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A AfricaOil Corp. NEWS RELEASE Suite 2000 885 West Georgia Street Vancouver , B.C. Canada V6C 3E8 Ph . 604-689-7842 africaoilcorp@namdo.com africaoilcorp.com November 15 , 2021 ( AOI - TSX , AOI - Nasdaq - Stockholm ) - Africa Oil Corp. ( " Africa Oil " , " AOC " or the " Company " ) is pleased to announce its financial and operating results for the three months ended September 30 , 2021 , and to provide selected results for Prime Oil and Gas Cooperatief UA ( " Prime " ) , a company in which Africa Oil has a 50 % equity interest . Highlights AFRICA OIL ANNOUNCES STRONG THIRD QUARTER 2021 FINANCIAL RESULTS Net income of $ 58.5 million ( first nine - month 2021 total of $ 135.8 million ) and end of quarter cash balance of $ 38.9 million . Received two dividends for a total amount of $ 112.5 million from Prime during the quarter ( received three dividends in the first nine - month 2021 for total of $ 150.0 million ) . Reduced the corporate debt facility to $ 23.0 million with an end of quarter positive net cash position of $ 15.9 million . O Selected Prime's third quarter 2021 results net to Africa Oil's 50 % shareholding * : end of quarter cash position of $ 244.9 million and debt balance of $ 514.7 million ; average daily working interest ( " W.I " ) production of 27,500 barrels of oil equivalent per day ( " boepd ) and economic entitlement production of 30,100 boepd ( 84 % light and medium crude oil and 16 % conventional natural gas ) 2 , ³ ; and O EBITDA4 of $ 191.5 million ( first nine - month 2021 total of $ 489.8 million ) and cash flow from operations of $ 128.4 million ( first nine - month 2021 total of $ 466.6 million ) . All assets produced without OPEC + quota restrictions during the third quarter of 2021. Overall production performance during the period fell within the top quartile of the 2021 management guidance and reservoir performance remains broadly in line with expectation . Post third quarter 2021 , Prime signed and closed a pre - export finance facility ( " PXF Facility " ) for an initial amount of $ 150 million and a 7 - year tenor . The use of proceeds of the PXF Facility is to partly repay Prime's RBL facility and other general corporate purposes . The PXF Facility can be increased to an amount up to $ 300 million , subject to the PXF Lenders ' approval . Venus - 1 exploration well on Block 2913B , offshore Namibia , is expected to spud by the end of this year . Venus - 1 will target a large basin floor fan system with significant undiscovered petroleum initially in place that has been identified using 3D seismic data . Africa Oil President and CEO Keith Hill commented : “ Third quarter 2021 was a very strong period for us with the receipt of two significant Prime dividends . These have resulted in substantial deleveraging and I am delighted that Africa Oil is now in a positive net cash position . We have access to significant liquidity , including $ 62 million of undrawn credit facility , cash on hand , our 50 % share of Prime's cash balance and operating cash flows from Prime . Therefore , I am confident that we can deliver on two strategic goals ; the acquisition of accretive producing assets and implementing shareholder capital return programs . The Africa Oil team is working hard on both fronts and in relation to shareholder returns , we are finalizing the management plans that will be considered by the board of directors in December . I expect to update the markets once we have the board approved plan by end of this year . * Important information : Africa Oil's interest in Prime is accounted for as an investment in joint venture . Refer to Note 1 on page 4 for further details . Please also refer to other notes on pages 4 and 5 for important information on the material presented .