Kvartalsrapport Q1 2025

PAGE 37
Report to Shareholders  |  March 31, 2025 Africa Oil Corp.
PHYSICAL RISKS 
Climate change has already resulted in significant shifts in global weather patterns, including an increase in the number and severity 
of heat waves, cold spells, droughts and storms, including hurricanes and tropical cyclones. Longer term, climate change may also 
result in rising sea levels due to melting polar ice caps. The physical effects of climate change have the potential to directly impact the 
Company’s assets and operations. In 2022, the Company contracted a global climate risk analytics company to perform a quantified 
assessment of the physical climate risks facing the Company’s assets under three IPCC climate scenarios: SSP1-2.6 (consistent with 1.8°C 
warming), SSP2-4.5 (consistent with 2.7°C warming) and SSP5-8.5 (consistent with 4.4°C warming). That analysis suggests exposure to 
future changes in physical climate hazards is relatively minimal compared to the historical baseline across all three scenarios. We will 
continue to monitor our assets’ exposure to physical climate risks as our portfolio and the global scientific community’s understanding 
of changing climate patterns evolves.
OTHER ENVIRONMENTAL RISKS
The regulatory frameworks in the Company’s countries of operation extend beyond emissions to include broader areas of environmental 
concern, including water management, waste handling, soil pollution and biodiversity protection. These regulations typically include 
environmental licensing and permitting subject to the conduct of Environmental and Social Impact Assessments prior to any new 
exploration or development activity, as well as ongoing monitoring and reporting. 
Non-compliance with environmental regulations can result in fines or permits being revoked, both of which could materially impact the 
Company’s financial position or license to operate. Breaches could also lead to civil or criminal litigation, particularly in cases resulting 
in significant environmental damage. 
The Company is committed to minimizing the broader environmental impact of its activities. The Company acts in compliance with the 
applicable environmental laws and regulations of its countries of operation and manages activities according to good international 
practice. This includes taking a rigorous approach to operational planning, including identifying potential environmental or social 
risks and impacts of operations, and obtaining and maintaining all necessary permits and licenses. The Company also consults with 
stakeholders on environmental issues that may affect them, investigates any environmental incidents, and maintains emergency 
response procedures for protection of the environment. 
The Company assesses and puts measures in place to minimize impact on biodiversity and ecosystem services in line with the 
mitigation hierarchy to ensure that activities lead to no net loss of natural habitats. Where the Company is not the operator, it monitors 
environmental risk management via regular reports from JV parties and operators and participation in quarterly operating and technical 
committee meetings.
Though the Company endeavors to engage all relevant stakeholders proactively and early in the project planning process, environmental 
activism is increasing, and in some cases has resulted in delays or disruptions to activities, including delays to permitting where activists 
have challenged permits in courts. Africa Oil has not to date suffered impacts to operations due to environmental activism. However, 
such delays could affect project economics by incurring additional costs or delaying forecast production and revenues.
The Company does not currently face any environmental fines or charges. However, accidents can occur and the unexpected nature of 
these events makes the timing and scope challenging to quantify with respect to financial impacts. 
SIGNIFICANT SHAREHOLDER
BTG Oil & Gas, an investment company which is a subsidiary of BTG Pactual, the largest investment bank in Latin America based in Sao 
Paolo, Brazil, owns approximately 35.5 percent of the aggregate common shares of the Company. BTG Oil & Gas’s holdings may allow 
it to significantly affect substantially all the actions taken by the shareholders of the Company, including the election of directors. As 
long as BTG Oil & Gas maintains a significant interest in the Company, it is likely that BTG Oil & Gas will exercise significant influence on 
the ability of the Company to, among other things, enter into a change in control transaction of the Company and may also discourage 
acquisition bids for the Company. There is a risk that the interests of BTG Oil & Gas may not be aligned with the interests of other 
shareholders.
CLIMATE RISKS - CONTINUED

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PAGE 38
Report to Shareholders  |  March 31, 2025 Africa Oil Corp.
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute forward-looking information or forward-looking statements under applicable 
Canadian securities law (collectively “forward-looking statements”). Forward-looking statements are statements that relate to future 
events, including the Company’s future performance, opportunities or business prospects. All statements other than statements of 
historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates 
may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the 
reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to expectations, 
forecasts, assumptions, objectives, beliefs, projections, plans, guidance, predictions, future events or performance (often, but not always, 
identified by words such as “believes” , “seeks” , “anticipates” , “expects” , “continues” , “may” , “projects” , “estimates” , “forecasts” , “pending” , 
“intends” , “plans” , “could” , “might” , “should” , “will” , “would have” or similar words suggesting future outcomes) are not statements of 
historical fact and may be forward-looking statements. 
By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, 
and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by 
such forward-looking statements. Undue reliance should not be placed on these forward-looking statements because the Company 
cannot assure that the forward-looking statements will prove to be correct. As forward-looking information address future conditions 
and events, they could involve risks and uncertainties including, but are not limited to, risk with respect to macro-economic conditions 
and their impact on operations, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating 
expenses, pricing and availability of financing and currency exchange rate fluctuations. Readers are cautioned that the assumptions 
used in the preparation of such information, 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 statements. 
Forward-looking statements include, but are not limited to, statements concerning: 
• A change to the shareholder capital return program including the implementation of share buy-backs;
• The completion and timing of proposed transactions;
• Planned exploration, appraisal and development activity including both expected drilling, and geological and geophysical related 
activities;
• Potential for an improved economic environment;
• Proposed development plans;
• Future development costs and the funding thereof;
• Expected funding and development costs;
• Anticipated future financing requirements;
• Future sources of funding for the Company’s capital program;
• Future capital expenditures and their allocation to exploration and development activities;
• Expected operating costs;
• Future sources of liquidity, ability to fully fund the Company’s expenditures from cash flows, and borrowing capacity;
• Availability of potential farmout partners/ parties;
• Government or other regulatory consent for exploration, development, farmout, or acquisition activities;
• Future production levels;
• Future crude oil or natural gas prices;
• Future earnings;
• The Company’s ability to deliver further growth and expectations regarding free-cash flow;
• Future asset acquisitions or dispositions and the anticipated strategic and financial benefits of those transactions;
• Future debt levels;
• Availability of committed credit facilities, including existing credit facilities, on terms and timing acceptable to the Company;
• Possible commerciality;
• Development plans or capacity expansions;
• Future ability to execute dispositions of assets or businesses;
• Future drilling of new wells;
• Ultimate recoverability of current and long-term assets;
• Ultimate recoverability of reserves or resources;
• The sustainability of the Company across oil and gas price cycles;
• Future foreign currency exchange rates;
• Future market interest rates;
• Future expenditures and future allowances relating to environmental matters;
• Dates by which certain areas will be explored or developed or will come on stream or reach expected operating capacity;

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PAGE 39
Report to Shareholders  |  March 31, 2025 Africa Oil Corp.
FORWARD-LOOKING STATEMENTS - CONTINUED
• The Company’s ability to comply with future legislation or regulations;
• Future staffing level requirements; and
• Changes in any of the foregoing.
Statements relating to “reserves” or “resources” are forward-looking statements, as they involve the implied assessment, based on 
estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and can be 
profitably produced in the future.
These forward-looking statements are subject to known and unknown risks and uncertainties and other factors, which may cause actual 
results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, 
among others:
• Market prices for oil and gas;
• Uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses;
• Changes in exploration or development project plans or capital expenditures;  
• The Company’s ability to explore, develop, produce and transport crude oil and natural gas to markets;
• Production and development costs and capital expenditures;
• The imprecise nature of reserve estimates and estimates of recoverable quantities of oil, natural gas and liquids; 
• Changes in oil prices; 
• Availability of financing;
• Uninsured risks;
• Changes in interest rates and foreign-currency exchange rates;
• Regulatory changes;
• Changes in the social climate in the regions in which the Company operates;
• Health, safety and environmental risks;
• Climate change legislation and regulation changes;
• Defects in title;
• Availability of materials and equipment;
• Timelines of government or other regulatory approvals;
• Ultimate effectiveness of design or design modification to facilities;
• The results of exploration, appraisal and development drilling and related activities;
• Short-term well test results on exploration and appraisal wells do not necessarily indicate the long-term performance or ultimate 
recovery that may be expected from a well;
• Pipeline or delivery constraints;
• Volatility in energy trading markets;
• Incorrect assessments of value when making acquisitions;
• Economic conditions in the countries and regions in which the Company carries on business;
• Governmental actions including changes to taxes or royalties, and changes in environmental and other laws and regulations;
• The Company’s treatment under governmental regulatory regimes and tax laws;
• Renegotiations of contracts;
• Results of litigation, arbitration or regulatory proceedings;
• Political uncertainty, including actions by terrorists, insurgent or other groups, or other armed conflict; and
• Internal conflicts within states or regions.
The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these 
factors are interdependent, and management’s future course of action would depend on its assessment of all available information 
at that time. Although management believes that the expectations conveyed by the forward-looking statements are reasonable 
based on the information available to it on the date such forward-looking statements were made, no assurances can be given that 
such expectations will prove to be correct, and such forward-looking statements included in, or incorporated by reference into, this 
document should not be unduly relied upon.
The forward-looking statements are made as of the date hereof or as of the date specified in the documents incorporated by reference 
into this document, as the case may be, and except as required by law, the Company undertakes no obligation to update publicly, 
re-issue, or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This cautionary 
statement expressly qualifies the forward-looking statements contained herein.

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PAGE 40
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
(Expressed in millions of United States dollars)
INTERIM CONDENSED 
CONSOLIDATED BALANCE SHEET
 As at     Note
March 31,  
2025
December 31,  
2024
ASSETS
Non-current assets
Oil and gas properties 5 1,588.8 -
Intangible exploration assets 6 39.0 29.3
Other tangible fixed assets 3.2 3.2
Equity investment in joint venture 7 - 328.4
Equity investments in associates 8 143.1 177.6
1,774.1 538.5
Current assets
Inventories 9 94.8 -
Investment held for sale 10 - 7.0
Loan to associated company 26 - 4.3
Trade and other receivables 11 211.9 4.0
Cash and cash equivalents 12 428.4 61.4
735.1 76.7
Total assets 2,509.2 615.2
LIABILITIES AND EQUITY
Equity attributable to common shareholders
Share capital 13(B) 1,534.8 1,195.8
Contributed surplus 95.5 87.4
Treasury share account - (0.4)
Deficit (708.1) (734.0)
Total equity attributable to common shareholders 922.2 548.8
Non-current liabilities
Financial liabilities 15 408.8 2.6
Provisions 14 295.5 49.2
Deferred tax liabilities 331.1 -
1,035.4 51.8
Current liabilities
Financial liabilities 15 214.4 0.7
Trade and other payables 16 162.4 9.7
Current tax liabilities 49.9 -
Dividends 17 25.0 -
Provisions 14 99.9 4.2
551.6 14.6
Total liabilities 1,587.0 66.4
Total liabilities and equity attributable to common shareholders 2,509.2 615.2
The notes are an integral part of the interim condensed consolidated financial statements. 
Approved on behalf of the Board:
“MICHAEL EBSARY” “ROGER TUCKER”
MICHAEL EBSARY, DIRECTOR ROGER TUCKER, DIRECTOR

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PAGE 41
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
(Expressed in millions of United States dollars)
INTERIM CONDENSED CONSOLIDATED 
STATEMENTS OF NET INCOME AND 
OTHER COMPREHENSIVE INCOME
For the three months ended Note
March 31,  
2025
March 31,  
2024
Revenue 20 76.4 -
Cost of Sales
Production costs 21 (51.2) -
Depletion costs 5 (12.1) -
(63.3)
Gross profit 13.1 -
General and administrative expenses (13.5) (5.1)
Operating loss (0.4) (5.1)
Finance income 22 1.1 2.7
Finance expense 23 (2.8) (1.3)
Net financial items (1.7) 1.4
Share of profit from investment in joint venture 7 15.9 21.5
Share of loss from investments in associates 8 (2.0) (14.3)
Reversal of impairment of investment in joint venture 7 42.9 -
Profit before tax 54.7 3.5
Income tax 24 (3.8) -
Net income attributable to common shareholders 50.9 3.5
Total comprehensive income 50.9 3.5
Net income attributable to common shareholders per share
Basic 25 0.11 0.01
Diluted 25 0.11 0.01
Weighted average number of shares outstanding for the 
purpose of calculating earnings per share
Basic 25 468,472,433 460,990,598
Diluted 25 476,836,682 474,745,624
The notes are an integral part of the interim condensed consolidated financial statements.

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PAGE 42
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
(Expressed in millions of United States dollars)
INTERIM CONDENSED CONSOLIDATED 
STATEMENTS OF EQUITY
For the three months ended Note
March 31,  
2025
March 31,  
2024
Share capital: 13(B)
Balance, beginning of the period 1,195.8 1,265.3
Share issuance to BTG Oil & Gas under amalgamation Agreement 13 353.2 -
Exercise of Share Options 13 - 0.1
Settlement of Restricted Share Units 13 1.1 -
Settlement of Performance Share Units 13 1.5 -
Weighted average value of shares cancelled 13 (16.8) (19.3)
Balance, end of the period 1,534.8 1,246.1
Contributed surplus:  
Balance, beginning of the period 87.4 61.6
Excess of weighted value of shares cancelled 13 8.1 6.8
Balance, end of the period 95.5 68.4
Treasury account: 
Balance, beginning of the period (0.4) -
Shares purchased 13 (8.3) (13.9)
Shares cancelled 13 8.7 12.5
Balance, end of the period - (1.4)
Deficit: 
Balance, beginning of the period (734.0) (432.3)
Dividends 13 (25.0) (11.5)
Net income attributable to common shareholders 50.9 3.5
Balance, end of the period (708.1) (440.3)
Total equity attributable to common shareholders
Balance, end of the period 922.2 872.8
The notes are an integral part of the interim condensed consolidated financial statements.

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PAGE 43
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
INTERIM CONDENSED CONSOLIDATED 
STATEMENT OF CASH FLOWS
(Expressed in millions of United States dollars)
For the three months ended Note
March 31,  
2025
March 31,  
2024
Cash flows generated by/ (used in):
Operations:
Profit before tax 54.7 3.5
Adjustments for:
Reversal of impairment of investment in joint venture 7 (42.9) -
Share of loss from investments in associates 8 2.0 14.3
Share of profit from investment in joint venture 7 (15.9) (21.5)
Net financial items 22/23 1.7 (1.4)
Depletion costs 5 12.1 -
Share-based compensation 4.0 0.5
Taxes (16.0) -
Other (0.6) (1.0)
Net cash used in operating activities before working capital (0.9) (5.6)
Changes in working capital 37.3 (3.1)
Net cash generated / (used) in operating activities 36.4 (8.7)
Investing:
Expenditures on oil and gas properties and intangible  
exploration assets 5/6 (3.6) (4.8)
Distribution received from joint venture 7 60.0 -
Distribution received from associates 8 31.6 -
Loan repaid by / (provided to) associated company 26 4.5 (0.3)
Interest income received 0.9 2.4
Cash acquired from Prime consolidation 4 380.4 -
Net cash generated / (used) in investing activities 473.8 (2.7)
Financing:
Repayment RBL Facility (130.0) -
Repayment of principal portion of lease commitments 14 (0.1) (0.1)
Dividends paid to shareholders - (11.5)
Repurchase of share capital 13 (8.3) (13.9)
Interest expense paid (4.9) -
Net cash used in financing activities (143.3) (25.5)
Effect of exchange rate changes on cash and  cash  
equivalents denominated in foreign currency 0.1 0.4
Increase/ (decrease) in cash and cash equivalents 367.0 (36.5)
Cash and cash equivalents, beginning of the 
period 12 61.4 232.0
Cash and cash equivalents, end of the period 12 428.4 195.5
The notes are an integral part of the interim condensed consolidated financial statements.

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PAGE 44
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED 
CONSOLIDATED FINANCIAL STATEMENTS
For the three months ended March 31, 2025, and March 31, 2024
(Expressed in millions of United States dollars unless otherwise indicated)
1. Incorporation and nature of business:
Africa Oil Corp. (collectively with its subsidiaries, “AOC” or the “Company” or the “Group”) was incorporated on March 29, 1993, under 
the laws of British Columbia and is an international oil and gas exploration and production company based in Canada with oil and gas 
interests in Africa. The Company’s registered address is 25th Floor, 666 Burrard Street, Vancouver, B.C., Canada V6C 2X8. 
2. Basis of preparation:
A. Statement of compliance:
The Company prepares its interim condensed consolidated financial statements in accordance with Canadian generally accepted 
accounting principles for interim periods, specifically International Accounting Standard 34 Interim Financial Reporting as issued by 
the International Accounting Standards Board. They are condensed as they do not include all the information required for full annual 
financial statements and they should be read in conjunction with the consolidated financial statements for the year ended December 
31, 2024.
The policies applied in these interim condensed consolidated financial statements are based on International Financial Reporting 
Standards as issued by the International Accounting Standards Board (’’IFRS Accounting Standards’’) issued and outstanding as at May 
14, 2025, the date the Board of Directors approved the statements.
B. Basis of measurement:
The interim condensed consolidated financial statements have been prepared on the historical cost basis. Where there are assets and 
liabilities calculated on a different basis, this fact is disclosed in the material accounting policy. Identifiable assets acquired and liabilities 
assumed in the transaction with BTG Oil & Gas were measured at its acquisition date fair value based on guidance in IFRS 13 as per 
Note 4. Certain comparative figures have been reclassified to conform with the financial statements presentation in the current year 
following completion of the transaction with BTG. The Company has changed the presentation of its share of profit from investment in 
joint venture and associated companies in the interim condensed consolidated statement of net income and comprehensive income. 
The Company has also changed the presentation of interest income received in the interim condensed consolidated statement of cash 
flows. 
C. Functional and presentation currency:
These interim condensed consolidated financial statements are presented in United States (US) dollars. The functional currencies of the 
Company’s individual entities are US dollars which represents the currency of the primary economic environment in which the entities 
operate. 
The interim condensed consolidated financial statements are expressed in millions of US dollars unless otherwise indicated. 
D. Use of estimates and judgements:
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions 
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results 
may differ from these estimates. Items subject to estimates and judgement have been described in the Company’s audited consolidated 
financial statements for the year ended December 31, 2024. The following additional items are subject to estimates and judgement 
following completion of the transaction with BTG Oil & Gas to consolidate the interest in Prime Oil and Gas Coöperatief U.A. (“Prime”).
Classification of joint arrangements
These interim condensed consolidated financial statements include transactions of non-operated Production Sharing Agreements 
(‘PSAs’). The PSA transactions include the Group’s proportionate share of the PSAs assets, liabilities and expenses, with items of a similar 
nature on a line-by-line basis, from the date that participation in the PSA arrangements commenced. 
The Group has applied judgment in determining that it has joint control over the PSAs. This determination recognizes that all major 
decisions outside the original scope of the operations require unanimous approval by at least the Group and one or more of the PSAs 
partners. 
The Group has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions 
of the arrangement, such as approval of the capital expenditure program for each year and appointing, remunerating and terminating 
the key management personnel or service providers of the joint arrangement. The considerations made in determining joint control are 
similar to those necessary to determine control over subsidiaries.

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PAGE 45
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Classifying the arrangement requires the Group to assess its rights and obligations arising from the arrangement. Specifically, the 
Group considers: 
• The structure of the joint arrangement – whether it is structured through a separate vehicle. 
• When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from: 
• The legal form of the separate vehicle; 
• The terms of the contractual arrangement; and
• Other facts and circumstances (when relevant). 
As the Group has a proportionate share of the rights to the PSAs’ assets and the obligations for the PSAs’ liabilities, it classifies these 
interests as a Joint Operation under IFRS 11, and presents its proportionate share of the assets, liabilities, revenues and expenses on a 
line-by-line basis in the interim condensed consolidated financial statements. 
This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is 
a joint operation or a joint venture, may materially impact the accounting. 
If the Group did not have both joint control and a proportionate share of the rights to the PSAs’ assets and obligations for the PSAs’ 
liabilities, it would present only its net investment in the PSAs and its proportionate share of the PSAs’ net income in the consolidated 
financial statements.
Accounting for leases and joint operations 
Where the Group participates in a joint operation, either as a lease operator or non-operator party, determining whether to recognize 
and whether to measure a lease obligation involves judgement and requires identification of which entity has primary responsibility for 
the lease obligations entered into in relation to the joint operation’s activities. 
Where the joint operation (including all parties to that arrangement) has the right to control the use of the identified asset and all parties 
have a legal obligation to make payments to the third-party supplier, each joint operation participant would recognize its proportionate 
share of the lease related balances. This may arise where all parties to an unincorporated joint operation sign the lease agreement, or 
the joint operation is some sort of entity or arrangement that can sign in its own name. 
However, where the Group is the lead operator and the sole signatory such that it is the one with the legal obligation to pay the third-
party supplier, it would recognize 100% of the lease-related balances on its balance sheet. The Group would then need to assess 
whether the arrangement with the non-operator parties contains a sublease. This assessment would be based on the terms and 
conditions of each arrangement and may be impacted by the legal jurisdiction in which the joint arrangement operates.
Regardless of whether there is a sublease or not, the Group, in case it acts as the lead operator, would continue to recognize the 
lease liability for as long as it remains a party to the arrangement with the third-party supplier and has primary obligation to the lease 
payments.
Revenue recognition 
Judgement is required in determining when and how much revenue to recognize from contracts with customers. While the Group has 
determined that all revenue from contracts with customers is earned at a point in time, there is judgement involved in this consideration. 
Contractual arrangements for the sale of different products or with different terms may result in revenue being recognized over time. 
There is also judgement involved in assessing whether the Group is the principal or agent in revenue transactions. In determining that 
the Group is acting as principal, the terms of the agreements were carefully considered and it was concluded that the Group controls 
the product before it is transferred to the customer. In alternate arrangements, the Group could be determined to be acting as agent. 
Under the terms of existing contracts, the Group has determined that shipping or transportation services are not being provided to the 
customer, and that the only performance obligations are for the sale of crude oil and natural gas. Judgement is required in determining 
whether shipping is being provided as a service, and this impacts on the identification of performance obligations, whether all 
performance obligations are recognized at a point in time or over time, and the overall timing of revenue recognition.
Finally, judgement is required to determine whether the contractual arrangements contain only variable consideration, or also 
embedded derivatives, and if variable consideration, whether to exercise the constraint.
Taxes
Judgement is required to determine which arrangements are considered to be a tax on income as opposed to production costs. 
Judgement is also required to determine whether deferred tax assets are recognized in the statement of financial position. Deferred 
tax assets, including those arising from tax losses carried forward, require management to assess the likelihood that the Group will 
generate sufficient taxable earnings in future periods in order to utilize recognized deferred tax assets. 
Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. These estimates 
of future taxable income are based on forecast cash flows from operations (which are impacted by production and sales volumes, oil 
and gas prices, reserves, production costs, decommissioning costs, capital expenditure, dividends and other capital management 
transactions) and judgement about the application of existing tax laws in each jurisdiction. 
To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realize the net 
deferred tax assets recorded at the reporting date could be impacted. In addition, future changes in tax laws in the jurisdictions in which 
the Group operates could limit the ability of the Group to obtain tax deductions in future periods.

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PAGE 46
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Units-of-production depreciation of oil and gas properties
Oil and gas properties are depreciated using the UoP-method over total estimated proved and probable hydrocarbon reserves. This 
results in a depletion charge that is proportional to the depletion of the anticipated remaining production from the field. 
The life of each item, which is assessed at least annually, has regard to both its physical life limitations and present assessments of 
economically recoverable reserves of the field at which the asset is located. These calculations require the use of estimates and 
assumptions, including the amount of recoverable reserve. 
The calculation of the UoP-rate of depreciation could be impacted to the extent that actual production in the future is different from 
current forecast production based on total estimated proved and probable reserves, or future capital expenditure estimates change. 
Changes to proved and probable reserves could arise due to changes in the factors or assumptions used in estimating reserves, including 
the effect on proved and probable reserves of differences between actual commodity prices and commodity price assumptions or 
unforeseen operational issues.
Going concern
These interim condensed consolidated financial statements for the three months period ended March 31, 2025, have been prepared 
on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal 
course of business as they become due.
3. Material accounting policies:
Material accounting policies used in the preparation of these interim condensed consolidated financial statements are described in 
the Company’s consolidated financial statements for the year ended December 31, 2024. The following additional material accounting 
policies have been used in the preparation of these interim condensed consolidated financial statements following completion of the 
transaction with BTG Oil & Gas to consolidate the interest in Prime.
Business combinations
Business combinations are accounted for using the acquisition method as at acquisition date, which is the date on which control 
is transferred to the Group. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at 
acquisition date fair value and the amount of any previously held interest in the acquiree. 
Acquisition related costs are expensed as incurred and included in general and administrative expenses, except if related to the issue 
of debt or equity securities. 
When the Group acquires a business, it assesses the assets acquired and liabilities assumed for appropriate classification and 
designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. 
Those petroleum reserves and resources that are able to be reliably measured are recognized in the assessment of fair values on 
acquisition. Other potential reserves, resources and rights, for which fair values cannot be reliably measured, are not recognized.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit and loss immediately. 
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized 
for NCI over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets 
acquired is in excess of the aggregate consideration transferred, the gain is recognized in profit and loss. 
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, 
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs that are expected to 
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 
Where goodwill forms part of a CGU and part of the operation in that unit or location is disposed of, the goodwill associated with 
the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill 
disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU 
retained.
Revenue recognition
Revenue from contracts with customers is recognized when or as the Group satisfies a performance obligation by transferring a 
promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. As 
such, revenue is recognized when control of the goods or service transfers to the customer, it is probable that the economic benefits 
will flow to the Group and the revenue can be reliably measured. 
The measurement of revenue, when a performance obligation is satisfied, is based on the amount of the transaction price (excluding 
estimates of variable consideration that are constrained) that is allocated to that performance obligation, excluding discounts, sales 
taxes, excise duties and similar levies. 
The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. If the 
Group acts in the capacity of an agent rather than as the principal in a transaction, then the revenue recognized is the net amount of 
commission made by the Group. The Group has concluded that it is acting as a principal in all of its revenue arrangements, as described 
below:

===== SIDA 54 =====

PAGE 47
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Sales of crude oil and natural gas
Revenue from the sale of crude oil and natural gas is recognized when control of the goods transfers to the customer. The transfer 
of control of the crude oil and natural gas sold usually coincides with title passing to the customer and the customer taking physical 
possession. This generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism. 
Crude oil transaction prices under forward contracts are based on a contract price for the Dated Brent component plus or minus a 
differential. 
In most of the Group’s oil offtake contracts, the Dated Brent component of the forward price at the time of entering the contract is not 
fixed, but determined on or around the date of the lifting for spot cargos either on an average monthly basis, 5-days after bill of lading 
date or similar pricing mechanism. If the Group wants to utilize the oil offtake contract for commodity risk management, it can either fix 
the Dated Brent component or utilize a trigger pricing mechanism. For the trigger pricing mechanism, when the forward price curve 
falls below a certain trigger price for a certain month, this mechanism provides an irrevocable instruction to an off-taker to fix the Dated 
Brent price component of a cargo. The trigger price is based on a percentage of the Brent forward curve at the time the instruction was 
given for the month of the expected lifting. If the forward price curve does not fall below that threshold, the respective cargo is sold at 
spot.
The performance obligation is satisfied and payment is due upon delivery, FOB, to the buyer. At this point in time, at the bill of lading 
date, a trade receivable is recognized and there are generally 30 days between revenue recognition and payment. There are no 
obligations for returns, refunds, warranties nor other obligations when control has been transferred. The Group principally satisfies its 
performance obligations at a point in time. 
Revenue from crude oil transactions not covered under oil offtake contracts, arises from the production and lifting of crude oil on an 
entitlements basis. Under the entitlements method, revenue reflects the Group’s share of production under the terms of the relevant 
production sharing contracts, regardless of which participant has actually made the sale and invoiced the production. This is achieved 
by applying the following approach in dealing with imbalances between actual sales and entitlements. 
• Crude oil entitlement underlifts are recognized at the market price of oil at the balance sheet date. The excess of product sold during 
the period over the participant’s ownership share of production is recognized by the Group (acting as underlifter) as an asset in 
trade and other receivables with a corresponding credit to production costs. The Group’s underlift receivable is the right to receive 
additional oil from future production without the obligation to fund the production of that additional oil.
• Crude oil entitlement overlifts are treated as a purchase of crude oil by the overlifter from the underlifter and are also recognized at 
the market price of oil at the balance sheet date. The excess of product purchased during the period over the participant’s ownership 
share of production is recognized by the Group (acting as overlifter) as a liability in trade and other payables with a corresponding 
charge to production costs. An overlift liability is the obligation to deliver oil out of the Group’s equity share of future production. 
Revenues resulting from the production of oil under PSAs is recognized for those amounts relating to the Group’s cost recoveries and 
the Group’s share of the remaining production. 
Royalties
Obligations arising from royalty arrangements and other types of taxes that do not satisfy the criteria of IAS 12 ‘Income Taxes’ are 
accrued or paid and included in production costs. This is considered to be the case when the royalties are imposed under government 
authority and the amount payable is based on physical quantities produced or as a percentage of revenue, rather than taxable income. 
In some cases, the equivalent amount of royalties is also presented in revenues to differentiate between the portion of revenue lifted 
by the operator on behalf of the Group to settle the Group’s royalty liabilities and the associated royalties as part of production costs. In 
cases where the Group itself pays for the royalties in cash, these are included in production costs as a single line item.
Production costs 
The costs of producing oil are charged to the income statement in the period in which they are incurred. Production costs include 
movements in underlift and overlift balances.
Depletion costs 
Oil and gas properties are depreciated from the commencement of production, on a UoP basis, which is the ratio of oil and gas 
production in the period to the estimated quantities of the 2P reserves at the end of the period plus the production in the period, on a 
field-by-field basis. Facilities included in oil and gas production assets are depreciated on a UoP basis over the economic useful life of 
the field concerned. Costs used in the UoP calculation comprise the net carrying amount of capitalized costs plus the estimated future 
field development costs. Changes in the estimates of reserves or future field development costs are dealt with prospectively. Oil and 
gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points 
at the outlet valve on the field storage tank. Rights and concessions are depleted on the UoP basis over the total proved and probable 
reserves of the relevant area.

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PAGE 48
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
Derivative financial instruments and hedge accounting 
The Group is exposed to certain risks relating to its ongoing business operations. The primary risk managed using derivative instruments 
is commodity price risk. 
The Group uses forward commodity contracts to hedge its commodity price risk. On the forward commodity contracts hedge accounting 
is not considered applicable as the own-use exception applies: the Group does not enter into physical oil contracts other than to meet 
the Group’s expected sales requirements. These arrangements therefore fall outside the scope of IFRS 9 and are classified as normal 
sales contracts that are accounted for on an accrual basis. 
The Group’s derivative financial instruments are initially recognized at fair value on the date on which the derivative contracts are 
entered into and are subsequently remeasured at fair value, with subsequent changes in fair value recognized in other comprehensive 
income. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
Inventories 
Inventories mainly comprise materials. These are stated at the lower of cost and net realizable value. Purchase cost includes costs 
of bringing material inventory to their present location and condition, including freight and handling charges. Cost is determined 
using the weighted average method. Net realizable value is the estimated selling price in the ordinary course of business, less selling 
expenses. 
If carrying value exceeds the net realizable amount, a write down is recognized. The write-down may be reversed in a subsequent 
period if the circumstances which caused it no longer exist.
Trade receivables 
Trade receivables are amounts due from customers for crude oil and gas sold or services performed in the ordinary course of business 
and represent the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before 
payment of the consideration is due). Trade receivables are recognized initially at fair value and subsequently measured at amortized 
cost using the effective interest method, less any allowance for expected credit losses.
Dividends 
Dividend liabilities are recognized when the Company’s shareholders have the right to receive the payment when the dividend is 
approved by the Board of Directors of the Company.
New accounting standards
On January 1, 2025, the Company adopted the amendments to IAS 21 - Lack of Exchangeability. The amendments help entities to 
determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. There was no 
material impact to the Company’s financial statements.
On April 9, 2024, the International Accounting Standards Board (IASB) issued IFRS 18 Presentation and Disclosure in Financial 
Statements, which aims to improve how companies communicate their financial statements, with a focus on information about financial 
performance in the statement of profit or loss. IFRS 18 is effective January 1, 2027. The Company is in the process of assessing the 
impact that the standard will have on its financial statements.
Other new accounting standards and amendments to accounting standards have been published that are not mandatory for March 31, 
2025, reporting periods and have not been early adopted by the Company. These are as follows:
• Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective for 
annual periods beginning on or after 1 January 2026);
• Annual improvements to IFRSs: Volume 11 (effective for annual periods beginning on or after 1 January 2026);
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027); 
and
These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on 
foreseeable future transactions. 
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 56 =====

PAGE 49
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
4. Business combination:
On March 19, 2025, the Company completed the transaction with BTG Oil & Gas to consolidate its interest in Prime. The transaction 
was originally announced on June 24, 2024. The acquisition increased the Company’s ownership in core cash generating assets and 
brought in a new, strategically aligned cornerstone investor, BTG Pactual. It is also expected to enable enhanced shareholder returns 
and the creation of a materially stronger growth proposition. The acquisition was completed by way of amalgamation whereby BTG Oil 
& Gas exchanged its 50 percent interest in Prime, held through its fully owned subsidiary BTG Pactual Holding S.à.r.l., in exchange for 
239,828,655 newly issued shares in the Company. The primary assets acquired are an indirect 8% interest in Petroleum Mining License 
(“PML”) 52 and an indirect 16% interest in PMLs 2, 3 and 4 as well as Petroleum Prospecting License (“PPL”) 261. PML 52 is operated 
by affiliates of Chevron and covers part of the producing Agbami field. PMLs 2, 3 and 4 and PPL 261 are operated by affiliates of 
TotalEnergies and contain the producing Akpo and Egina fields.
The acquisition date for accounting purposes corresponds to the completion of the transaction on March 19, 2025. The acquisition 
is regarded as a business combination and has been accounted for using the acquisition method of accounting in accordance with 
IFRS 3. A purchase price allocation (‘’PPA’’) has been performed to allocate the consideration to fair value of assets acquired and 
liabilities assumed. The PPA is performed as of the acquisition date. The closing share price of CAD 2.09 and closing USD/CAD currency 
exchange rate of 1.4193 on March 19, 2025, were used as a basis for measuring the value of the consideration, as set forth below, and 
includes the Company’s previously held 50% interest in Prime prior to March 19, 2025. 
Expressed in millions of United States dollars
Value of share consideration to BTG Oil & Gas 353.2
Value of previous interest held in Prime 327.8
Total value of consideration 681.0
 
Each identifiable asset and liability is measured at its acquisition date fair value based on guidance in IFRS 13. Trade receivables are 
recognized at gross contractual amounts due, as they relate to large and credit-worthy customers. Historically, there has been no 
significant uncollectible trade receivables in Prime.
The recognized amounts of assets and liabilities assumed as at the date of acquisition were as follows.
Preliminary purchase price allocation
March 19, 2025
Assets acquired
Oil and gas properties 1,476.2
Inventories 95.4
Indemnity asset (note 14) 21.6
Trade and other receivables 233.5
Cash and cash equivalents (1) 380.4
Total assets acquired 2,207.1
Liabilities assumed
Non-current financial liabilities 451.5
Non-current provisions 165.4
Deferred tax liabilities 343.3
Current financial liabilities 298.5
Trade and other payables 164.6
Current tax liabilities 48.2
Current provisions (note 14) 54.6
Total liabilities assumed 1,526.1
Net assets and liabilities recognized 681.0
Value of share consideration to BTG Oil & Gas 353.2
Value of previously held interest in Prime (note 7) 327.8
Total value of consideration 681.0
(1) Cash and cash equivalents includes $59.1 million of cash held in the amalgamated company.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 57 =====

PAGE 50
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
In the period from the acquisition date to March 31, 2025, the revenue and profit included in the interim condensed consolidated 
statement of net income and comprehensive income relating to the acquired entities was $76.4 million and $7.0 million respectively. 
Acquisition-related costs for the year ended December 31, 2024, and the three months ended March 31, 2025, were included in 
general and administrative expenses and amounted to $6.9 million and $7.6 million, respectively. 
If the acquisition had taken place on January 1, 2025, the estimated revenue and profit of the combined Group for the three months 
ended March 31, 2025, would have been approximately $399.9 million and $25.9 million respectively. These figures may not be 
indicative of the results that would have been achieved if the acquisition had actually taken place on January 1, 2025.
The purchase price allocation above is preliminary and based on current available information about fair values as of the acquisition 
date. If new information becomes available within 12 months from the acquisition date, the Group may change the fair value assessment 
in the PPA, in accordance with guidance in IFRS 3.
5. Oil and gas properties:
Nigeria
At January 1, 2025 -
Acquired under amalgamation 1,476.2
Remeasurement of site restoration provisions 122.9
Additions 1.8
Depletion (12.1)
At March 31, 2025 1,588.8
As at March 31, 2025, oil and gas properties amounted to $1,588.8 million and related to the licenses PML 52 (covering part of the 
Agbami field), PML 2 (Akpo field), PML 3 (Egina field) and PML 4 (Preowei Field) in Nigeria. 
The Company recognized a change in estimate of $122.9 million in oil and gas properties relating to the remeasurement of the site 
restoration provisions acquired under the amalgamation in accordance with IAS 37 (see note 14). 
6. Intangible exploration assets:
 Equatorial Guinea South  Africa Total
At January 1, 2024 13.4 5.7 19.1
Additions 4.5 5.7 10.2
At December 31, 2024 17.9 11.4 29.3
Additions 1.7 8.0 9.7
At March 31, 2025 19.6 19.4 39.0
 
As at March 31, 2025, the carrying amount of the Company’s intangible exploration assets in Equatorial Guinea was $19.6 million and 
related to its 80% interest in Blocks EG-18 and EG-31 (as at December 31, 2024 – $17.9 million). 
As at March 31, 2025, the carrying amount of the Company’s intangible exploration assets in South Africa was $19.4 million for its 18.0% 
(as at December 31, 2024 – 17.0%) participating interest in the Block 3B/4B Exploration Right (as at December 31, 2024 - $11.4 million).
On July 26, 2024, the Company signed an agreement with Eco to acquire an additional 1.0% interest in Block 3B/4B from Azinam 
Limited, Eco’s wholly owned subsidiary, in exchange for all common shares and warrants over common shares held by the Company 
in Eco. On January 13, 2025, the Company announced that it had completed this transaction. The Company’s interest in Block 3B/4B 
increased by 1.0% to 18.0% and the Company ceased to be a shareholder in Eco. The fair value of the Company’s investment in Eco on 
the day of the transaction was $8.0 million which has been recorded as an addition to oil and gas properties. 
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 58 =====

PAGE 51
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
7. Equity investment in joint venture:
Prime Oil and Gas Coöperatief U.A. (“Prime”):
On March 19, 2025, the Company announced the completion of the amalgamation with BTG Oil & Gas (“the amalgamation) to 
consolidate the remaining 50% interest in Prime in exchange for 239,828,655 common shares issued in Africa Oil. Following completion 
of the amalgamation, Prime is fully consolidated by the Company as from March 19, 2025 (see Note 4).
The following table shows the Company’s carrying value of the non-controlling 50% interest in Prime as at March 31, 2025, and 
December 31, 2024. The carrying value as per March 19, 2025, of $327.8 million has been assigned to the fair value of assets acquired 
and liabilities assumed as per Note 4. 
 
March 31,  
2025
December 31,  
2024
Balance, beginning of the period 328.4 572.5
Share of joint venture profit 15.9 226.0
Distributions received from Prime (60.0) (36.0)
Revaluation of contingent consideration 0.6 2.6
Reversal of impairment / (Impairment) 42.9 (436.7)
Impact of amalgamation (327.8) -
Balance, end of the period - 328.4
 
In the three months ended March 31, 2025, the Company recognized an income of $15.9 million, relating to its investment in Prime up 
to March 19, 2025 (three months ended March 31, 2024 - $21.5 million). 
In the three months ended March 31, 2025, Prime made one distribution of $120.0 million gross, with a net payment to the Company 
of $60.0 million. In the three months ended March 31, 2024, Prime made no distributions.
As at December 31, 2024, management determined there was an objective evidence of impairment in relation to the Company’s 
shareholding in Prime as a result of the significant decrease in the Africa Oil share price between June 24, 2024, when the Company 
announced the Proposed Reorganization and December 31, 2024. The fair value of the 50% shareholding in Prime decreased as the 
fair value considers the number of Africa Oil shares that were agreed in relation to the purchase of the additional interest in Prime and 
the trading value of Africa Oil shares, as this is an observable fair value input under IFRS Accounting Standards. As at December 31, 
2024, the fair value of the Company’s existing shareholding in Prime was calculated to be $328.4 million based on the implied value of 
the Proposed Reorganization, resulting in a non-cash impairment loss on the investment in Prime of $436.7 million for the year ended 
December 31, 2024. As at March 19, 2025, management determined there was an objective evidence of impairment reversal based on 
the Africa Oil share price when the Company announced the completion of the amalgamation. The fair value of the 50% shareholding 
in Prime was calculated to be $327.8 million, resulting in a non-cash impairment reversal on the investment in Prime of $42.9 million for 
the three months ended March 31, 2025. 
The following tables summarizes Prime’s financial information for the period up to and including March 19, 2025, and the three months 
ended March 31, 2024. Following completion of the amalgamation on March 19, 2025, Prime is fully consolidated by the Company.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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PAGE 52
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
Prime’s Statement of Net Income and Comprehensive Income
Period and three months ended
March 19,  
2025
March 31,  
2024 (1)
Revenue 323.5 176.6
Cost of Sales
Production costs (2) (187.4) 16.0
Depletion costs (71.3) (96.7)
(258.7) (80.7)
Gross profit 64.8 95.9
General and administrative expenses (6.2) (3.7)
Operating profit 58.6 92.2
Finance income 2.4 2.0
Finance expense (3) (21.3) (30.0)
Net financial items (18.9) (28.0)
Profit before tax 39.7 64.2
Income tax (7.9) (21.2)
Net income and comprehensive income for the period 31.8 43.0
Proportionate share of Prime’s profit and comprehensive income for 
the period 31.8 43.0
Proportionate share of Prime’s net income 15.9 21.5
(1) Certain comparative figures have been reclassified to conform with the presentation of the Company’s Interim Condensed Consolidated 
Statement of Net Income and Comprehensive Income following completion of the amalgamation. 
(2) As at March 19, 2025, Prime was in a lower net underlift position compared to December 31, 2024. This resulted in a loss of $133.1 million 
in the Statement of Net Income and Comprehensive Income for the period ended March 19, 2025 (three months ended March 31, 2024 – 
income of $76.2 million) included in production costs.
(3) Finance expense is primarily made up of interest expenses incurred on external facilities and accretion expenses incurred on the 
decommissioning liability. Finance costs for the period ended March 19, 2025, also included a $3.7 million accounting loss on a purchased 
Asian put option and a zero-premium Asian Dated Brent Collar (three months ended March 31, 2024 – $6.3m accounting loss on a purchased 
Asian put option).
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 60 =====

PAGE 53
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
Supplementary information: Prime’s Statement of Cash Flows
Period and three months ended
March 19,  
2025
March 31,  
2024 (1)
Cash flows generated by/ (used in)
Profit before tax 39.7 64.2
Adjustments for:
Depletion costs 71.3 96.7
Net financial items 18.9 28.0
Taxes (30.2) (34.8)
Other (1.0) (1.9)
Cash generated from operating activities before working capital 98.7 152.2
Changes in working capital (25.7) 11.2
Net cash generated from operating activities 73.0 163.4
Expenditures on oil and gas properties (22.6) (31.1)
Interest income received 2.2 2.0
Net cash used in investing activities (20.4) (29.1)
Distributions paid to shareholders (120.0) -
Interest expense paid (10.8) (17.9)
Net cash used in financing activities (130.8) (17.9)
Foreign exchange variation on cash and cash equivalents - -
Total cash flow (78.2) 116.4
Cash and cash equivalents, beginning of the period 399.5 152.2
Cash and cash equivalents, end of the period 321.3 268.6
(1) Certain comparative figures have been reclassified to conform with the presentation of the Company’s Interim Condensed Consolidated 
Statement of Cash Flows following completion of the amalgamation. 
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 61 =====

PAGE 54
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
8. Equity investments in associates:
The Company holds the following equity investments in associates:
Africa Energy 
Corp.
Eco (Atlantic) Oil 
and Gas Ltd
Impact Oil and 
Gas Ltd Total
Shares held at March 31, 2025 276,982,414 - 449,464,396
Ownership at March 31, 2025 11.6% - 39.5%
At January 1, 2024 24.8 7.6 102.3 134.7
Share of loss from equity investments (42.1) (0.6) (16.1) (58.8)
Reversal of impairment of equity investments 20.1 - - 20.1
Additional investments - - 88.6 88.6
Reclassification to Investment held for sale - (7.0) - (7.0)
At December 31, 2024 2.8 - 174.8 177.6
Share of loss from equity investments (0.4) - (1.6) (2.0)
Loss on dilution of equity investments (0.9) - - (0.9)
Distribution received - - (31.6) (31.6)
At March 31, 2025 1.5 - 141.6 143.1
 
In the three months ended March 31, 2025, the Company recognized a loss of $2.9 million (three months ended March 31, 2024 – loss 
of $14.3 million). The Company also recognized a gain of $0.9 million in the three months ended March 31, 2025, on the shares in Eco 
(Atlantic) Oil and Gas Ltd classified as Investment held for sale, resulting in a total loss from investments in associates of $2.0 million in 
the three months ended March 31, 2025. 
As at March 31, 2025, the Company determined that there were no indicators of impairment for its investments in Africa Energy Corp. 
or Impact Oil and Gas Ltd.
A. Africa Energy Corp. (“Africa Energy”):
Africa Energy is an oil and gas exploration company with an interest in South Africa. 
As at March 31, 2025, the market value of the Company’s investment in Africa Energy was $7.0 million based on the share price of CAD 
0.035 (as at December 31, 2024 - $5.8 million). The carrying value is less than the market value from significant impairments recognized 
by Africa Energy. 
On March 31, 2025, Africa Energy announced the closing of a private placement of common shares, including the issue of common 
shares for debt. Africa Oil did not participate in this private placement and as a result its shareholding in Africa Energy has been 
reduced from 19.67% as at December 31, 2024, to 11.56% as at the date hereof.
B. Eco (Atlantic) Oil and Gas Ltd. (“Eco”):
On July 26, 2024, the Company signed an agreement with Eco to acquire an additional 1.0% interest in Block 3B/4B from Azinam 
Limited, Eco’s wholly owned subsidiary, in exchange for all common shares and warrants over common shares held by the Company 
in Eco. Following the announcement of this transaction, the investment in Eco was reclassified to an investment held for sale (see note 
10). On January 13, 2025, the Company announced the completion of this transaction.
C. Impact Oil and Gas Ltd (“Impact”):
Impact is an oil and gas exploration company with interests in Namibia and South Africa.
On January 10, 2024, the Company announced a strategic farmout agreement between its investee company Impact, and TotalEnergies, 
that allows the Company to continue its participation in the Venus oil development project and the follow-on exploration and appraisal 
campaign on Blocks 2913B and 2912 with no upfront costs. At the date hereof, Impact has a 9.5% interest in Blocks 2912 and 2913B 
that is fully carried for all joint venture costs, with no cap, through to first commercial production. This agreement provides Impact with 
a full interest-free carry loan over all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 
1, 2024 (“Effective Date”), until the date on which Impact receives the first sales proceeds from oil production on the Blocks (“First Oil 
Date”). On and from the First Oil Date, the carry is repayable to TotalEnergies in kind from 60% of Impact’s after-tax cash flow, net of all 
joint venture costs, including capital expenditures. During the repayment of the carry, Impact will pool its entitlement barrels with those 
of TotalEnergies for more regular off-takes and a more stable cashflow profile and will also benefit from TotalEnergies’ marketing and 
sales capabilities.
On January 29, 2025, Impact distributed $31.6 million net to the Company’s shareholding.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 62 =====

PAGE 55
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
9. Inventories:
Inventories relate to well supplies and operational spare parts to be used in the oil production process in Nigeria. 
10. Investment held for sale:
On July 26, 2024, the Company signed an agreement with Eco to acquire an additional 1.0% interest in Block 3B/4B from Azinam 
Limited, Eco’s wholly owned subsidiary, in exchange for all common shares and warrants over common shares held by the Company in 
Eco. Following the announcement of this transaction, the investment in Eco was reclassified to an investment held for sale. On January 
13, 2025, the Company announced the completion of this transaction with the result that the Company is no longer a shareholder in 
Eco. 
11. Trade and other receivables:
 
March 31,  
2025
December 31,  
2024
Trade receivables 156.2 -
Underlift position 10.5 -
Short-term receivables with partners 16.2 -
Prepaid expenses and accrued income 2.5 2.4
Other receivables 26.5 1.6
Total accounts receivable and prepaid expenses 211.9 4.0
 
Other receivables includes an indemnity asset of $21.6 million recognized under the deed of indemnity entered into between the 
Company and BTG Oil & Gas (see note 14).
12. Cash and cash equivalents:
Cash and cash equivalents include short-term deposits made for varying periods of between one day and three months, depending on 
the immediate cash requirements of the Group, and earn interest at varying rates. 
13. Share capital:
A. The Company is authorized to issue an unlimited number of common shares with no par value.
B. Issued:
 
March 31,  
2025  
December 31,  
2024
  Shares Amount  Shares Amount 
Balance, beginning of the period 439,078,170 1,195.8 463,831,871 1,265.3
Share issuance to BTG Oil & Gas under  
amalgamation Agreement 239,828,655 353.2 - -
Exercise of Share Options - -      647,000 0.5
Settlement of Restricted Share Units 836,323 1.1 271,063 0.5
Settlement of Performance Share Units 1,106,332 1.5 577,968 1.1
Cancellation of shares repurchased (6,176,053) (16.8) (26,249,732) (71.6)
Balance, end of the period 674,673,427 1,534.8 439,078,170 1,195.8
 
The Company launched a share buyback program on December 6, 2023, that ended on December 5, 2024. During the year ended 
December 31, 2024, a total of 24.0 million Africa Oil common shares were repurchased and cancelled under this share buyback 
program. The Company launched a new share buyback program on December 6, 2024, under which 2.5 million Africa Oil common 
shares were repurchased during the year ended December 31, 2024, of which 2.2 million Africa Oil common shares were cancelled 
during the year ended December 31, 2024. In the three months ended March 31, 2025, a total of 5.9 million Africa Oil common shares 
were repurchased and 6.2 million Africa Oil common shares were cancelled during the three months ended March 31, 2025. 
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

===== SIDA 63 =====

PAGE 56
Report to Shareholders  | March 31, 2025 Africa Oil Corp.
The balance of share capital has been reduced by determining the average per-share amounts in the share capital account, before 
cancellation of shares repurchased, and applying this to the numbers of shares cancelled. The difference between the reduction in 
share capital and the amount paid for shares repurchased has been added to the balance of contributed surplus.
In the three months ended March 31, 2025, the Board of Directors approved a dividend of $0.0371 per share which was declared in 
March 2025 and paid in April 2025 for a total amount of approximately $25.0 million.
14. Provisions:
 
Site  
restoration
Contingent 
consideration
Share-based 
compensation Others Total
At 1 January 2024 5.5 37.8 14.1 - 57.4
Charges - - 1.5 - 1.5
Unwinding of discount 0.2 2.6 - - 2.8
Settlements - - (8.3) - (8.3)
At December 31, 2024 5.7 40.4 7.3 - 53.4
Acquired under amalgamation 162.6 54.6 - 2.8 220.0
Changes in estimates 122.9 - - - 122.9
Charges - - 4.0 - 4.0
Unwinding of discount 0.4 0.7 - - 1.1
Settlements - - (6.0) - (6.0)
At March 31, 2025 291.6 95.7 5.3 2.8 395.4
Non-current 291.6 - 1.1 2.8 295.5
Current - 95.7 4.2 - 99.9
Total at March 31, 2025 291.6 95.7 5.3 2.8 395.4
Non-current 5.7 40.4 3.1 - 49.2
Current - - 4.2 - 4.2
Total at December 31, 2024 5.7 40.4 7.3 - 53.4
A. Site restoration
The provision for site restoration amounted to $291.6 million as per March 31, 2025 (as at December 31, 2024 - $5.7 million). The fair 
value of the provision for site restoration mainly relates to Nigeria and was based on the estimated future cash flows to decommission the 
oil and gas properties at the end of their useful life. The discount rate used to determine the net present value of the decommissioning 
obligation was between 4.2% and 4.6% (as at December 31, 2024 – 3.5%) based on a risk-free rate with a similar maturity to that of the 
timing of the expected cash flows and a long-term inflation rate of 2.2% (as at December 31, 2024 – 2%). 
The site restoration provisions acquired under the amalgamation represents the present value of decommissioning costs relating to the 
acquired oil and gas properties, which are expected to be incurred up to the economic cut-off dates of the Agbami, Akpo and Egina 
fields. These provisions have been calculated based on the cash flow estimates as provided by the operators of the fields. The fair 
value of the site restoration provisions acquired on amalgamation totalling $162.6 million have been calculated using a credit-adjusted 
discount rate in accordance with IFRS 3, which has subsequently been re-measured using a risk-free rate in accordance with IAS 37 
resulting in a change in estimate of $122.9 million.
B. Contingent consideration 
Under the Prime Sale and Purchase Agreement completed on January 14, 2020, a deferred payment of $118.0 million, subject to 
adjustment, may be due to the seller contingent upon the timing of the final PML 52 tract participation in the Agbami field. The signing 
of the Securitization Agreement by Prime in 2021 led to the Company reassessing its view of the likelihood of making a contingent 
consideration payment to the seller. The signing of the Securitization Agreement by Prime does not constitute a redetermination of the 
tract participation and therefore does not trigger the payment of a contingent consideration under the Sale and Purchase Agreement 
but, at the Company’s discretion, could trigger discussions with the seller. The outcome of this process is uncertain. In 2021, the 
Company recorded $32.0 million as contingent consideration and increased this to $40.4 million as at December 31, 2024, and to 
$41.1 million in the three months ended March 31, 2025. The deferred payment is due in the three months ended March 31, 2026, and 
has been reclassified to short term provisions in the three months ended March 31, 2025. 
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
On June 25, 2021, Prime 127 Nigeria Limited (“Prime 127”), a subsidiary of Prime, signed a securitization agreement with two of the unit 
parties, Equinor and Chevron (the “Securitization Agreement”), whereby Equinor agreed to pay a security deposit to the two other JV 
parties to secure future payments due under that Securitization Agreement, pending a comprehensive resolution being reached among 
all unit parties in respect of the tract participation in the Agbami field by December 27, 2024. In accordance with the Securitization 
Agreement, on June 29, 2021, Prime 127 received from Equinor its portion of the security deposit in the form of a cash payment 
of $305.3 million. Prime 127 received an additional payment of $24.4 million on January 31, 2025, pursuant to the Securitization 
Agreement. Given no comprehensive resolution was reached by December 27, 2024, Prime 127 has recognized its portion of the 
security deposit and the additional receivable under the Securitization Agreement as other operating income on December 27, 2024. 
The parties will continue discussions to seek final resolution of the formal redetermination of the Agbami tract participation in respect 
of the period after December 27, 2024, however there is no certainty that such ongoing discussions will result in a final resolution. 
Under the amended joint sale agreement between (among others) BTG Holding and the seller dated October 31, 2018, the seller could 
potentially claim that, given an additional payment has been received under the securitization agreement, this triggers a payment 
obligation of $54.6 million, exclusive of interest, capital taxes and certain deductions, contingent upon various criteria, with the outcome 
of this potential claim uncertain. Management considers the likelihood of any interest being payable to be unlikely. The Company has 
recorded an indemnity asset of $21.6 million under the deed of indemnity entered into between a subsidiary of the Company and 
BTG Oil & Gas for any costs suffered or incurred above $33.0 million post completion of the amalgamation, with the deed of indemnity 
backed by a $22.0 million letter of credit granted in favour a subsidiary of the Company. The letter of credit will remain in place for an 
initial period of two years and if a claim is not resolved in two years or is made after the two year period BTG Oil & Gas has undertaken 
to extend or reinstate the letter of credit. 
15. Financial liabilities: 
 
Reserves Based  
Lending Facility Lease Liability Total
At 1 January 2024 - - -
Initial recognition of IFRS 16 lease liability - 3.7 3.7
Repayments - (0.4) (0.4)
At December 31, 2024 - 3.3 3.3
Acquired under amalgamation 750.0 - 750.0
Repayments (130.0) (0.1) (130.1)
At March 31, 2025 620.0 3.2 623.2
Non-current 406.3 2.5 408.8
Current 213.7 0.7 214.4
Total at March 31, 2025 620.0 3.2 623.2
Non-current - 2.6 2.6
Current - 0.7 0.7
Total at December 31, 2024 - 3.3 3.3
A. Reserves Based Lending Facility
On amalgamation the Company acquired a Reserves Based Lending Facility (“RBL”). The total amount that can be drawn under the RBL 
is limited to the Borrowing Base Amount (“BBA”), which is subject to redeterminations on March 31 and September 30 of each year, 
limited by aggregate commitments. As of March 31, 2025, the BBA was $720.0 million, which will amortize as the RBL moves towards 
final maturity.
The principal bears interest at Term SOFR + 4.00% until June 2025, then Term SOFR + 4.25% until June 2027, then Term SOFR + 4.50% 
until final maturity on January 1, 2029. In addition, commitment fees of 40% of the margin are payable on the undrawn but available 
portion of the RBL, and commitment fees of 20% of the margin are payable on the unavailable portion of the RBL. 
The RBL perimeter remains at the Prime level - Prime is the borrower, and Prime 127 Nigeria Limited and Prime 130 Nigeria Limited 
are the guarantors. The main security package is comprised of security over the shares, production assets, contracts and rights of the 
Nigerian entities - Prime 127 and Prime 130. In addition, RBL lenders have security over cash and cash equivalents held in project 
accounts, receivables against cargos sold and all relevant insurance policies of the three Prime entities. 
All financial and liquidity covenants covered the RBL are restricted to these three entities. The Prime entities shall ensure that total net 
debt to adjusted EBITDAX on each quarter is no greater than 3.0:1, that the historic debt service cover ratio for the preceding year is 
greater than 1.20:1, and that on each quarter of each year during each of the four successive quarters there are or will be sufficient 
funds available to the group to meet all relevant expenditure to be incurred in each of these four successive quarters as they fall due. 
The Company has been in compliance with the covenants in the three months ended March 31, 2025.
In case the BBA would reduce to an amount below the outstanding RBL balance, the Company would be required to repay the 
difference immediately.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
B. Corporate Facility
On May 21, 2024, the Company amended its existing Corporate Facility. At any point before Prime refinances its debt, the availability 
under the Corporate Facility will now be $65.0 million until June 30, 2025, $43.0 million from July 1, 2025, until June 30, 2026, and 
$22.0 million from July 1, 2026, to May 21, 2027, i.e. its new final maturity date. After Prime refinances its debt, the availability under 
the Corporate Facility will be $125.0 million until June 30, 2026, and $63.0 million from July 1, 2026, until May 21, 2027. Commitment 
fees of 40% of the margin are payable on the undrawn available portion of the Corporate Facility and commitment fees of 15% of the 
margin are payable on the unavailable portion of the Corporate Facility. The Corporate Facility carries interest of 1 month-SOFR plus a 
margin of 6.5% in the first year from May 21, 2024, 7.0% in the second year and 7.5% in the third year.
The Company provided security in respect of the Corporate Facility mainly in the form of a share pledge over the shares of PetroVida 
(which holds 50% of Prime), and a charge over the bank account into which the Prime distributions are paid. 
The Corporate Facility is subject to financial and liquidity covenants. The Company shall ensure that total net debt to adjusted EBITDAX 
on June 30 and December 31 of each year is no greater than 3.0:1, the FLCR ratio on March 31 and September 30 of each year is not 
less than 1.1:1 and that from March 31 and September 30 of each year during each of the four successive quarters there are or will be 
sufficient funds available to the group to meet all relevant expenditure to be incurred in each of these four successive quarters as they 
fall due. The Company has been in compliance with the covenants in the three months ended March 31, 2025.
16. Trade and other payables:
 
March 31,  
2025
December 31,  
2024
Short-term payables with partners 115.6 -
Crude oil overlift payable 20.0 -
Accruals 21.9 7.7
Other payables 4.9 2.0
Total trade and other payables 162.4 9.7
17. Dividends payable:
On March 20, 2025, the Company declared the first quarterly dividend of approximately $25.0 million or $0.0371 per share with 
payments made to shareholders during April 2025.
18. Commitments and contingencies:
A. Investment in Prime:
Under the Prime Sale and Purchase Agreement completed on January 14, 2020, a deferred payment of $118.0 million, subject to 
adjustment, may be due to the seller contingent upon the timing of the final PML 52 tract participation in the Agbami field. The signing 
of the Securitization Agreement by Prime in 2021 led to the Company reassessing its view of the likelihood of making a contingent 
consideration payment to the seller. The signing of the Securitization Agreement by Prime does not constitute a redetermination of the 
tract participation and therefore does not trigger the payment of a contingent consideration under the Sale and Purchase Agreement 
but, at the Company’s discretion, could trigger discussions with the seller. The outcome of this process is uncertain. In 2021, the 
Company recorded $32.0 million as contingent consideration and increased this to $40.4 million as at December 31, 2024, and to 
$41.1 million in the three months ended March 31, 2025. 
B. Withdrawal from Kenya:
On May 23, 2023, the Kenya entities along with TotalEnergies submitted withdrawal notices to the remaining joint venture party on 
Blocks 10BB, 13T and 10BA in Kenya, to unconditionally and irrevocably, withdraw from the entirety of the JOAs and PSCs for these 
concessions. The Company concurrently submitted notices to Ministry of Energy and Petroleum, requesting the government’s consent 
to transfer all of its rights and future obligations under the PSCs to its remaining joint venture party. Government consent to the transfer 
remained outstanding as at March 31, 2025. In accordance with the JOA and PSC the Company retains economic participation for 
activities prior to June 30, 2023, which might result in additional costs for the Company. The Company continues to monitor the claim 
made against the operator by local communities in relation to past operations which may relate to the period prior to June 30, 2023. 
No provision has been recognized for this as at March 31, 2025. 
C. Securities and guarantees
Under the conditions of the RBL facility, the main security package is comprised of security over the shares, production assets, contracts 
and rights of the Nigerian entities Prime 127 and Prime 130, cash and cash equivalents in the amount of $234.7 million as per March 31, 
2025, that are held within the projects accounts in Nigeria and The Netherlands, proceeds from the oil cargos sold and proceeds from 
the intercompany receivables between the Company and the Nigerian entities. Further, any and all claims relating to, and all returns of 
premium in respect of, all relevant insurance policies have been secured.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
D. Commitments from forward sales
The Group uses a mix of financial derivatives and physical forward sales contracts to manage its commodity price risk and ensure 
stability in cash flows. Its strategy is to hedge approximately 50-70% of its next 12-months’ scheduled cargos. As at March 31, 2025, four 
cargos of the Group’s expected lifted entitlement production for the remainder of 2025 are covered by forward contracts. The average 
cargo lifted is for 1 million barrels of oil. The Group’s triggers for the four cargos covered by forward contracts have been triggered in 
April 2025 at an average of $64 per barrel.
19. Segment information:
The Group operates within several geographical areas. All revenue and therefore gross profit as reported by the Company is currently 
derived from operations in Nigeria. 
For segment information about oil and gas properties and intangible exploration assets, see Note 5 and 6.
20. Revenue:
Revenue for the three months ended March 31, 2025, and March 31, 2024, is comprised of the following:              
For the three months ended  
March 31,  
2025
March 31,  
2024
Oil revenue 75.7 -
Gas revenue 0.7 -
Total revenue 76.4 -
 
21. Production costs:
Production costs for the three months ended March 31, 2025, and March 31, 2024, is comprised of the following:
For the three months ended  
March 31,  
2025
March 31,  
2024
Cost of operations 7.4 -
Movements on overlift/underlift balances 41.9 -
Royalties 1.5 -
Others 0.4 -
Total production costs 51.2 -
22. Finance income:
For the three months ended  
March 31,  
2025
March 31,  
2024
Interest income on cash and cash equivalents 0.9 2.6
Interest income from associated companies 0.2 0.1
Total finance income 1.1 2.7
23. Finance expense:
For the three months ended  
March 31,  
2025
March 31,  
2024
Interest expense on RBL 1.6 -
Commitment fees 0.6 1.1
Interest expense on lease liability 0.1 0.1
Unwinding of site restoration provision 0.5 0.1
Total finance expense 2.8 1.3
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
24. Income tax:
For the three months ended  
March 31,  
2025
March 31,  
2024
Current tax expense 16.0 -
Deferred tax income (12.2) -
Total income tax 3.8 -
 
 
The current tax expense includes corporate income tax, an Education Tax which is imposed on every Nigerian company at a rate of 3.0% 
of the assessable profit, a Naseni (“National Agency for Science and Engineering Infrastructure’) Levy that is imposed in Nigeria based 
on 0.25% of profits before tax and a Police Fund Levy, based on 0.005% of net profit.
25. Net income per share:
For the three months ended March 31, 2025 March 31,2024
          Weighted Average            Weighted Average
    Net income
Number of 
shares
Per share 
amounts Net income
Number  
of shares
Per share 
amounts
Basic income per share
Net income attributable to  
common shareholders 50.9 468,472,433 0.11 3.5 460,990,598 0.01
Effect of dilutive securities - 8,364,249 - - 13,755,026 -
Dilutive income per share 50.9 476,836,682 0.11 3.5 474,745,624 0.01
 
In the three months ended March 31, 2025, the Company used an average market price of CAD $1.97 per share (three months ended 
March 31, 2024 – CAD $2.32) to calculate the dilutive effect of share purchase options. Dilutive securities include share purchase 
options, RSUs and PSUs as the inclusion of these reduces the net income per share. In the three months ended March 31, 2025, 172,123 
options, 626,753 RSUs and 7,565,373 PSUs were anti-dilutive and were not included in the calculation of dilutive income per share 
(three months ended March 31, 2024, 500,255 options were anti-dilutive). PSU’s are awarded a performance multiple ranging from nil 
to 200% which leads to an increase in the dilutive and anti-dilutive potential of these instruments. 
26. Related party transactions:
A. Transactions with Africa Energy:
On December 19, 2022, Africa Energy announced that it had secured a $5.0 million promissory note of which $2.0 million was provided 
by the Company and the remaining by other parties. On November 7, 2023, the promissory note provided by the Company and other 
parties to Africa Energy was increased by $3.3 million with $1.5 million of the increase provided by the Company by the end of the year 
ended December 31, 2024. No funds were provided in the three months ended March 31, 2025, and $0.3 million was provided in the 
three months ended March 31, 2024. The note was unsecured and matured on March 31, 2025, when the principal and accrued interest 
was repaid by Africa Energy in full. The note carried an annual interest rate of 15%. In the three months ended March 31, 2025, interest 
on the note amounted to $0.2 million (three months ended March 31, 2024 - $0.1 million). 
B. Transactions with Eco:
On July 26, 2024, the Company signed an agreement with Eco to acquire an additional 1.0% interest in Block 3B/4B from Azinam 
Limited, Eco’s wholly owned subsidiary, in exchange for all common shares and warrants over common shares held by the Company 
in Eco. On January 13, 2025, the Company announced that it had completed this transaction. The Company’s interest in Block 3B/4B 
increased by 1.0% to 18.0% and the Company ceased to be a shareholder in Eco. Africa Oil will benefit from the carry agreed between 
Eco, TotalEnergies and QatarEnergy for this incremental interest.  
C. Transactions with Impact:
On January 29, 2025, Impact distributed $31.6 million net to the Company’s shareholding.
D. Transactions with BTG Oil & Gas:
The Company has recorded an indemnity asset of $21.6 million recognized under the deed of indemnity entered into between the 
Company and BTG Oil & Gas (see note 14).  
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
27. Financial risk management:
The Company’s activities expose it to a variety of financial risks that arise as a result of its exploration, appraisal and financing activities 
such as:
• credit risk;
• liquidity risk; and
• market risk.
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and 
processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are included 
throughout these interim condensed consolidated financial statements.
A. Credit risk:
Credit risk is the risk of loss if counterparties do not fulfill their contractual obligations. The majority of the Company’s credit exposure 
relates to amounts due from the Company’s joint venture parties and a credit facility with Africa Energy. The risk of the Company’s 
joint venture parties defaulting on their obligations per their respective joint operating and farmout agreements is mitigated as there 
are contractual provisions allowing the Company to default joint venture parties who are non-performing and reacquire any previous 
farmed out working interests. The maximum exposure for the Company is equal to the sum of its cash and accounts receivable. As 
at March 31, 2025, the Company held $20.3 million (as at December 31, 2024 - $1.1 million) of cash in financial institutions outside 
of Canada, the Netherlands, Sweden and the UK. The Company also held $21.0 million (as at December 31, 2024 – $20.9 million) in 
short-term deposits in countries outside of Canada, the Netherlands and the UK with lending banks in the Corporate Facility with stable 
credit ratings. 
B. Liquidity risk:
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Liquidity describes a 
company’s ability to access cash. Companies operating in the upstream oil and gas industry, during the exploration and development 
phase, require sufficient cash in order to fulfill their work commitments in accordance with contractual obligations, deliver stated 
shareholder returns, and to be able to potentially acquire strategic oil and gas assets. 
The Company will potentially issue equity and debt and enter into farmout agreements with joint venture parties to ensure the Company 
has sufficient available funds to meet current and foreseeable financial requirements. The Company actively monitors its liquidity to 
ensure that its cash flows and working capital are adequate to support these financial obligations and the Company’s capital programs. 
At March 31, 2025, the Company had $428.4 million of cash, $100.0 million of the RBL available and $65.0 million of the Corporate 
Facility available which provides the liquidity to fund operations and allows for increased liquidity if required for operations and 
acquisitions. The RBL matures on June 20, 2029, but amortizes each quarter as per the lower of commitments and the BBA. The 
Corporate Facility is available until May 21, 2027, and has a maturity of May 21, 2027 (see note 15). 
The Company will also adjust the pace of its exploration and appraisal activities and any M&A activity to manage its liquidity position. The 
existing cash balance, the undrawn amounts under both facilities and cash flow from operations, are sufficient to fund the Company’s 
obligations as they become due.
In relation to the amounts drawn under the RBL as at March 31, 2025, the Company has $100.4 million of liabilities that mature on 
September 30, 2025, based on the currently approved BBA profile, subject to the results of the next redetermination. A further $113.3 
million will mature between six months and one year, $131.9 million will mature between one year and two years with the remaining 
balance of $274.4 million due between two and five years (as at December 31, 2024 – no maturities of its material contractual liabilities 
in excess of six months).
C. Market risk:
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity prices and share prices, 
will affect the Company’s income or the value of the financial instruments. 
i. Foreign currency exchange rate risk:
The Company is exposed to changes in foreign exchange rates as expenses in international subsidiaries, oil and gas expenditures, or 
financial instruments may fluctuate due to changes in rates.  The Company’s exposure to foreign currency exchange risk is mitigated by 
the fact that the Company sources the majority of its capital projects and expenditures in US dollars. The Company has not entered into 
any instruments to manage foreign exchange risk. 
ii. Interest rate risk:
The RBL and Corporate Facility have a variable interest rate, that is referenced to SOFR and exposes the Company to interest rate risk 
when drawn. 
iii. Commodity price risk:
The Company has a direct interest in three producing fields within PMLs 2, 3 and 52, all with significant levels of production. Its 
strategy is to hedge approximately 50-70% of its next 12-months’ scheduled cargos. Physical sales are with counterparties including oil 
supermajors. The counterparties are part of groups with investment grade credit ratings.

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Report to Shareholders  | March 31, 2025 Africa Oil Corp.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
28. Subsequent events:
On May 14, 2025, the Company’s Board has declared the second quarterly dividend in 2025 of approximately $25.0 million ($0.0371 
per share) payable in June 2025 to shareholders of record at the close of business on May 26, 2025.
The Company reduced the RBL debt balance by $80.0 million and has commenced the process to cancel its $65.0 million Corporate 
Facility, which remains undrawn.

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AFRICAOILCORP .COM