Africa Oil Operations Update

Africa Oil Operations Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/13 -- Africa Oil
Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is
pleased to provide the following update on its operations in Kenya
and Ethiopia. 
With two significant oil finds achieved to date, the Company and
operating partner, Tullow Oil plc, continue their very aggressive
2013 drill program on the newly discovered East African play fairway.
The partnership currently has three rigs active in the area. 
The testing program on the Twiga discovery well is underway with
final results expected to be announced in early February. Five zones
are being tested. Based on analysis of the electrical logs,
conventional and sidewall cores and MDT sampling program, the Company
estimates a flow rate of approximately 500 bopd per interval. It is
important to note that the test results may be limited by the size
and capacity of the pump and testing equipment being used and a
number of other factors including reservoir characteristics and
pressure.  
Drilling operations continue at the Paipai prospect in Kenya Block
10A which is preparing to drill ahead at 3,850 meters after setting 9
5/8" casing. The well has penetrated a shaly interval which is
believed to be a potential top seal for the main objective reservoirs
of Lower Cretaceous and possibly Jurassic age. The well is expected
to reach total depth in the first half of February. 
In Ethiopia, the Sabisa well in the South Omo block is expected to
commence drilling by the end of January. 
In addition, the Company reports that it has terminated its interest
in Blocks 7 and 11 in Mali and been released from all future
obligations in relation to these Blocks. The Company previously
wrote-off its capitalized costs related to Mali during the first
quarter of 2012, recognizing a $3.1 million impairment.  
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. 
About Africa Oil 
Africa Oil Corp. is a Canadian oil and gas company with assets in
Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its
approximate 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 250,000 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 Oil plc hold 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". 
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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