Africa Energy Announces Annual Meeting Voting Results and Corporate Update

Shareholders voted as follows on the matters before the meeting:

Election of Directors
Shareholders elected the following six (6) board members to serve on the Company's board of directors until the next annual meeting of shareholders or until their successors are elected or appointed:

Nominee For % For Withheld % Withheld
Garrett Soden 337,240,574 99.73% 898,377 0.27%
Keith Hill 336,958,382 99.65% 1,180,569 0.35%
Pascal Nicodeme 336,709,378 99.58% 1,429,573 0.42%
Siraj Ahmed 335,613,399 99.25% 2,525,552 0.75%
Johnny Copelyn 335,799,405 99.31% 2,339,546 0.69%
Robert Nicolella 336,568,022 99.54% 1,570,929 0.46%

Appointment of Auditors
Shareholders appointed MNP LLP as auditor of the Company for the upcoming year and authorized the directors of the Company to fix the remuneration of the auditor with 99.81% of shares represented at the meeting voting in favour.

Approval of Stock Option Plan
The Company's incentive stock option plan was approved by shareholders with 98.87% of shares represented at the meeting voting in favour.

Corporate Update
Subsequent to the Meeting, Africa Energy's Chairman, Garrett Soden, resigned from the board in order to comply with industry corporate governance guidelines regarding the maximum number of non-executive director appointments per individual. The Company will seek a replacement for Mr. Soden and appoint a new Chairman in due course.

Garrett Soden commented, "Africa Energy has exposure to a strategic asset in Block 11B/12B that should play an important role in South Africa's energy transition. I would like to thank all of my fellow shareholders for their patience and continued support of the Company."

Keith Hill, Non-Executive Director of Africa Energy, commented, "On behalf of the Board, I would like to thank Garrett for serving as Chairman since June 2023 and, prior to that, as President and CEO since July 2017, closing several transactions for exploration assets offshore Southern Africa and delivering two large discoveries with TotalEnergies on Block 11B/12B."

Important information

Africa Energy is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on June 20, 2024, at 5:00 p.m. ET.

The Company's certified advisor on Nasdaq First North Growth Market is Aktieinvest FK AB, +46 739 49 62 50, rutger.ahlerup@aktieinvest.se.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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