESTMENT REPAID IN UNDER 3 YEARS

$650m
700

Received since the

600 acquisition in
$519.5m cash acquisition cost
January 2020
500

$96m
400 approximate increase in
Prime’s cash balance net
($ million)

to Africa Oil since the

300 acquisition1

200
$515m
approximate reduction
100 In Prime’s debt
net to Africa Oil since
the acquisition1
0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
2020 2021 2022
SLIDE 9
 Corporate Presentation | March 2023 AFRICA OIL CORP.

HIGH MARGIN OIL SALES

New Oil Marketing Strategy Strengthened
Sales Price Margins in H2’22 Q4’22 average sales price
120
Sales Price Dated Brent
$96/bbl
(Q4’22 Dated Brent: $88./bbl)

100

80
U.S. Dollar

60

40

20

0
2020 2021 Q1'22 Q2'22 Q3'22 Q4'22

SLIDE 10
 Corporate Presentation | March 2023 AFRICA OIL CORP.

AFRICA OIL EXPLORATION Africa Oil has an active

INVENTORY exploration portfolio in West
Africa and Guyana through
AOC-Operated exploration
licenses, and indirect interests
SENEGAL
Prime Energy (~8-16%) through:
OML127 & OML130
Impact (20%)
Chevron & Total-Operated
AGC Profund
CNOOC-Operated KENYA
NIGERIA

Africa Energy
GUYANA AOC (25%)
GUINEA-BISSAU
3 Blocks
Tullow-Operated
EQ. GUINEA 19.7% equity +
Eco (15%)
Orinduik Block 11.2% through Impact
Tullow-Operated
AOC (80% operated) AOC (80% operated)
Block EG-31 Block EG-18
Eco (7.35% JHI Equity)

Impact
GEPetrol (20%)* GEPetrol (20%)*
Canje Block
Exxon-Operated
NAMIBIA
Africa Energy (14.6%) 30.9%
PEL 37
Tullow -Operated
SOUTH AFRICA

Exploration - Appraisal
Eco (47%-85%)
PEL 30,33,34 % 50
Eco - Operated
Impact (25%-100%)
Transkie, Algoa, Area 2
Eco-Atlantic
Africa Oil (AOC)
Impact and Shell Operated 15.0%
Impact (20%, 18.9%)
Africa Energy 2913B, 2912 & 50% OBD
Impact Oil and Gas Total – Operated Africa Energy (9.9%)
Venus-1 Discovery Announced Block 11/B/12B
Eco Atlantic
Total Operated
Production - Development AOC (20% operated) Gas Condensate discovery
Block 3B/4B Africa Energy (27.5%) – preparing application for
Prime Energy Block 2B a Production Right
Azinam-Eco (20% WI)
Eco (50%) operated

SLIDE 11
* Subject to Government ratification and GEPetrol can exercise a right to repurchase a further 15%
Corporate Presentation | March 2023 AFRICA OIL CORP.

SIGNIFICANT ORANGE BASIN UPSIDE

Venus light oil discovery and de-risking
of Orange Basin
Venus Discovery • Materially exceeded pre-drill expectations
• Venus appraisal drilling has commenced
• Average indirect 6.0% interest in Blocks 2912 and 2913B
BLOCKS through Impact shareholding, operated by TotalEnergies
2912,2913B

Block 3B/4B
• On trend with Venus and Graff oil discoveries
• Most of the block is covered by 3D seismic
• Maturing the selection of exploration targets for possible drilling
BLOCK 3B/4B
in 12-18 months
• Partners working together to collectively farmout up to 55%
Stabroek Block Comparison
gross W.I.
• 20% operated interest and indirect 3.9% interest though Eco

Orange Basin Deep

BLOCK
• Technical evaluation is underway to assess the prospectivity of
ORANGE BASIN DEEP apron fans
• Indirect 6.9% interest through Impact shareholding, operated by
TotalEnergies
SLIDE 12
Corporate Presentation | March 2023 AFRICA OIL CORP.

INFRASTRUCTURE-LED
EXPLORATION IN EG
Block EG-31*
• Several gas-prone prospects in shallow water depths
of less than 80 meters
• Close to existing infrastructure, including the offshore
Alba gas field and the onshore Punta Europa
Liquefied Natural Gas (“LNG”) Terminal.
• Potential future discoveries could present low-risk gas
development opportunities targeting international
LNG markets.

Block EG-18*
• The Company has identified a potentially large and
highly prospective basin floor fan prospect of
Cretaceous age
• Similar to those within the Company’s exploration
portfolio in Namibia and South Africa.

* Subject to Government ratification

SLIDE 13
Corporate Presentation | March 2023 AFRICA OIL CORP.

INVESTING IN EMISSIONS MANAGEMENT

SLIDE 14
Corporate Presentation | March 2023 AFRICA OIL CORP.

SUBSTANTIAL REDUCTION IN FLARING

Gas Flare Volume Trend
(mmscf/d) • Gas flaring reduced
Agbami Akpo Egina
150 from 44 in 2021 to 34
mmscf/d in 2022.
• Flare YTD 28 January
is 14 mmscf /d, stable
100
performance.

50

0
2017 2018 2019 2020 2021 2022 2023*

* Average flare volume up to 21 January 2023

SLIDE 15
Corporate Presentation | March 2023 AFRICA OIL CORP.

2023: MULTIPLE HIGH IMPACT CATALYSTS

Venus appraisal drilling Nara-1 (formerly West Venus) well

and testing program to test westerly extension of Venus

Potential acquisition of OML 130 renewal

strategic producing assets

Potential farmout of Block

Refinancing of Prime’s RBL and
3B/4B
PXF facilities

SLIDE 16
Corporate Presentation | March 2023 AFRICA OIL CORP.

READER ADVISORY
Accounting for Africa Oil’s (Africa Oil, AOC or the Company) Oil and Gas Information
Interest in Prime The reserves estimates presented have been evaluated by RISC in accordance with NI 51-101 and
The 50% shareholding in Prime is accounted for using the equity method and presented as an the COGE Handbook, are effective December 31, 2022. The reserves presented herein have been
investment in joint venture in the Consolidated Balance Sheet. Africa Oil’s 50% share of Prime’s net categorized accordance with the reserves and resource definitions as set out in the COGE
profit or loss will be shown in the Consolidated Statements of Net Income/Loss and Comprehensive Handbook. The estimates of reserves in this press release may not reflect the same confidence level
Income/Loss. Any dividends received by Africa Oil from Prime are recorded as Cash flow from Investing as estimates of reserves for all properties, due to the effects of aggregation. The production forecast
Activities. are based on the RISC report prepared for the Company dated February 2023, effective as of
December 31, 2022.
Non-IFRS Measures Aggregate oil equivalent production data are comprised of light and medium crude oil and
References are made to “Earnings Before Interest, Tax, Depreciation, Amortization and Exploration conventional natural gas. These production rates only include sold gas volumes and not those
Expenses (“EBITDAX”), free cash flow to firm (“FCFF”) and free cash flow to equity (“FCFE”). These are volumes used for fuel, reinjected or flared. Net entitlement production is calculated using the
not a generally accepted accounting measures under International Financial Reporting Standards (IFRS) economic interest methodology and includes cost recovery oil, tax oil and profit oil and is different
and does not have any standardized meaning prescribed by IFRS and, therefore, may not be from working interest production that is calculated based on project volumes multiplied by Prime’s
comparable with definitions of EBITDAX, and FCFE that may be used by other public companies. Non- effective working interest in each license.
IFRS measures should not be considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Management believes that non-IFRS measures are useful supplemental measures The terms BOE (barrel of oil equivalent) is used throughout this press release. Such terms may be
that may assist shareholders and investors in assessing the cash generated by and the financial misleading, particularly if used in isolation. Production data are based on a conversion ratio of six
performance and position of the Company. Management also uses non-IFRS measures internally in thousand cubic feet per barrel (6 Mcf: 1bbl). This conversion ratio is based on an energy
order to facilitate operating performance comparisons from period to period, prepare annual operating equivalency conversion method primarily applicable at the burner tip and does not represent a
budgets and assess the Company’s ability to meet its future capital expenditure and working capital value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil
requirements. EBITDAX and FCFE presented in this document represent Prime’s metrics net to Africa as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a
Oil’s 50% shareholding in Prime: conversion on a 6:1 basis may be misleading as an indication of value.
• FCFF - calculated as operating cash flow less capital expenditures less general, administration and
depreciation expenses before depreciation. FCFF represents the amount of cash that is generated Slides 3
and is available for interest payments and repaying debt.
1. According to Wood Mackenzie report of January 2023
• FCFE – calculated as FCFF less interest costs and debt principal repayments and represents the 2. Based on a screening study using Rystad database, current top 10 oil fields in water depths of
amount of cash that is available for distribution to shareholders. more than 25m include: Qatif, Zuluf, Marjan, Tupi, Buzios, Cantarrel, Ku-Maloob-Zaap, Azeri
• “EBITDAX” is calculated as net result before financial items, taxes, depletion of oil and gas and Khafji
properties, exploration costs, impairment costs and depreciation and adjusted for non-recurring
profit/loss on sale of assets and other income.
All dollar amounts are in United States dollars unless otherwise indicated.

SLIDE 17
Corporate Presentation | March 2023 AFRICA OIL CORP.

FORWARD-LOOKING STATEMENTS
This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the Actual results may differ materially from those expressed or implied by such forward-looking
“Company”) and its subsidiaries. It comprises the written materials for a presentation to investors and/or statements. This update contains certain forward looking information that reflect the current views and/
industry professionals concerning the Company’s business activities. By attending this presentation or expectations of management of the Company with respect to its performance, business and future
and/or reviewing a copy of this document, you agree to be bound by the following conditions and will events including statements with respect to financings and the Company’s plans for growth and
be taken to have represented, warranted and undertaken that you have agreed to the following expansion. Such information is subject to a number of risks, uncertainties and assumptions, which may
conditions. 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
This presentation may not be copied, published, distributed or transmitted. It is not an offer or invitation and development activities. Readers are cautioned that the assumptions used in the preparation of such
to subscribe for or purchase any securities and nothing contained herein shall form the basis of any information, such as market prices for oil and gas and chemical products, the Company’s ability to
contract or commitment whatsoever. This presentation does not constitute or form part of any offer or explore, develop, produce and transport crude oil and natural gas to markets and the results of
invitation to whatsoever, sell or issue, or any solicitation of any offer to purchase or subscribe for, any exploration and development drilling and related activities, although considered reasonable at the time
shares in the Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on
the basis of, or be relied on in connection with, any contract commitment or investment decision in forward-looking information. The Company assumes no future obligation to update these forward
relation thereto nor does it constitute a recommendation regarding the securities of the Company. The looking information except as required by applicable securities laws.
information contained in this presentation may not be used for any other purposes.
Certain data in this presentation was obtained from various external data sources, and the Company
All statements other than statements of historical fact may be forward-looking statements. Statements has not verified such data with independent sources. Accordingly, no representation or warranty,
concerning proven and probable reserves and resource estimates may also be deemed to constitute express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness,
forward-looking statements and reflect conclusions that are based on certain assumptions that the completeness or reliability of that data, and such data involves risks and uncertainties and is subject to
reserves and resources can be economically exploited. Any statements that express or involve change based on various factors.
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 No reliance may be placed for any purposes whatsoever on the information contained in this
"seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", presentation or on its completeness. The Company and its members, directors, officers and employees
"potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not are under no obligation to update or keep current information contained in this presentation, to correct
statements of historical fact and may be "forward-looking statements". Forward-looking statements any inaccuracies which may become apparent, or to publicly announce the result of any revision to the
involve known and unknown risks, uncertainties and other factors that may cause actual results or statements made herein except where they would be required to do so under applicable law, and any
events to differ materially from those anticipated in such forward-looking statements. The Company opinions expressed in them are subject to change without notice, whether as a result of new
believes that the expectations reflected in those forward-looking statements are reasonable, but no information or future events. No representation or warranty, express or implied, is given by the
assurance can be given that these expectations will prove to be correct and such forward-looking Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as
statements should not be unduly relied upon. The Company does not intend, and does not assume any to the fairness, accuracy, correctness, completeness or reliability of the information or opinions
obligation, to update these forward-looking statements, except as required by applicable laws. These contained in this presentation, nor have they independently verified such information, and any reliance
forward-looking statements involve risks and uncertainties relating to, among other things, changes in you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever
oil prices, results of exploration and development activities, uninsured risks, regulatory changes, (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this
defects in title, availability of materials and equipment, timeliness of government or other regulatory presentation or its contents or otherwise arising in connection therewith is accepted by any such person
approvals, actual performance of facilities, availability of financing on reasonable terms, availability of in relation to such information.
third party service providers, equipment and processes relative to specifications and expectations and
unanticipated environmental impacts on operations.

SLIDE 18
 AFRICA OIL CORP.

THANK YOU
For further information, please contact:

SHAHIN AMINI
IR and Commercial Manager
[email protected]
+44 (0) 20 8017 1511

WWW.AFRICAOILCORP.COM