Africa Oil Announces US$450 Million Brokered Private Placement

Africa Oil Announces US$450 Million Brokered Private Placement 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/16/13 --  
Africa Oil Corp. ("Africa Oil" or the "Company") (TSX
VENTURE:AOI)(OMX:AOI) reports that it has agreed to sell, on a
brokered, private placement basis, an aggregate of up to 56,505,217
common shares at a price of SEK 51.75 (Cdn $8.25(1) equivalent), per
share for gross proceeds of up to SEK 2,924,144,980, or US
$450,000,000 equivalent (the "Offering"). 
The common shares will be placed on a best efforts basis by a
syndicate comprising of Citigroup Global Markets Limited, Dundee
Securities Europe LLP and Pareto Securities AS, who together will act
as joint bookrunners (the "Joint Bookrunners").  
Net proceeds of the private placement will be used to fund the
Company's future exploration, appraisal and development program in
East Africa, as well as for corporate development and general working
capital purposes. 
The Company has received substantial support for the Offering from
both existing shareholders and new institutional investors. 
An application will be made to the TSX Venture Exchange (the "TSXV")
for approval of the Offering and the new shares will be listed on
NASDAQ OMX First North Stockholm. Closing of the Offering is subject
to regulatory approval and certain other customary conditions
including, but not limited to, the execution of a definitive agency
agreement between the Company and the Joint Bookrunners. Closing of
the Offering is expected to occur on or about October 28, 2013, or
such other dates as the Company and the Joint Bookrunners may agree. 
Common shares issued to Canadian residents will be subject to resale
restrictions under Canadian securities laws for a period of four
months plus one day from the date of the closing of the Offering.
Subject to applicable securities laws, common shares issued to
residents outside of Canada pursuant to the Offering may not be sold,
transferred or otherwise disposed of on the TSXV or, except pursuant
to an exemption from prospectus requirements under Canadian
securities laws, to any person in Canada or otherwise into Canada for
a period of four months plus one day from the
 date of the closing of
the Offering. 
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or applicable state
securities laws, and may not be offered or sold in the United States
absent registration or an exemption from such registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. 

(1) Based on Bloomberg time stamp exchange rates as at 4pm BST October 15,
    2013 as follows:                                                  
      USD SEK        6.4981                                            
      CAD SEK        6.2682                                            

About Africa Oil 
Africa Oil Corp. is a Canadian oil and gas company with assets in
Kenya and Ethiopia as well as Puntland (Somalia) through its 45%
equity interest in Horn Petroleum Corporation. Africa Oil's East
African holdings are 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. Four new
significant discoveries have been announced in the Northern Kenyan
basin in which the Company holds a 50% interest along with operator
Tullow Oil plc. 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. 
Keith C. Hill, President and CEO 
Africa Oil's Certified Advisor on NASDAQ OMX First North Stockholm is
Pareto Securities 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. 
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
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