Preheat the oven to 325°F. Oil an 8×2-inch round cake pan with olive oil and line the bottom of the pan with round-cut parchment paper. Oil the paper and dust pan lightly with cocoa.
In a microwave bowl, boil ½ cup of water. Meanwhile, sift the cocoa powder into a bowl. Stir 6 tablespoons of the boiling water into the cocoa until it’s smooth and glossy. Add extra water if needed. Stir in the vanilla and almond extracts. Set aside to cool.
In another small bowl, mix together the flour, salt, and baking soda and set aside.
In the bowl of a stand mixer, combine the eggs and yolk, olive oil, and sugar. Beat on medium-high speed 2-3 minutes until thick and creamy. Reduce the speed to low and gradually add the cooled cocoa mixture until it’s well combined, scraping down the sides of the bowl. Gradually mix in the dry ingredients until just combined, scraping down the sides of the bowl.
Place wet, bake-even strips* around the outside of the cake pan and secure.
Pour the batter into the prepared cake pan.
Bake in the center of the oven on the middle rack until a toothpick comes out with a few moist crumbs clinging to it but with no wet batter, 55 to 60 minutes. Let cool for a few minutes. Then run a thin knife around the inside edge to release the cake. Turn the cake out on a cooling rack and discard the paper liner. Cool completely.