Africa Oil Corp. reiterated the oil price hedges arranged by its investee company, Prime Oil & Gas B.V. ("Prime"). These will significantly mitigate the impact of recent drop in global oil prices on the cash flows from operating activities net to Africa Oil's 50% shareholding in Prime, that were recently announced as part of the Company's 2020 Management Guidance. Prime's hedging program has resulted in 95% of its 2020 production to have been hedged at an average price of USD 66.0 per barrel, and 28% of its 2021 production to have been hedged at an average price of USD 60.0 per barrel. The 2020 hedging program is comprised of physical forward sales and swaps of Prime's oil cargoes to a group of buyers including major oil companies and commodity trading houses. These counter parties are part of groups with investment grade credit ratings. As previously stated, Africa Oil's 2020 Management Guidance includes estimates of average daily working interest ("W.I.") production range of 30,000­33,000 barrels of oil equivalent per day ("boe/d") and net entitlement production1 range of 35,000-38,000 boe/d net to AOI's 50% shareholding in Prime, with more than 85% expected to be medium and light oil.