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Thursday, 09/28/2023 8:50:00 AM

Thursday, September 28, 2023 8:50:00 AM

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VANCOUVER, BC, Sept. 28, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") notes the press release by its investee company, Impact Oil and Gas Limited ("Impact") and is pleased to announce positive drill stem test ("DST") results for the Venus-1X well, the major light oil discovery on Block 2913B. The Company also provides further update on exploration and appraisal activities on Block 2913B and 2912, both located in the Orange Basin, offshore Namibia. View PDF Version

> The Deepsea Mira rig re-entered and side-tracked the Venus-1X discovery well (announced in February 2022) and flowed oil from the test with positive results.
> The operator and its partners are now interpreting the results of the flow test and incorporating them into the development studies, which are expected to be confirmed with the flow test of Venus-1A in Q4'23.
> The Venus-1A appraisal well results were positive having been successfully drilled, cored and logged by the Tungsten Explorer, approximately 13km north of the Venus-1X discovery well.
> The Deepsea Mira rig will re-enter Venus-1A imminently to undertake a DST program.
Tungsten Explorer will mobilize to drill the Mangetti-1X exploration well on a prospect located in the northern part of Block 2913B.

Africa Oil President and CEO Dr. Roger Tucker commented: "The successful Venus-1X DST program is a major milestone in the Venus campaign and, if confirmed by Venus-1A DST results, supports the commercial development of this world-class light oil discovery. It is important to highlight that the opportunity here is not just about one discovery, and we expect that further work will be done to mature large-scale targets already identified on Block 2193B, including those to the south of Venus. We have an exciting work program ahead of us and together with our other interests in the Orange Basin, we have a very exciting and attractive opportunity set."

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