First Energy Africa Oil strengthens board with appointments of industry veterans Simon Akit and Frederick Kozak

– New directors bring 60 years of combined capital markets and resource industry expertise

First Energy Africa Oil (“First Energy Africa” or the “Corporation”), a Calgary-based energy corporation, has announced the appointment of Simon Akit and Frederick Kozak to its Board of Directors, effective July 7, 2026.

The appointments reinforce the Corporation’s commitment to strengthening its governance and strategic capabilities as it pursues exploration and block acquisition opportunities across Sub-Saharan Africa. Together, Mr. Akit and Mr. Kozak bring more than six decades of combined experience spanning capital markets, engineering, corporate finance, oil and gas exploration, project evaluation, and resource development across Africa, North America, and South America.

Mr. Akit brings more than 25 years of experience in Canadian and U.S. capital markets and seven years of engineering and operations experience in the resource industry. He has held senior capital markets and leadership roles at Ventum Financial, Canaccord Genuity, among others, and has raised more than $5 billion in equity and debt financing for resource companies from institutional investors across Canada, the United States, Europe, and Asia.

Over the course of his career, Mr. Akit has advised international energy companies on capital formation and investment strategy, with particular expertise in financing resource projects in emerging markets. His experience provides deep insight into the evolving funding landscape for African energy projects, where capital increasingly comes from private investors, international funds, and regional financial institutions. He also brings extensive knowledge of the factors investors consider when evaluating long-term resource opportunities, including political stability, regulatory certainty, fiscal frameworks, and governance.

On his part, Mr. Akit holds an MBA from the Rotman School of Management at the University of Toronto. He is a Professional Engineer (APEGA) and currently serves on the boards of several public and private companies.

Mr. Kozak, a former oil and gas research analyst at Canaccord Genuity, is an award-winning financial and corporate planner with more than 40 years of experience in the resource and capital markets sectors across Africa and South America. Throughout his career, he has advised companies on exploration strategy, project economics, corporate development, and resource valuation.

His experience includes evaluating frontier exploration opportunities and working with companies operating in emerging energy jurisdictions. Having closely followed the development of resource markets across multiple continents, Mr. Kozak brings valuable insight into how stable fiscal regimes, balanced production-sharing arrangements, and long-term policy consistency can help countries attract investment while ensuring sustainable economic benefits for their citizens. He also brings practical expertise in aligning technical execution, financing, stakeholder coordination, and project planning to improve delivery timelines and reduce execution risk on large-scale energy developments.

Mr. Kozak holds an MBA from the Ivey School of Business at the University of Western Ontario. He is a Professional Engineer (APEGA) with Lifetime status in Alberta and currently serves on the boards of one public company and one private company.

“Simon and Fred are bringing complementary technical and capital markets seniority required for our complex business. We are confident their contributions will set the right approach on our strategic priorities,” said Jeff Ruskowsky, President of First Energy Africa Oil.

“Simon’s experience raising capital for resource companies and advising investors, combined with Fred’s decades of expertise in exploration, corporate strategy, and international energy markets, significantly strengthens our Board as we continue evaluating opportunities across sub-Saharan Africa.”

About First Energy Africa Oil

First Energy Africa Oil is a privately held Canadian corporation pursuing exploration and block acquisitions in sub-Saharan Africa. Headquartered in Calgary, Alberta, the Corporation is focused on identifying and developing high-potential energy opportunities while fostering long-term partnerships that support responsible resource development and sustainable value creation.