Africa Oil Announces Second Significant Oil Discovery in

Africa Oil Announces Second Significant Oil Discovery in Kenya at
Twiga South-1 Well 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/12 -- Africa Oil
Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is
pleased to announce the second significant oil discovery in Kenya at
the Twiga South-1 well. The Twiga South-1 exploration well, located
in Block 13T, onshore Kenya, has encountered 30 metres of net oil pay
in Tertiary sandstone reservoirs with further potential to be
assessed by testing. In addition, the well has also encountered a
thick sequence of fractured rock section exhibiting oil and wet gas
shows over a gross interval of 796 metres. 
Twiga South-1 has been drilled to a total depth of 3,250 metres and
has been successfully logged and sampled. Three sandstone reservoir
units, analogous to Ngamia-1, were encountered and moveable oil, with
an API greater than 30 degrees, has been recovered to surface from
all three zones. Further potential exists up dip of the well and will
be subsequently appraised.  
In addition to the net pay in shallower reservoirs, the well also
penetrated a thick section of lower porosity fractured rocks below
2,272 metres that had extensive hydrocarbon shows over a gross
interval of 796 metres. Moveable oil with an API greater than 30
degrees was also successfully sampled from this section. This
fractured rock section is a new play-type for the region that will be
further evaluated by testing to understand its extent and any
productive potential. 
The Twiga South structure is the second prospect to be tested in the
Lokichar Basin as part of a multi-well drilling campaign in Kenya and
Ethiopia and is the first oil discovery in Block 13T. It is located
over 22km to the north of the Ngamia-1 discovery and further de-risks
a number of other similar features on the western margin of the
basin.  
A series of flow tests will now be conducted on the well over the
next 4-8 weeks. Following completion of the testing program, the rig
will move back to flow test the Ngamia-1 well. 
Elsewhere in Africa Oil's East African Rift basin portfolio, the
Paipai-1 well in Block 10A in Kenya is drilling as planned and
results are expected to be released by the end of the year.
Mobilization of the drilling rig for the Sabisa-1 well in the South
Omo Block in Ethiopia is proceeding and the well is expected to
commence drilling by the end of December.  
Keith Hill, President and CEO of Africa Oil commented, "This second
discovery, immediately following the basin-opening Ngamia-1 well
result earlier this year, reaffirms the considerable prospectivity of
the Lokichar Basin. Of notable interest, is the new fractured play
opportunity which has been encountered for the first time in East
Africa. We are very pleased with these exciting results to date and
have significantly expanded our plans in Kenya and Ethiopia. With
over 100 significant prospects and leads identified and an active
drilling program with at least 3 drilling rigs operational, there is
much to look forward to in 2013 as the exploration campaign and
testing program move ahead." 
The Twiga South-1 well is operated by Tullow Oil plc who hold a 50%
working interest. Africa Oil holds the remaining 50% interest. 
Africa Oil Corp. is a Canadian oil and gas company with assets in
Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its
45% equity interest in Horn Petroleum Corporation. Africa Oil's East
African holdings are in within a world-class exploration play fairway
with a total gross land package in this prolific region in excess of
300,000 square kilometers. The East African Rift Basin system is one
of the last of the great rift basins to be explored. New discoveries
have been announced on all sides of Africa Oil's virtually unexplored
land position including the major Albert Graben oil discovery in
neighboring Uganda. Africa Oil's recent Ngamia-1 discovery extends
the Albert Graben play into Kenya where Africa Oil along with partner
Tullow holds a dominant acreage position. Newly acquired seismic and
gravity data show robust leads and prospects throughout Africa Oil's
project areas. The Company is listed on the TSX Venture Exchange and
on First North at NASDAQ OMX-Stockholm under the symbol "AOI". 
FORWARD-LOOKING STATEMENTS 
Certain statements made and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities. Forward-looking statements include, but are not
limited to, statements with respect to estimates of reserves and or
resources, future production levels, future capital expenditures and
their allocation to exploration and development activities, future
drilling and other exploration and development activities, ultimate
recovery of reserves or resources and dates by which certain areas
will be explored, developed or reach expected operating capacity,
that are based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management. 
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable
reserves and resource estimates may also be deemed to constitute
forward-looking statements and reflect conclusions that are based on
certain assumptions that the reserves and resources can be
economically exploited. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"seek", "anticipate", "plan", "continue", "estimate", "expect, "may",
"will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and similar expressions) are
not statements of historical fact and may be "forward-looking
statements". Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results
or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements,
except as required by applicable laws. These forward-looking
statements involve risks and uncertainties relating to, among other
things, changes in oil prices, results of exploration and development
activities, uninsured risks, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government or
other regulatory approvals, actual performance of facilities,
availability of financing on reasonable terms, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. Actual results may differ materially from
those expressed or implied by such forward-looking statements. 
ON BEHALF OF THE BOARD 
Keith C. Hill, President and CEO 
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto
Ohman AB. 
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
 
 
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