Lorito Holdings (Guernsey) Limited and Zebra Holdings and Investments (Guernsey) Limited as Joint Actors Acquire Common Shares of Africa Energy Corp.

ST PETER PORT, Guernsey, May 4, 2018 /CNW/ - Lorito Holdings and Investments (Guernsey) Limited ("Lorito") and Zebra Holdings and Investments (Guernsey) Limited ("Zebra"), 1^st & 2^nd Floors, Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey GY1 1EW, two companies controlled by a trust settled by the late Adolf H. Lundin, announced today that they have acquired directly from Africa Energy Corp. (« Africa Energy» or the « Company ») (TSX-V:AFE/NASDAQ FIRST NORTH:AEC) 23,650,000 common shares for US$0.1242 (Can$0.16) per common share, representing approximately 7.41% of the Company's then issued and outstanding share capital. The common shares were acquired pursuant to a private placement announced by the Company on April 24, 2018 for a total consideration of US$2,937,330.—(Can$3,784,000.--).

Prior to the Offering, Lorito owned no common shares or 0% and Zebra owned 57,076,544 common shares or approximately 17.88% of the then issued and outstanding shares of Africa Energy. As a result of this acquisition, Lorito now holds 11,825,000 common shares or approximately 1.73% and Zebra now holds 68,901,544 common shares or approximately 10.11% of the issued and outstanding common shares of Africa Energy. Collectively, Lorito and Zebra now own and exercise control over 80,726,544 common shares or approximately 11.84% of the Company's issued and outstanding share capital.

Lorito and Zebra are joint actors with respect to their common shares of Africa Energy which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in the shares of Africa Energy depending upon the business and prospects of the Company and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574

SOURCE Zebra Holdings & Investments S.a.r.l.

Aksel Azrac, Telephone Number: 011 41 22 595 1875