#1AFRICA ENERGY CORP Exploration and Development in South Africa March 2022 A LUNDIN GROUP COMPANY DEEPSEA STAVANGER DEEPSEA STAVANGER AE AFRICA ENERGY DEEPSEA STAVANGER HAMILTON IMO 8769092 The Odfjell Deepsea Stavanger rig drilled the Brulpadda-1AX discovery in February 2019 and the Luiperd-1X discovery in October 2020 on Block 11B/12B offshore South Africa.#2Corporate Profile . Independent oil and gas exploration company Backed by the Lundin Group • Proven technical team from Energy Africa / Tullow Oil High-impact oil exploration well on Block 2B in 2022 • Two large gas condensate discoveries on Block 11B/12B with potential fast-track development Share Ownership Asset Footprint AFRICA ENERGY PEL 37 Walvis Bay! ⚫ Windhoek. AE AFRICA ENERGY Gaborone NAMIBIA BOTSWANA Luderitz Retail & Institutional 34% Lundin Family 6% Corporate Snapshot Bloemfontein Africa Oil Corp. 20% AFE/AEC C$0.275 SEK 1.94 TSX-V/First North Ticker Share Price at February 28, 2022 AFRICA ENERGY BLOCK 2B LESOTHO SOUTH AFRICA 1,399 (1) Common Shares (million) South Atlantic Ocean Port Elizabeth Cape Town Mossel Bay 62.7 Stock Options (million) $300 Market Cap (US$ million) AFRICA ENERGY BLOCK 11B/12B Impact O&G Ltd. 36% $0 Debt (US$) Board & $11.8 Cash at Sept. 30, 2021 (US$ million) Equity Research Arctic Securities Oslo Daniel Stenslet Management Carnegie Securities Oslo Oddvar Bjørgan 4%* 8 Number of Employees Pareto Securities Oslo Tom Erik Kristiansen SpareBank 1 Markets Oslo Teodor Sveen-Nilsen * Includes shares held by Ashley Heppenstall and John Bentley, advisors to the Board of Directors. (1) Pending transaction with Arostyle may increase shares outstanding by 64.5 million. Slide 2 Africa Energy | March 2022#3Lundin Group of Companies INTERNATIONAL PETROLEUM Mooney Onion Lake Blackrod BLUESTONE RESOURCES Cerro Blanco Project BLUESTONE RESOURCES Mita Geothermal Project INTERNATIONAL PETROLEUM LUNDIN MINING Eagle Mine Alderson fie d Suffield field Mining Project Oil Project Geothermal Project LUNDIN GOLD Fruta del Norte Project LUNDIN ENERGY Johan Sverdrup field Edvard Grieg field INTERNATIONAL PETROLEUM Netherlands France LUNDIN MINING Neves-Corvo Mine LUNDIN MINING Zinkgruvan Mine AFRICA OIL OML 127 and 130 SHAMARAN PETROLEUM Atrush Block -AFRICA OIL South Lokichar Basin Rift Basin Area Blocks Blocks 10BB, 10BA and 13T INTERNATIONAL PETROLEUM Bertam field LUNDIN MINING Candelaria Mining Complex NGEX MINERALS JOSEMARIA RESOURCES Josemaria Project AFRICA ENERGY PEL 37 AFRICA OIL Block 3B/4B AA Los Helados Project FILO MINING Filo del Sol Project AFRICA ENERGY Block 2B LUCARA DIAMOND Karowe Diamond Mine AFRICA ENERGY Block 11B/12B AE AFRICA ENERGY MINING SECTOR NGEx Minerals $431 million. Josemaria Resources $638 million. OIL & GAS / ENERGY SECTOR Africa Energy $377 million _Africa Oil $1,021 million International Petroleum $1,365 million ShaMaran Petroleum $166 million 12 Lundin Mining $8,579 million. companies combined market cap Lundin Gold $2,324 million. Core shareholder with global footprint Group market cap information shown in CAD as of February 23, 2022. Lucara Diamond $294 million. Filo Mining $1,581 million. Bluestone Resources $333 million Slide 3 $30 billion Lundin Energy $12,884 million Africa Energy | March 2022#4Non-Executive Directors Slide 4 William Lundin, Chairman • Chief Operating Officer of International Petroleum Corp. • Previously served in production operation departments at International Petroleum Corp. and Black Pearl Resources Inc. Director of ShaMaran Petroleum Corp. and the Lundin Foundation Keith Hill, Director . President and CEO of Africa Oil Corp. . Director of several Lundin Group companies • lan Gibbs, Director • CFO of Josemaria Resources • Previously CFO of Africa Oil Corp. • Director of several Lundin Group companies AE AFRICA ENERGY Siraj Ahmed, Director • Chief Executive Officer of Impact Oil & Gas Ltd. Previously served as General Counsel at Impact Oil & Gas Ltd. Johnny Copelyn, Director • CEO of Hosken Consolidated Investments Ltd. • Non-Executive Chairman of Impact Oil & Gas Ltd. . Former ANC Member of Parliament in South Africa Seasoned oil and gas veterans that know how to create value Africa Energy | March 2022#5Senior Management Slide 5 Garrett Soden, President, CEO and Director • Senior executive in the Lundin Group for over a decade Director of several listed natural resource companies Africa Energy management aboard Deepsea Stavanger drilling rig. Jan Maier, Vice President Exploration • 33 years experience in African new venture exploration Previously New Business Development Manager and Exploration Manager for the African region at Tullow Oil plc and Energy Africa Ltd. PGS Apollo 3D seismic vessel in South Africa. Jeromie Kufflick, Chief Financial Officer • • Over 20 years financial experience in the oil and gas industry Canadian Chartered Accountant • Previously Corporate Controller for Africa Oil Corp. Strong management team with regional and sector expertise AE AFRICA ENERGY Africa Energy | March 2022#6Solid Track Record Five Basin Opening Discoveries in Africa Technical Team of Geologists and Geophysicists • Working together across Africa for ~25 years • Stratigraphic Trap Play and Rift Play expertise • Major oil discoveries in Ghana, Equatorial Guinea, Uganda and Kenya with Energy Africa / Tullow Oil . Large gas condensate discoveries offshore South Africa with Africa Energy Slide 6 A technical team that knows Africa AE AFRICA ENERGY JUBILEE & TEN FIELDS 2007 - 2010 1 Bbbl (area believed to hold 1.6 Bbbl) NGAMIA FIELD 2012 300 MMbbl (area believed to hold 750 MMbbl) Ghana CEIBA & OKUME FIELDS 1999-2000 400 MMbbl (area believed to hold ~500 MMbbl) Equatorial Guinea Uganda Kenya BUTIABA AREA 2008-2011 >1 Bbbl (area believed to hold 1.7 Bbbl) PADDAVISSIE FAIRWAY 2019-2020 >1 Bboe South Africa Resource numbers obtained from third-party public disclosure and have not been subject to independent audit by the Company. Africa Energy | March 2022#7Asset Overview Slide 7 South Atlantic Ocean ANGOLA AFRICA ENERGY PEL 37 Walvis Bay • Windhoek Gaborone NAMIBIA BOTSWANA Luderitz AFRICA ENERGY BLOCK 2B SOUTH AFRICA Bloemfontein LESOTHO • Block 11B/12B 4.9% effective interest increasing to 10% (1) • Operated by TotalEnergies • Brulpadda and Luiperd discoveries in 2019-2020 AE AFRICA ENERGY . ● • • • • • Development studies and gas commercialization Production Right application expected by September 2022 Block 2B 27.5% participating interest with carried well Operated by Eco Atlantic Oil & Gas (2) Proven oil basin with existing discovery from 1988 Rig contracted to spud Gazania-1 well by October 2022 PEL 37 14.6% effective interest (3) Cormorant-1 proved important play elements in 2018 Nearby activity planned in 2022-2023 Exploration License extension underway The Company has an option to acquire the direct 10% interest in Block 11B/12B by issuing 64.5 million shares to Arostyle. (1) (2) Subject to completion of the acquisition of Azinam Limited. (3) Tullow Oil has elected to withdraw from PEL 37. The Company is awaiting formal approval of the license extension, which will result in an increase in its effective interest. . Port Elizabeth Cape Town Mossel Bay AFRICA ENERGY BLOCK 11B/12B Africa Energy | March 2022#8South Africa Overview Attractive Location / Fiscal Terms Active Players Te TotalEnergies قطر للطاقة QatarEnergy Tosaco BLOCK 2B Shell Sungu Sunbird A-J1 Oil Discovery 37 MMbbl Contingent Ibhubesi Gas Fields Feedstock to GTL and Power Plant ~300 MMcf/d PetroSA Eskom GTL Refinery Gourikwa 45k bbl/d Power Plant BLOCK 11B/12B Fiscal Terms Azinam/ Africa Oil 0.5 Tcf PetroSA SOUTH AFRICA State Take < 30% Total Africa Oil Farmin July 2019 Royalty: 0.5-5% Income Tax: 28% (27% effective in 2022) Impact/ Total Total Farmin November 2019 Power Plant 1,350 MW South Atlantic Ocean Tax benefit from cost uplift After Tax Profit Tax Deductible Costs: Including cost uplift, Cape Town Total Farmin October 2017 Refinery 100k bbl/d Power Plant 170 MW 740 MW 0 250km 200% of exploration and appraisal, 150% of capex and 100% of opex State and Black Economic Empowerment (BEE) Participation: 10% State back-in rights / 10% BEE participation rights (1) Africa Energy block Oil field Total/PetroSA/ Shell Gas field Condensate field Pipeline Refinery Power Plant Shell Farmin May 2019 EM, FA, Gas Fields 1.2 Tcf, producing Total Acquires Anadarko's African Assets May 2019 Mossel Bay Sungu Total AE AFRICA ENERGY Tower/New Age Impact/ Shell Shell Farmin Nov. 2020 Total PetroSA Oribi, Oryx, Sable Oil Fields ~70 MMbbl shut-in Brulpadda Luiperd Discovery Discovery Qatar Energy Farmin February 2018 Blocks 2B and 11B/12B have existing discoveries and nearby infrastructure (1) Draft Upstream Petroleum Resources Development Bill proposes an increase in State Participation from 10% to 20%. Slide 8 Africa Energy | March 2022#9South Africa Block 11B/12B Large Discoveries with De-Risked Upside AE AFRICA ENERGY • • • Two major gas condensate discoveries Massive acreage position with substantial upside Development studies and gas commercialization Production Right application expected by Sept. 2022 Asset Summary Eskom Feedstock to GTL and SOUTH AFRICA Power Plant ~300 MMcf/d PetroSA GTL Refinery Gourikwa Power Plant 740 MW 45k bbl/d 000000 Africa Energy block Oil field Gas field Condensate field Prospect Pipeline Refinery Power Plant AFRICA ENERGY Plettenberg Bay Mossel Bay BLOCK 11B/12B 18,734 km² AEC effective interest 4.9% Partners Basin Discovery wells Water depth (1) Total Energies (operator with 45%), QatarEnergy (25%), Canadian Natural Resources (20%) Outeniqua Basin Brulpadda-1AX / Luiperd-1X + DST 1,432 m / 1,767 m Resources Play type Current program > 1 Bboe (2) Submarine fan Development Studies and Gas Commercialization (1) The Company has signed definitive agreements that, subject to approvals and completion, will increase the effective interest in Block 11B/12B to 10%. (2) Resource numbers obtained from third-party public disclosure and have not been subject to independent audit by the Company. Slide 9 PetroSA EM Gas Field FA Gas Field Total FO Gas Discovery Sable Oil Field PetroSA Oryx & Oribi Oil Fields Luiperd Discovery Paddavissie Fairway Brulpadda Discovery 3D Seismic 3 remaining drill-ready prospects 2,900 km² with AVO conformance and flat spots 100km. OIL MATURE KITCHEN Cape Town SOUTH AFRICA Africa Energy | March 2022#10South Africa Block 11B/12B EPS Development Progressing Assessing Early Production System (EPS) with existing nearby infrastructure • Preparing Field Development Plan, Environmental Application and Production Right Application for submission by September 2022 Final Investment Decision (FID) targeted for 2023 • First production targeted by end of 2025 Full Paddavissie Fairway development expected as domestic gas market expands Wells SPS SURF Riser FA Block 11B/12B Block 9 WD 1700m Well Slide 10 PLET Well Manifold Tee for future CPF Connection Well 119 km WD 105m FA Platform in Block 9. Pipes to shore FA Platform Mossel Bay PetroSA GTL plant/ Eskom power plant Subsea Cable AE AFRICA ENERGY GTL/Power Plant 90 km SPS Subsea Production System SURF - Subsea Umbilicals, Risers Flowlines GTL - Gas-to-Liquids PLET - Pipeline End Termination CPF - Central Processing Facility Africa Energy | March 2022#11South Africa Block 11B/12B Huge Block with Plenty of Running Room Johan Sverdrup in the North Sea - Original Block Size 964 km² (for comparison purposes) Block 11B/12B Prospect Map 3 Paddavissie Drill Ready Prospects Oil Field Gas Condensate Field Leads Greater Paddavissie Prospects Prospects 2020 2D Seismic (Shearwater) - 7,033 km 2019/2020 3D Seismic (Polarcus/PGS) - ~2,900 km² Slide 11 0 50km Platanna Total field resources are estimated to be between 2.2 and 3.2 Bboe Kloofpadda Fairway Paddavissie Fairway Luiperd-1X Well Brulpadda -1AX Well Brulpadda Woudboom Luiperd Blaasop AE AFRICA ENERGY AFRICA ENERGY BLOCK 11B/12B 18,734 km² Amplitude Variations with Offset (AVO) conformance to structure and flat spots on Paddavissie Prospects • 3D validates DHIS and thick reservoir development, confirming large resource potential of Paddavissie • Kloofpadda play trend ~400 km² Multiple additional prospects and leads identified Africa Energy | March 2022#12South Africa Block 11B/12B Luiperd Gas Condensate Discovery NNW Slide 12 Mature Source Rock Luiperd-1X Gas-Condensate Reservoir Water Leg 1,767m 3,203m TD 3,371m + Basement Syn-Rift 0 SSE AE AFRICA ENERGY Tertiary Paddavissie Objective • 73 meters net gas condensate pay • Gas down to bottom of reservoir Upper Cretaceous . Middle Cretaceous 5Km Lower Cretaceous • Possible oil rim down-dip Significantly de-risks remaining three Paddavissie Prospects • Drill stem test (DST) flowed 33 MMcfpd natural gas and 4,320 bpd condensate on 58/64" choke • Reservoir connectivity better than expected • Absolute open flow (AOF) potential expected to be significantly higher than restricted DST flow rate • Positive DST results improve development scenario Africa Energy | March 2022#13South Africa Block 11B/12B Brulpadda Gas Condensate and Oil Discovery N Tertiary Upper Cretaceous Brulpadda-1AX 1,432m Middle Cretaceous Lower Cretaceous 1st ~3,170m 2nd ~3,570m + + TD 3,633m Syn-Rift S Paddavissie Objective (Primary) • • • AE AFRICA ENERGY 34 meters net gas condensate pay plus oil pay High productivity anticipated given high net-to-gross and good quality of reservoirs Significantly de-risks remaining three Paddavissie Prospects Mature Source Rock Gas-Condensate Reservoir Oil Reservoir Water Leg Basement + + + 25Km + "...Total has opened a new world-class gas and oil play and is well positioned to test several follow-on prospects on the same block." - Total press release, February 7, 2019. Slide 13 Deep Objective (Secondary) • • • 23 meters net gas condensate pay High productivity anticipated given high net-to-gross and good quality of reservoirs De-risks other prospects and leads • No oil-water contact encountered Africa Energy | March 2022#14South Africa Block 11B/12B Paddavissie Fairway Brulpadda-1AX 2019 Gas Condensate and Oil Discovery W Slide 14 Upper Cretaceous 1,432m ~3,170m Platanna Brulpadda Woudboom Mid Cretaceous ~3,570m Brulpadda Deep Syn-Rift TD 3,633m . Luiperd-1X 2020 Gas Condensate Discovery 1,767m Tertiary 3,203m Luiperd TD 3,371m Lower Cretaceous Blaasop Luiperd Deep Blaasop Deep Paddavissie Prospect Deep Prospect Gas Condensate Field Oil Field Source Sequences AE AFRICA ENERGY E Not to scale Africa Energy | March 2022#15South Africa Block 11B/12B Key to the Energy Transition • South Africa is a carbon-intensive economy and contributes approximately 1% of annual global greenhouse gas (GHG) emissions • Eskom currently relies on coal-fired power stations to produce approximately 90% of its electricity . infrastructure insufficient to meet demand, rolling blackouts Block 11B/12B gas could replace more than 2,300 MW of diesel-fired electricity generation (Gourikwa, Dedisa and Ankerlig) reducing plant carbon emissions more than 50% while also eliminating sulphur oxide and nitrogen oxide emissions Restarting the gas-to-liquids (GTL) refinery in Mossel Bay with feedstock from Block 11B/12B could save approximately 1,200 direct jobs SOCIAL ENVIRONMENT श्रश्र GOVERNANCE PetroSA Gas-to-Liquids Refinery in Mossel Bay. AE AFRICA ENERGY South Africa Power Generation Mix NUCLEAR 5.4% COAL 87.6% SOLAR 1.9% 252,568 GWh WIND 五↑ Eskom Gourikwa Power Plant in Mossel Bay. Sources: Eskom, IEA 2019 data (pie chart) and "South Africa's road to net zero emissions will be via gas," by Dr. Masangane, CEO of the Petroleum Agency of South Africa (PASA). Slide 15 2.6% OTHER 2.5% Africa Energy | March 2022#16AE AFRICA ENERGY Africa Energy block Oil-mature kitchen >> Lead AJ Graben prospects SOUTH AFRICA 2D seismic 1992, 5km grid Oil field 3D seismic 686km Gas field Northern Graben 440 km² South Africa Block 2B • . Proven Oil Basin A-J1 oil discovery in 1988 flowed high-quality oil to surface (36° API) ⚫ High-impact exploration well planned up-dip from discovery Analogous to Lokichar Basin (Kenya) and Albertine Graben (Uganda) Asset Summary AEC participating interest Partners Basin First well Planned spud date Water depth First well prospect size Well cost estimate Play type Min. commercial field size Work program to date Seismic data Past costs to date 27.5% Eco Atlantic Oil & Gas (operator with 50%),(1) Panoro Energy (12.5%), Crown Energy (10%) Orange Basin Gazania-1 October 2022 150 m > 300 MMbbl (2) ~$25 MM Rift basin Cape Town Sungu Sunbird Ibhubesi gas field < 50 MMbbl at $60/bbl (3) 3D seismic and seabed survey 686 km² 3D survey by Western Geco in 2013 $15 MM Sasol/PetroSA (1) Subject to completion. (2) Best Estimate Prospective Resources; 200 MMbbl have been subject to resource assessment by qualified third-party resource auditor. (3) Company estimate. Slide 16 A-D1 A-J Graben 350 km² A-J1 Discovery 1988 36°API oil Proposed Gazania well location BLOCK 2B 3,062 km² SOUTH AFRICA Hondeklip Baai 0 30km Africa Energy | March 2022#17South Africa Block 2B Highly Prospective Orange Basin Slide 17 Chariot Rhino Galp Galp Venus-1 Kudu gas field Discovery Shell Luderitz NAMIBIA Windfire Petroleum TotalEnergies/ Impact/Qatar Graff-1 Discovery Sungu Sungu PetroSA Shell Azinam/ Africa Oil Ibhubesi AFRICA ENERGY BLOCK 2B gas field A-J1 Oil Discovery 37 MMbbl Contingent SOUTH AFRICA 0 100km TotalEnergies Total/Impact PetroSA TotalEnergies/ Shell/Petro SA Oil fields/Discoveries Gas fields/Discoveries Prospects/Lead Power Plant 1,350 MW Refinery 100k bbl/d Power Plant Cape Town 170 MW AE AFRICA ENERGY Basin Highlights Chevron Kudu gas discovery in 1974 Soekor Ibhubesi gas discovery in 1986 • Soekor A-J1 oil discovery on Block 2B in 1988 Total Venus and Shell Graff oil discoveries in 2022 Gazania-1 drilling on Block 2B by October 2022 ILA DINNO ATC Island Innovator rig contracted by Block 2B joint venture to drill Gazania-1 well. Africa Energy | March 2022#18South Africa Block 2B A-J Graben Axial Delta Play A-J1 Soekor 1988 Oil discovery 1.0 N 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Proposed Well Gazania-1 1.1 1.2 1.3 1,828m Namaqualand 1.4 1.5 1.6 2,070m Gazania 1.7 1.8 2,800m 1.9- 127m net reservoir 3,000m 2.0- 2.1 3,300m 2.2- -56m net residual oil 23m net live oil Syn-rift sediments 3,700m 2.3 2.4 2.5 Oil mature source rock 2.6 2.7 2.8 2.9 Schematic dip-section through the Axial Delta Play in the A-J Graben • Proposed drilling location will test both Namaqualand and Gazania Prospects • Gazania Prospect up-dip of proven oil discovery (A-J1) • Porosity improvement inferred by seismic inversion work Slide 18 AE AFRICA ENERGY S 15,000 16,000 17,000 18,000 19,000 20,000 21,000 Post-rift sediments Oil trapped in fluvio-deltaic sandstones interbedded with silt and shale Ultimate up-dip trap: Sands abut against impermeable basement Basement 0 2Km Africa Energy | March 2022#19South Africa Block 2B Contingent & Prospective Resources Un-risked Recoverable Oil Resources (MMbbls) Gross 2C Contingent Best Estimate Prospective Resources Resources 1,000 800 600 400 200 118 MMbbl 3C 37 MMbbl A-J downdip P50 400 MMbbl High Est. 186 MMbbl 163 MMbbl Gazania Pelargonium Ursinia 225 MMbbl 400 MMbbl..... Namaqualand Eastern Margin Prospects 3D Seismic Required Oxalis 104 MMbbl A-J Graben Prospect Map Senecio 18 MMbl Ursinia A-J1 well Euphorbia 25 MMbl Gazania Proposed well location Northern Graben Axial Delta Play 37 MMbbl Contingent, 163 MMbbl Prospective Pelargonium Namaqualand Halfmens 78 MMbl AE AFRICA ENERGY ** A-J Graben Axial Delta Play Discovery and Prospects A-J Graben** Northern Graben** 0 6km Prospects Other A-J Graben Prospects These volumes have been subject to a resource assessment by a qualified third-party resource auditor. These volumes have been disclosed as an arithmetic sum of multiple estimates of contingent and prospective resource, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as disclosed in Schedule A of the Company's Annual Information Form filed on Sedar May 10, 2021. All of the Contingent Resources are classified as Development Unclarified. These volumes are Company estimates and have not been subject to assessment by a qualified third-party resource auditor. Slide 19 Africa Energy | March 2022#20Summary World-Class Assets • Block 11B/12B - Planning gas condensate development • • Block 2B - High-impact oil exploration well drilling in 2022 PEL 37 - Proven play in exploration hotspot Proven Team . Experienced board and senior management Technical team with significant exploration success across Africa from Energy Africa / Tullow Oil Solid Backing • Supportive shareholders from the Lundin Group Slide 20 AE AFRICA ENERGY The Odfjell Deepsea Stavanger rig on Block 11B/12B offshore South Africa. Ohm su Africa Energy | March 2022#21Appendix AE AFRICA ENERGY Slide 21 Africa Energy | March 2022#22South Africa Block 11B/12B Transactions More Than Double Effective Interest 1. Impact Transaction - Acquisition of Impact's financial interest in Block 11B/12B for 509.1 million shares completed in November 2020 2. Arostyle Transaction - Mutual put/call option to transfer Main Street's 10% interest in Block 11B/12B to Africa Energy and issue 64.5 million shares At completion, Africa Energy will hold a direct 10% interest in Block 11B/12B AE AFRICA ENERGY Corporate Structure AE AFRICA ENERGY Impact Oil & Gas Loan Pro Forma Share Ownership Retail & Institutional 32% Lundin Family 6% Board & Management 4%* Slide 22 Arostyle 4% Africa Oil Corp. 19%** 49% 51% **Africa Oil owns 31% of Impact and will effectively own 30% of Africa Energy pro forma. Main Street 1549 Impact Oil & Gas 35% *Includes shares held directly and indirectly by Ashley Heppenstall, an advisor to the Board of Directors. 10% Block 11B/12B Arostyle བསེཧེ Notes: (1) Impact Transaction closed October 22, 2020, and shares were issued on November 12, 2020. (2) Arostyle Transaction is subject to South African government approval and Block 11B/12B partner consents and waivers. (3) Corporate structure chart is simplified for illustrative purposes. Africa Energy | March 2022#23Namibia Overview Attractive Location / Fiscal Terms Camelot ANGOLA ExxonMobil Farmin April 2019 NAMCOR Grisham. Tse Oil & Gas Jupiter Kayuco Osprey Prospect Oranto Global Eco Oil & Gas AFRICA ENERGY Azinam Galp South Murombe-1 HRT Wells 2013 Pan African Oil Atlantic Ocean Wingat -1 PEL 37 Maurel Eco Oil Rhino & Gas & Prom Maurel Chariot Sungu & Prom Serica Energy Lekoil Africa Energy block Gas field Cowan 200km Walvis Bay Windhoek History of Oil Industry Chevron Kudu gas discovery in 1974. Mature oil source proven by HRT wells in 2013. Total Venus and Shell Graff large oil discoveries in 2022. Recent Country Entrants ExxonMobil NAMIBIA Fiscal Terms TO Shell TotalEnergies AE AFRICA ENERGY قطر للطاقة QatarEnergy State Take < 50% ⚫Luderitz Kudu Gas Field 1.3 Tcf - 2C Windfire Petroleum Qatar Energy Farmin April 2021 Shell acquires from Kosmos Sept. 2020 Royalty: 5% Income Tax: 35% Additional Profits Tax (APT): levied in 3 tiers, if after-tax rate of return levels achieved, nil for PEL 37 in 2nd and 3rd tiers After Tax Profit Tax Deductible Costs: E&P expenses deductible when incurred, development costs depreciated over time Other key terms: No state participation/ No carry-forward limitation on losses Venus-1 Discovery Graff-1 Discovery Chariot Rhino Total Farmin Galp Qatar Energy October 2017 Farmin August 2019 Slide 23 Total/ QE Impact/ Total/ QE Shell Rhino Africa Energy | March 2022#24Namibia PEL 37 Significant Resource Potential • Four Cretaceous-age fans identified on 3D seismic • Mature source rock proven by nearby HRT wells 1911/10-1 • Further prospectivity defined to the south with 2D seismic Asset Summary AEC effective interest 14.6% (1) Partners Tullow (operator with 51.15%), Pancontinental Namibia (43.85%), Paragon (5%) Oranto. Walvis Basin Basin First well Spud date Water depth First well prospect size Well cost Cormorant-1 September 4, 2018 548 m 124 MMbbl (2) Play type ~$28 MM Submarine fan ~110 MMbbl at $60/bbl (3) Min. commercial field size Work program to date Seismic data Past costs to date 1 well, 3,300 km² 3D and 1,000 km² 2D seismic 3D survey by Polarcus 2014 > $65 MM (3) (1) Africa Energy owns one-third of Pancontinental Namibia, which owns 43.85% of PEL 37. Tullow has elected to withdraw. (2) Best Estimate Prospective Resources; obtained from third-party public disclosure and have not been subject to independent audit by the Company. (3) Company estimate. Slide 24 1911/15-1 Eco Oil & Gas Osprey Prospect Du Preez 2012/13-1 O Cormorant-1 Well Azinam Galp 3D Seismic 2D Seismic South Atlantic Ocean Tullow Eco Oil & Gas AE AFRICA ENERGY NAMIBIA Toscanini -1 HRT Wells 2013 O 2213/06-1 Wingat -1 Murombe -1 Pan African Oil Maurel & Prom 50km AFRICA ENERGY PEL 37 17,295 km² Africa Energy | March 2022#25Namibia PEL 37 Cretaceous Fan Play with Additional Prospectivity SE Cormorant-1 PEL-37 Tullow (Sept-18) Prospect-S PEL-71 Chariot (Oct-18) Albatross PEL-37 Tullow (TBD) Osprey PEL-30 Eco Atlantic (TBD) 800m Cormorant proved the play ~Well indicates migration of heavy hydrocarbons Tertiary Prospect-S ~1,000m above Source Rock Cormorant-1 ~700m above Source Rock 4 way dip closure Albatross ~300m above Source Rock Upper Cretaceous Mid Cretaceous TD 3,855m Aptian Source Rock TD 4,165m Lower Cretaceous • Cormorant-1 proved fan play • • • • Adjacent block, PEL 30, has potential near-term well (Osprey Prospect) Albatross at same stratigraphic level as Osprey and in close proximity to Mature Aptian source Both plays have seismic "soft" responses indicating presence of reservoir facies Main risk remains hydrocarbon migration distance; success at Osprey de-risks Albatross Slide 25 Osprey ~400m above Source Rock NW 400m AE AFRICA ENERGY Africa Energy | March 2022#26Cautionary Statements AE AFRICA ENERGY This presentation has been prepared and issued by and is the sole responsibility of Africa Energy 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 accepting 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. The document is being supplied to you solely for your information and for use at the Company's presentation to investors and/or industry professionals concerning the Company's business 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. The information contained in this presentation may not be used for any other purposes. This presentation contains certain forward-looking information that reflects 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 this 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. For additional details on the Company and certain risk factors, please see the Company's Annual Information Form filed on March 24, 2020 under its profile at www.sedar.com. The resource estimates contained herein are estimates only and there is no guarantee that the estimated resources will be recovered. Volumes of resources have been presented based on a gross interest. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. There is no certainty that it will be commercially viable to produce any portion of the "Contingent Resources" referred to in this presentation. In the case of "Prospective Resources" there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources referred to in this presentation. Uncertainty Ranges for Resources Estimates of resource volumes can be categorized according to the range of uncertainty associated with the estimates. Uncertainty ranges are described in the COGE Handbook as low, best and high estimates as follows: A "low estimate" (1C) is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate. A "best estimate" (2C) is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate. A "high estimate" (3C) is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10% probability (P10) that the quantities actually recovered will equal or exceed the high estimate. Slide 26 Africa Energy | March 2022#27Thank You CONTACT DETAILS Investor Relations - Canada Sophia Shane Email: [email protected] Tel: +1 (604) 689-7842 Investor Relations - Sweden Robert Eriksson Email: [email protected] Tel: +46 701 11 26 15 AE AFRICA ENERGY Slide 27 Creating Value through Oil and Gas Exploration in Africa www.africaenergycorp.com Africa Energy | March 2022