Africa Oil Operational Update and Conference Call

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/28/14 --   Africa
Oil Corp. ("Africa Oil" or the "Company") (TSX: AOI)(OMX: AOI) is
pleased to provide an update on its operations in Kenya and Ethiopia. 
The Etom-1 well in the Lokichar Basin on Block 13T (Kenya) has
reached a total depth of 2000 meters and has discovered oil in the
primary Auwerwer and Upper Lokhone target formations. The well
encountered a range of between 5 and 20 meters of potential net pay
sands based on wireline logging and drilling data. Oil has been
recovered in MDT sample chambers which appears to be of similar
quality to the oil found in the discoveries to the south. There is an
additional 400 meters of porous sands in the Auwerwer and Lokhone
Formations which also confirms the extension of thick reservoir
sections into the northern portion of
 the basin. Oil and gas shows
were noted throughout during drilling of the well confirming the
extension of the petroleum system to the northern portion of the
basin. Based on these positive drilling results, the partnership has
agreed to extend the current 3D seismic survey over the northern
portion of the basin where several additional large prospects have
been identified by 2D seismic. The well has been suspended for
potential future drill stem testing. Africa Oil holds a 50% working
interest in this block, which is operated by Tullow Oil plc
("Tullow") which holds the remaining 50% interest. 
Drilling on the Ngamia-3 and Amosing 2/2A appraisal wells also in the
Lokichar Basin on Block 10BB (Kenya) has also been completed. The
results of these wells appear to confirm the thickness and lateral
extent of the Auwerwer sands at both locations and also has extended
the known oil column significantly downdip which will extend the
proven field areas. The range of thickness of Auwerwer reservoir
quality sands in all six penetrations of these two structures is
between 146 and 220 meters and the sands appear consistent over the
field areas. Net pay was encountered over multiple reservoir zones
over a gross interval ranging from 500 to 1500 meters. Pressure data
seems to indicate that there could be pressure communication between
many of these reservoirs. The upcoming extended well test programs on
both of the
se fields will be designed to evaluate reservoir
connectivity and help constrain estimates of flow rates and recovery
factors for field development planning which are expected to commence
early in 2015. Africa Oil holds a 50% working interest in this block,
which is operated by Tullow which holds the remaining 50% interest. 
Well testing has been completed on the previously announced Ewoi
discovery on the eastern flank of the Lokichar Basin in Block 10BB
(Kenya). The main zone of interest tested approximately 50 barrels of
oil per day from the lower Lokhone sands which were relatively thin
and of moderate reservoir quality. Data from the well may suggest
that the wellbore may have been located in a downdip position and the
Company is considering updip appraisal opportunities on this
structure. The lightweight rig is currently testing the Twiga-2A
appraisal well where two to three tests are planned.  
The Company plans to move the two rigs that are completing drilling
operations on the Etom and Amosing locations to the Kodos and
Ekosowan locations and both are expected to spud in September. The
Kodos well is the first well to be drilled in the highly prospective
Central Kerio basin in Kenya Block 10BB and will target a three way
dip closed feature against the main basin bounding fault similar to
the Ngamia/Amosing/Twiga trend in the Lokichar Basin. The Ekosowan
well is located on the western 'string of pearl' prospects in the
Lokichar basin and is directly south of the Ngamia and Amosing fields
which have demonstrated the thickest net pay and reservoir in the
basin. Both wells are expected to be completed in the fourth quarter.
Two additional new basin opening wells are planned to spud before the
end of the year in the North Kerio Basin (Epir-1) and the North
Turkana Basin in Block 10 BA (Engomo-1). 
The Company has also spud an appraisal well on the previously
announced Sala gas discovery in Block 9 onshore Kenya. The Sala-1
drilled a large 80 square kilometer anticlinal feature along the
northern basin bounding fault in the Cretaceous Anza graben and
encountered several sandstone intervals which had oil and gas shows.
An upper gas bearing interval tested dry gas at a maximum rate of 6
mmcf/d from a 25 meter net pay interval. The Sala-2 appraisal well is
designed to test the updip extent of this main reservoir sand. A
lower interval at Sala-1 also tested gas at low rates of dry gas from
50m potential net pay interval and will also be accessed at this
up-dip location. Africa Oil is the Operator of Block 9 with a 50%
working interest. Marathon Oil Kenya Limited B.V. has the remaining
50% interest.  
In Ethiopia, the Company continues to advance plans to commence a 2D
seismic program in the Rift Basin Area Block which is expected to
start later this year. The Company and its partners have also
indicated their intent to enter the next exploration period in the
South Omo block. Due to the extensive drilling and seismic program,
no additional work commitments will be required during this period.
The partnership plans to evaluate the four wells drilled to date to
determine if additional drilling is warranted and, if so, which
portion of the block is considered most prospective. The Company has
informed the Ethiopian Government and its partners that it intends to
withdraw from Blocks 7 and 8 in the Somali region. Although the El
Kuran-3 well did demonstrate some oil and gas potential, the Company
does not feel it is warranted to continue efforts at this time due to
concerns over reservoir quality and commerciality. 
Africa Oil CEO Keith Hill stated, "We are quite pleased with the Etom
discovery which extends the proven petroleum system to the northern
portion of the Lokichar basin and derisks several large prospects in
that area. We are also encouraged that the Ngamia and Amosing
appraisal w
ells have found thick reservoir and pay intervals that
will give us further confidence that these two fields to anchor our
development project and look forward to the results of the extended
wells tests to confirm the reservoir performance. Our development
activities are progressing in support of a Lokichar basin oil
development project sanction at the end of 2015/early 2016. We have
an exciting exploration portfolio in the new basin opening wells, of
which we plan to drill 6 by the end of next year. We are confident
that our early successes will be repeated in at least one additional
new basin as we move forward to develop the large reserves we have
discovered to date." 
The Company will hold a conference call to discuss these latest
results on Thursday, August 28, 2014 at 7:30 a.m. PDT or 10:30 a.m.
EDT or 4:30 p.m. CEST). A presentation will be available for viewing
on the Company's website: 
Please call in 10 minutes before the conference starts and stay on
the line (an operator will be available to assist you).  

Call-in number for the conference call (North America): +1 416 340 2216     
Call-in number for the conference call (North America Toll Free): +1 866 225
Call-in number for the conference call (Europe): +800 9559 6849             

Areplay of the telep
hone conference will be available approximately
one hour after the completion of the conference call until September
4, 2014. 

Replay number in North America: +1 905 694 9451                             
North America (Toll Free) is: +1 800 408 3053                               

The pass code for the replay is: 1251028                                    

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 kilometers. The East African Rift Basin system is one
of the last of the great rift basins to be explored. The Company is
listed on the Toronto Stock Exchange and on 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 r
eserves 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 la
ws. 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. 
Cautionary Statements regarding Well Test Results 
Drill stem tests are commonly based on flow periods of 1 to 5 days
and build up periods of 1 to 3 days. Pressure transient analysis has
not been carried out on all well tests and the results should
therefore be considered as preliminary. Well test results are not
necessarily indicative of long-term performance or of ultimate
Keith C. Hill, President and CEO 
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
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