Africa Oil Corp.
Börsmeddelande

AFRICA OIL KENYA OPERATIONS UPDATE AND CONFERENCE CALL

October 23, 2014 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa
Oil”, “AOC” or the “Company”) is pleased to provide an operational update on
its exploration program in Kenya. 

The Kodos-1 exploration well in Block 10BB was drilled to a total depth of 2500
metres and encountered hydrocarbon shows which indicates the presence of an
active petroleum system. This is the first well drilled in the Kerio Basin,
northeast of the successful South Lokichar Basin, and it appears to have been
drilled in an area of unfavourable reservoir development, near the basin
bounding fault. However, due to the encouraging hydrocarbon shows at Kodos-1,
the partnership is in discussions to drill an additional exploration well in
the Kerio Basin during 2015. The Weatherford 804 rig will now be moved to drill
the second well in the basin at Epir-1, 25 km north of Kodos-1 in a separate
sub-basin. 

The Ekosowan-1 well drilled in block 10BB is the most southerly well drilled to
date in the South Lokichar Basin, 12 km south east and up-dip of the previous
Amosing-1 oil discovery. The well had a 900 metre column of near continuous oil
shows throughout an interval of tight sands which also appear to be a result of
drilling too close to the basin bounding fault.  A downdip appraisal well
between the Amosing field  and this potential updip sealing location is also
being planned. 

The Sakson PR-5 rig which drilled the Ekosowan-1 will be replaced by the new
SMP-106 rig which is currently mobilising to the Engomo-1 well location, the
first test of the North Turkana Basin in Block 10BA.  This prospect is in the
largest basin in the portfolio and is directly onshore from Lake Turkana where
numerous oil slicks and seeps have been observed. 

The appraisal of the Ngamia field area was continued with the Ngamia-4 well
which was drilled 1.1 km west of the Ngamia-1 discovery well. The well
successfully encountered up to 120 metres of hydrocarbon pay, of which up to 80
metres was oil. This well has been suspended for use in future appraisal and
development activities. 

The Marriott PR46 rig which drilled the Ngamia-4 well will continue appraisal
of the Ngamia oil field, and recently spud the Ngamia-5 well which will be
utilised in the extended well testing program to help confirm the reservoir
properties of the largest oil discovery to date in the South Lokichar Basin. 

The SMP-5 Workover Rig has successfully completed four flow tests on the
Twiga-2A well in Block 13T, achieving production rates between 150 and 3,270
bopd under natural flow with no depletion, the highest oil production rate seen
to date in Kenya. With optimised equipment the maximum flow potential from the
best zone could have increased to around 10,000 bopd demonstrating excellent
reservoir deliverability. Due to these positive test results, further appraisal
wells are being considered at Twiga. 

The SMP-5 rig will now move to the Amosing oil field to begin Extended Well
Testing, where production and injection interference testing, involving the
Amosing-1 and 2A wells, will help provide dynamic flow characterisation of the
Amosing stacked reservoirs. 

Africa Oil owns a 50% working interest in Blocks 10BA, 10BB and 13T with
Operator Tullow Oil holding the remaining 50%. 

In Block 9, the Sala-2 appraisal well failed to find significant hydrocarbons
updip from the Sala-1 gas discovery.  There appears to be a stratigraphic or
structural separation between the two wells.  The Company is reviewing
additional potential appraisal targets as well as on trend prospects in the
block which has proven oil and gas generation. Africa Oil is Operator of Block
9 with a 50% working interest and Marathon Oil Kenya B.V. has the remaining 50%
interest. 

Keith Hill, Africa Oil CEO commented, “We are encouraged that the first well in
the Kerio Basin encountered hydrocarbon shows which indicates the presence of
an active petroleum system. We believe the reservoir will improve as we move
away from the basin bounding fault and believe that the Epir-1 well should
intersect this section in the North Kerio Basin directly on trend.  We are
still of the view that the basins nearby the proven Lokichar Basin are highly
prospective and should have similar geology due to a similar geological
history.  We look forward to drilling basin opening wells both here and in the
large North Turkana Basin. We continue to build certainty and resources in the
main Ngamia / Amosing field areas and the data obtained from the 3D seismic and
the Ekosowan well should allow us to expand this area further.  Development
planning, including the export pipeline, continues to move forward with the
full support of the government of Kenya.” 



Conference Call

A conference call will held to discuss the resource update on October 23, 2014
at 10:00 a.m. ET, 3:00 p.m. UK time, or 4:00 p.m. Swedish time. 

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
866-225-0198 

Call-in number for the conference call (Europe): + 800-9559-6849

A replay of the telephone conference will be available approximately one hour
after the completion of the conference call until October 30, 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: 3163096



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 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. 



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 recovery. 





                             ON BEHALF OF THE BOARD

                                        

                                “Keith C. Hill”

                                President and CEO

                                        


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