Africa Oil Provides Operations Update

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Africa Oil Corp. 
TSX VENTURE SYMBOL:  AOI
OMX SYMBOL:  AOI
NASDAQ SYMBOL:  AOI 
FEBRUARY 12, 2014 
Africa Oil Provides Operations Update 
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2014) - Africa Oil Corp.
(TSX VENTURE:AOI)(NASDAQ:AOI)(OMX:AOI) ("Africa Oil" or the
"Company") is pleased to provide the following update on its
activities in Kenya and Ethiopia. Africa Oil's work program for 2014 will
include at least 20 exploration and appraisal wells, extended well tests on the
South Lokichar basin discoveries, and will include exploration wells targeting
four new basins. 
Excellent progress continues with the exploration and appraisal program in the
South Lokichar basin in Northern Kenya which is the site of seven consecutive
significant oil discoveries by Africa Oil in conjunction with its 50% partner
and Operator, Tullow Oil plc ("Tullow"). Currently three drilling
rigs and a test rig are operating in the South Lokichar basin.  
Well testing at Etuko-1 from five identified Lokhone pay intervals confirmed
the previously announced discovery. Light 36 degree API waxy crude oil was
successfully flowed from three zones at a combined average rate of over 550
barrels of oil equivalent per day. Additional potential pay zones with good oil
shows were identified in good quality Auwerwer sandstones over a 200 metre
interval shallow in the Etuko-1 well but were not able to be evaluated due to a
large hole size. The rig was skidded over and will now drill a 650 metre well
to evaluate and potentially test this upper reservoir section.  
The rig that recently completed drilling the Amosing discovery has mobilized to
the Emong prospect and spud the well on 5 February 2014. Emong-1 is located 6
kilometres to the west of Ngamia-1 and is targeting high quality Auwerwer
sandstones. The prospect is fault offset and updip from the large Ngamia oil
discovery which has over 200 metres of net oil pay. The gross best estimate of
prospective resources for Emong are 242 million barrels of oil based on a
third-party independent resource assessment. The well has a planned total depth
of 1,500 metres and is expected to take 40 days to drill. 
The rig that recently completed drilling the Ewoi discovery has mobilized to
drill the first of three planned back-to-back appraisal wells at the large
Twiga South oil discovery. Twiga South-2 which will spud mid-February 2014, is
located 2 kilometres to the west of the Twiga South-1 discovery well and is
updip on the structure. The well is designed to assess the areal extent of the
high quality Auwerwer net pay encountered in the discovery well and also the
prospective resources associated with up to 150 metres of shallower water
bearing high quality Auwerwer net sands encountered at Twiga South-1 that are
within mapped closure at this location. The Twiga South gross best estimate of
unrisked prospective resources for the discovery are 132 million barrels of oil
based on a third-party independent resource assessment. The well has a planned
total depth of 2,000 metres and is expected to take 45 days to drill. An
extended well test of the Twiga South field is being planned for towards the
end of the year.  
A light well testing and completions rig has been mobilized and has commenced
testing operations on the Ekales oil discovery. Testing operations on Ekales-1
are expected to be complete by end March 2014. 
A large 3D seismic survey over the western flank of the South Lokichar basin
has commenced and civils construction on several exploration and appraisal
locations is being progressed to keep pace with the aggressive drilling
program. 
Given the significant contingent resources associated with discoveries to date
and the extensive exploration, appraisal and seismic program planned to fully
assess the upside of the South Lokichar basin, the Company and its partner and
Operator, Tullow, has agreed with the Government of Kenya to commence
development studies. In addition, the partnership is involved in a
comprehensive pre-FEED study for an export pipeline. The current ambition of
the Government of Kenya and the joint venture partnership is to reach project
sanction for development, including an export pipeline, in the period
2015/2016. If further exploration success opens additional basins there will be
scope for the development to be expanded. 
The Sala-1 well in Kenya Block 9 will spud mid-February 2014 and Africa Oil
will operate this well on behalf of its 50% joint venture partner Marathon Oil
Corporation. The prospect is a large three way dip closed structure against the
rift bounding fault in the Cretaceous Anza rift in a similar structural setting
to the Tertiary Ngamia discovery in Block 10BB. Sala is updip from the Bogal-1
well drilled in 2010 which appeared to find a significant gas accumulation and
also near the Ndovu-1 well drilled in 1988 which had significant shows of oil
and gas. The unrisked prospective resources for Sala are approximately 400
million barrels of recoverable oil based on a third-party independent resource
assessment. The well has a planned total depth of 3,450 metres and is expected
to complete by end April 2014. Additionally, preparations are being made for
drilling in the South Kerio and West Turkana basins later in the year exposing
the Company to multiple potential basin opening wells in Kenya. 
In the South Omo Block in Ethiopia the rig is currently moving to the
previously undrilled Chew Bahir basin, to drill the Shimela prospect in the
eastern portion of the block where new seismic has delineated a number of
exciting new prospects, some of which have encouraging seismic amplitude
anomalies that map with closure. The well is expected to spud at the end of the
first quarter of 2014 with the aim of derisking some further 15 prospects and
leads across the basin. The Company has a 30% interest in the block which is
operated by Tullow with a 50% interest and Marathon Oil holding the remaining
20% interest. 
In Block 8 in Ethiopia, drilling continues on the El Kuran-3 well with the
current depth being 2,850 metres. The well encountered a 1,200 metre section of
Jurassic Hamanlei carbonates, with wet gas and oil shows throughout the
interval, similar to the El Kuran-1 well drilled in 1972. The reservoirs are
low porosity and permeability and will require acid or fracture stimulation to
produce at commercial levels. A decision was taken to deepen the well to the
below the planned target depth to evaluate the deeper Gumboro zone which has
significant gas condensate potential. The revised total depth of the well is
3,500 metres and is expected to be complete in April. The Company has a 30%
interest in the block which is operated by NewAge. 
Keith Hill, President and CEO of Africa Oil commented, "We have a very
exciting exploration and appraisal program set out for 2014 which will see us
complete over 20 wells. Currently we have seven rigs running and after
releasing one in mid-year will have six rigs running full time through the
remainder of the year. Our program has three objectives, to appraise the
existing key discoveries, to drill out the remaining prospects in the South
Lokichar basin and to open at least one of the four new basins being tested
along trend. Additionally, we are pushing hard to move the development studies
along with the aim of sanctioning a pipeline development for the South Lokichar
basin in the period 2015/2016. This fully funded program should continue to
deliver high potential upside value for shareholders through this year and
beyond." 
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 230,000 square kilometers. The East African Rift
Basin system is one of the last of the great rift basins to be explored. Seven
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". 
Cautionary Statements regarding Well Test Results and Prospective Resources 
The well test results reported in this press release are not necessarily
indicative of long-term performance or of ultimate recovery. 
This press release contains estimates of the gross best estimate of prospective
oil resources associated with several drilling prospects. Please refer to the
Company's press release dated September 3, 2013 for details of the
Company's prospective resources by prospect and lead, including the
geologic chance of success, based on an independent assessment of the
Company's prospective and contingent resources in Kenya and Ethiopia,
effective July 31, 2013. There is no certainty that any portion of the
resources will be discovered. If discovered, there is no certainty that it will
be commercially viable to produce any portion of the resources. 
Drill stem tests are commonly based on flow periods of 1 to 3 days and build up
periods of 1 to 3 days. Transient pressure analysis is performed routinely.  
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 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. 
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FOR FURTHER INFORMATION PLEASE CONTACT: 
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250
africaoilcorp@namdo.com 
INDUSTRY:  Energy and Utilities - Oil and Gas  
SUBJECT:  OEX 
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-0- Feb/12/2014 07:00 GMT
 
 
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