Africa Oil Operations Update

Africa Oil Operations Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/14/14 --   Africa
Oil Corp. (TSX: AOI)(OMX: AOI) ("Africa Oil" or the "Company") today
announces that the Gardim-1 exploration well, drilled on the eastern
flank of the Chew Bahir Basin in the South Omo licence, onshore
Ethiopia, has reached a total depth of 2,468 metres in basement,
without encountering commercial oil. 
The well intersected lacustrine and volcanic formations, similar to
those found in the Shimela-1 well on the north-western flank of the
basin. Minor intervals with thermogenic gas shows were intersected
just above basement. The well will be plugged and abandoned and
drilling operations will now be demobilised whilst these results are
integrated into the regional basin model. 
Meanwhile seismic interpretation continues on independent
prospectivity elsewhere in the licence and the next phase of our
Ethiopia exploration campaign will target these prospects.  
Keith Hill, President and CEO of Africa Oil, commented, "While we are
disappointed that neither well in the Chew Bahir basin recovered oil,
we are still committed to further exploration in Ethiopia including
the South Omo Block. The presence of an active petroleum system has
been confirmed in the Western portion of the South Omo Block in the
Sabisa and Tutule wells and further analysis will be undertaken on
the Shimela and Gardim wells to determine if further exploration is
warranted. We are also undertaking seismic programs this year in both
the Rift Basin Area and Adigala blocks with drilling planned for next
year." 
About Africa Oil Corp. 
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
215,000 square kilometres. 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 Toronto Stock 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                             

  
Contacts:
Sophia Shane
Corporate Development
(604) 689-7842
 
 
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