Africa Oil Corp.
Company Announcement

AFRICA OIL ANNOUNCES US$100 MILLION FINANCING

May 1, 2015 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil” or
the “Company) is pleased to announce that it has entered into an investment
agreement with Stampede Natural Resources S.a.r.l. (“Stampede”), an entity
owned by a fund advised by Helios Investment Partners LLP (“Helios”), to sell,
on a non-brokered private placement basis, 52,623,377 of its common shares at a
price of CAD $2.31 for gross proceeds of CAD $121,560,000 (US $100 million(1)).
Upon completing, Stampede would own approximately 12.37% of the issued and
outstanding common shares of the Company. 

Helios is an Africa-focused investment firm. The Company has agreed that its
participation will entitle Stampede to nominate one non-executive director to
the board of Africa Oil. In addition, the Company has granted certain rights to
Stampede including the right to participate for its pro-rata share in future
financings. 

Net proceeds of the private placement will be used towards the Company’s
ongoing appraisal and development work program in East Africa. 

An application will be made to the Toronto Stock Exchange (the "TSX") for
approval of the private placement and the new shares will be admitted to
listing on Nasdaq Stockholm following registration of an admittance to trading
prospectus with the Swedish Financial Supervisory Authority (Sw.
Finansinspektionen). The closing of the financing is subject to regulatory
approval and certain other customary conditions. The Company expects the
closing to occur on or around May 29, 2015. 

Keith Hill, President and CEO of Africa Oil, commented, “We are very pleased to
have been able to attract a large investor with the credentials and reputation
of Helios into the Company which we consider as a strong endorsement of the
Lokichar Basin project, despite the current oil price downturn.  This
relationship will not only be of short term benefit by strengthening our
balance sheet and allowing us to continue with drilling operations and
pre-development work, but also has the potential to provide a core investor as
the development project progresses.” 

Andy Bartlett, Oil and Gas Partner at Helios commented, "Helios is delighted to
invest in Africa Oil Corp, a company we consider to have one of the best
management teams in the exploration and production sector. This is a flagship
transaction for the firm to help develop Kenya's nascent petroleum sector. The
capital is being deployed to further this exciting project which we consider to
be world class in terms of potential. It has all the right characteristics for
the sector in a lower oil price environment." 

Babatunde Soyoye, founding Partner of Helios added, "This deal is a perfect
example of Helios' differentiated strategy. It is our fourth oil and gas
platform company making us the most active private equity group in African oil
and gas. It combines both our oil and gas industry expertise, and our deep
African knowledge. Kenya is one of the fastest growing economies in Africa and
Helios is one of the largest foreign investors in the country. 

The common shares issued in the financing 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 financing. 

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. 



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 equity interest in Africa
Energy Corp. The Company is listed on the Toronto Stock Exchange and on Nasdaq
Stockholm under the symbol "AOI". 



About Helios

Helios Investment Partners LLP is an Africa-focused investment firm managing
funds totalling over $3 billion. Helios’ diverse LP base comprises a broad
range of the world’s leading investors, including sovereign wealth funds,
corporate and public pension funds, endowments and foundations, funds of funds,
family offices and development finance institutions across the US, Europe, Asia
and Africa. Established in 2004, led and managed by a predominantly African
team and based in London, Lagos and Nairobi, Helios has completed investments
in countries across the African continent, including Nigeria, Ghana, Kenya,
Tanzania, Angola, South Africa and Morocco.  Helios’ portfolio companies
operate in more than 35 countries in all regions of the continent. Helios
bridges international capital and know-how to African talent and enterprise.
The firm has a record of successful investment in businesses from start-ups to
large corporate carve-outs, building African market leaders in core economic
sectors and driving strong returns via portfolio operations. Further details on
Helios Investment Partners can be found at: www.heliosinvestment.com. 



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

                                        


         For further information, please contact:  Sophia Shane, Corporate
Development (604) 689-7842.