Zebra Holdings and Investments (Guernsey) Limited Acquires Shares of Africa Energy Corp.

ST PETER PORT, GUERNSEY--(Marketwired - Nov. 16, 2016) - Zebra Holdings and Investments (Guernsey) Limited, a company controlled by a trust settled by the late Adolf H. Lundin, incorporated under the laws of Guernsey, 1^st and 2^nd Floors, Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey GY1 4LX, announced today that pursuant to a private placement it had acquired 10,000,000 common shares of Africa Energy Corp. (TSX VENTURE:AFE) at a price of Cdn$ 0.25 per share representing approximately 3.13% of Africa Energy's outstanding shares subsequent to the completion of the private placement. As a result of this acquisition, Zebra will hold 57,076,544 common shares or approximately 17.88% of Africa Energy's issued and outstanding share capital.

Zebra has acquired the shares for investment purposes and may from time to time increase or decrease its investment in Africa Energy depending upon the business and prospects of Africa Energy 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.