Africa Oil Announces Spud of Sabisa Well in South Omo Permit

Africa Oil Announces Spud of Sabisa Well in South Omo Permit in
Ethiopia 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Africa Oil
Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI) (OMX:AOI) is
pleased to announce the commencement of drilling operations on the
Sabisa-1 well in the South Omo Block in Ethiopia. The well was spud
on January 13, 2013 by the Operator, Tullow Oil Plc ("Tullow") and is
currently drilling ahead. The well is expected to take approximately
60 days to reach the planned total depth of 2,600 meters. Africa Oil
holds a 30% working interest in the block with Tullow holding a 50%
interest and Agriterra Limited ("Agriterra") holding the remaining
20% interest. Marathon Oil Ethiopia B.V. ("Marathon") has announced a
transaction to purchase Agriterra's interest in the South Omo Block.
This transaction is subject to Ethiopian Government approval.  
The South Omo Block is located in the northern portion of the
Tertiary East African Rift trend where Africa Oil and their partner,
Tullow, have made two significant discoveries in the Lokichar Basin
of Kenya. The Sabisa well is located on a similar structural feature
as those two discoveries, along a major basinal fault trend. The
basin that this well is located in is slightly younger in age than
the Lokichar Basin. One of the primary goals of this well is to prove
that the petroleum system extends to the north which could open up a
new sub-basin if successful. There are numerous prospects and leads
on trend with Sabisa. Partners are currently acquiring 1,000 km of 2D
seismic data in the Chew Bahir Basin, located in the eastern portion
of the block. Prospects identified from this newly acquired survey
could provide future drilling candidates that would test another
sub-basin within the Tertiary rift trend.  
Africa Oil President Keith Hill commented, "This is an exciting well
which has the potential to de-risk a large portion of our current
portfolio of prospects. With the aggressive exploration campaign
planned with our partners Tullow and Marathon in 2013, we will have
the opportunity to dramatically change the profile of the Company in
the upcoming year. With our recent financing completed, we are well
situated to execute one of the most exciting exploration campaigns in
the world class East African play fairway." 
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
 
 
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