Africa Oil Corp.
Pressmeddelande

AFRICA OIL OPERATIONS UPDATE

July 14, 2014 (AOI-TSX, AOI-NASDAQ OMX) … Africa Oil Corp. (“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

                                        

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