Oil and Gas Exploration in Africa

The Company

Board of Directors

William Lundin

Chairman and Director

Mr. William Lundin is the Chief Operating Officer of International Petroleum Corp. Prior to that he served in production operation departments at International Petroleum Corp. and BlackPearl Resources Inc. William holds a degree in Mineral Resource Engineering from Dalhousie University and is a registered professional engineer in Canada. Mr. Lundin is also currently a Director of ShaMaran Petroleum Corp. and the Lundin Foundation.

Mr. Lundin has been on the board of Africa Energy since June 2021. He is Chair of the Compensation Committee and a member of the Audit, Corporate Governance and Nominating Committee and the Reserves Committee. In the Company's opinion, Mr. Lundin is independent of the Company and executive management.

Garrett Soden

President, CEO and Director

Mr. Garrett Soden has worked with the Lundin Group for more than a decade and has extensive experience as a senior executive and board member of various public companies in the natural resources sector. Mr. Soden is currently a Non-Executive Director of Gulf Keystone Petroleum Ltd. and Panoro Energy ASA. He holds a BSc honours degree from the London School of Economics and an MBA from Columbia Business School.

Mr. Soden has been President, Chief Executive Officer and Director of Africa Energy Corp. since July 2017. He is a member of the Reserves Commttee. Mr. Soden is not considered to be independent of the Company and executive management. In the Company's opinion, he is independent of the Company's principal owners.

Siraj Ahmed

Director

Mr. Siraj Ahmed has been Chief Executive Officer of Impact Oil & Gas Limited since 2018, and prior to that served as General Counsel at Impact Oil & Gas Limited since 2014. Mr. Ahmed started his career in the legal profession at international law firm, Linklaters LLP.

Mr. Ahmed has been on the board of Africa Energy since June 2021. He is Chair of the Corporate Governance and Nominating Committee and a member of the Audit Committee. In the Company's opinion, Mr. Ahmed is independent of the Company and executive management.

Johnny Copelyn

Director

Mr. Johnny Copelyn is the CEO of HCI and the chair of various of its subsidiaries including Tsogo Sun Gaming Ltd., Tsogo Sun Hotels Ltd., eMedia Holdings, and Deneb Investments Limited. Mr. Copeyln is the Non-Executive Chairman of Impact Oil and Gas. He was also an ANC Member of Parliament in the first democratic parliament of South Africa from 1994 to 1997 and the General Secretary of the SA Clothing and Textile Workers Union for many years before that. Professionally he is an attorney.

Mr. Copelyn has been a director of Africa Energy since October 2020. In the Company's opinion, Mr. Copelyn is independent of the Company and executive management.

Keith Hill

Director

Mr. Keith Hill has over 35 years experience in the oil industry including over 20 years with the Lundin Group as well as international new venture management and senior exploration positions at Occidental Petroleum and Shell Oil Company. His education includes a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as an MBA from the University of St. Thomas in Houston. Mr. Hill is the President and Chief Executive Officer and a Director of Africa Oil Corp., a publicly traded oil and gas development and production company with assets in Nigeria and Kenya. He is also a Director of TAG Oil Ltd. and Eco (Atlantic) Oil & Gas Ltd. He was formerly Chairman of ShaMaran Petroleum Corp., Director of BlackPearl Resources Inc., Chairman and Director of Petro Vista Energy Corp. (now 3 Sixty Risk Solutions Ltd. Director of Tyner Resources Ltd., President and Chief Executive Officer of Pearl Exploration and Production Ltd. renamed BlackPearl Resources Inc.), Valkyries Petroleum Corp. and Bayou Bend Petroleum (now ShaMaran Petroleum Corp.).

Mr. Hill has been a Director of Africa Energy Corp. since September 2011 (Chairman from September 20, 2011 to July 7, 2016). He is Chair of the Reserves Committee and a member of the Compensation Committee. In the Company's opinion, Mr. Hill is independent of the Company and executive management.

Pascal Nicodeme

Director

Mr. Nicodeme has over 17 years' experience in the oil and gas industry and banking. He began his career as a field geophysicist for Total. Mr. Nicodeme joined Perenco in 2002, where he ran the group cost and management control and subsequently became group finance manager, then deputy general manager of the UK branch. Mr. Nicodeme then joined the banking industry and held management positions in the Reserve Based Lending and Project Finance and Advisory teams of several banking institutions, including Natixis, Credit Agricole CIB and Standard Chartered Bank. Mr. Nicodeme joined NewAge in 2015 and was appointed interim CEO in 2019. Mr. Nicodeme currently serves as Chief Financial Officer of Africa Oil Corp. He holds an engineering degree from the Ecole Polytechnique, a MSc from the French Institute of Petroleum and an MBA from INSEAD.

Mr. Nicodeme has been a Director of Africa Energy Corp. since June 2022. He is Chair of the Audit Committee and a member of the Compensation Committee and the Corporate Governance and Nominating Committee. In the Company's opinion, Mr. Nicodeme is independent of the Company and executive management.