Africa Oil Corp.
Company Announcement

AFRICA OIL OPERATIONS UPDATE AND CONFERENCE CALL

March 11, 2015 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”
or the “Company”) is pleased to provide an operational update on its
exploration activities in Kenya. 

The Company is continuing its extensive exploration and appraisal program in
the South Lokichar Basin in Blocks 10BB and 13T, which has the objectives of
proving reservoir quality and upgrading the resource estimates with the intent
of submitting a Field Development Plan (“FDP”) to the Government of Kenya
around the end of 2015. 

The SMP-5 rig recently installed production completions in the Amosing-1 and
Amosing-2A wells in preparation for an Extended Well Test (“EWT”) of the field
and the rig has now been released.  The EWT involves production and injection
testing to provide dynamic flow characterization of the Amosing field stacked
reservoirs.  Both wells have been completed in five zones with hydraulically
controlled selective completions that permit independent tests of completed
intervals without well intervention.  Initial clean-up testing has been
completed on both wells with excellent results.   The Amosing-1 well flowed at
a combined maximum rate of 5,600 barrels of oil per day (“bopd”) from five
zones and the Amosing-2A well flowed at a combined maximum rate of 6,000 bopd
from four zones, the fifth zone being in the aquifer.  Both wells demonstrated
high quality reservoir sands and flowed 31 to 38o API dry oil under natural
flow.  Pressure data during the initial clean-up flows shows connectivity
between the two completed wells in the upper three zones with further
production testing required to test connectivity in the lower two zones.  These
findings support the static pressure data which indicated connectivity between
the Amosing-1, 2, 2A and 3 wells in multiple zones.  The Amosing EWT forward
program is to conduct longer-term flow and water injection tests, commencing
mid-March with results expected in the second quarter of this year. 

The PR Marriott 46 rig recently completed drilling the Ngamia-7 well which was
located approximately 1.2 kilometres east of Ngamia-3 and was drilled to test
the eastern flank of the Ngamia field.  The well encountered up to 132 metres
of net oil pay and expanded the proven extent of the field.  Static pressure
data from the Ngamia-1, 3, 5, 6 and 7 wells supports connectivity between the
wells at multiple reservoir horizons, which will be further tested with the
planned Ngamia EWT. 

The PR Marriott 46 rig recently spud the Amosing-4 well located approximately 1
kilometre southeast of Amosing-1, to test the southern extent of the field. 
Mapping of the Amosing field does not close the structure to the south and
there is potential for the field to spill up-dip into the Ekosowan prospect
area, where the Ekosowan-1 well was drilled last year encountering a 900 metre
column of near continuous oil shows in tight alluvial fan facies.  Amosing-4
has the potential to de-risk further drilling of the Ekosowan prospect. 
Results from Amosing-4 are expected to be released in April. 

Planning is also underway to conduct an EWT of the Ngamia field.  Following
completion of the Amosing-4 well the rig will mobilize back to the Ngamia field
to drill and complete the Ngamia-8 well, located in the centre of the eastern
fault block between the Ngamia-3, 5, 6 and 7 wells, and will be the main
production well for the EWT.  Additionally, two of the existing suspended
Ngamia wells will be completed as EWT wells.  Initial flow testing of the
Ngamia EWT wells is expected to commence around mid-year. 

The Weatherford 804 rig is currently drilling the Ekales-2 appraisal well to
test an eastern fault block on the structure at the Auwerwer horizon and also
test a deeper high amplitude seismic objective within the Lokhone shale source
rock that has tested oil elsewhere in the basin.  The well is currently at a
depth of 2,817 metres and has drilled through the primary Auwerwer objective
and encountered 50 to 70 metres of potential net oil pay, proving an eastern
extension of the field not previously included in the contingent resource
estimate.   The well is currently being deepened a further 1,000 metres to test
a high-amplitude seismic event. Final results from the Ekales-2 well should be
available around the end of March.  Following completion of this well, the
Weatherford 804 rig will be released. 

The full fast track processed data set for the 951 square kilometre 3D seismic
survey over the series of significant discoveries along the western basin
bounding fault in the South Lokichar Basin is now available and is being
interpreted.  The 3D seismic indicates significantly improved structural and
stratigraphic definition and additional prospectivity not evident on the 2D
seismic.  The large Amosing North prospect located on the northern flank of
Amosing and updip of the Ngamia field has been identified from the 3D seismic
and is being assessed as a potential 2015 drilling candidate.  The 3D seismic
mapping over the Etom area now shows that the Etom-1 discovery well was drilled
in a graben between two large prospects, one located to the south of the well
and one to the north and technical work is being progressed so that these
prospects are drill ready.  In addition, the 3D seismic also reinforces the
potential of the intra-Lokhone shale amplitude prospectivity that is currently
being tested at Ekales-2. 

In addition, the partnership has acquired over 1,100 metres of whole core from
the South Lokichar wells and an extensive program of detailed core analysis is
ongoing.  A focus of the core program is to better assess oil saturation and to
refine the recovery factors of the main reservoir sands.  Early core analysis
results support the reservoir assumptions used in the contingent resource
estimate. 

The key reservoir uncertainties around the contingent resource estimate are
areal net pay distribution and connectivity, which has a significant bearing on
recovery factor, and oil saturation in the reservoir sands.  The ongoing
appraisal drilling program and early Amosing EWT results provides significant
comfort that the reservoir sands are connected over an area larger than the
assumed development well spacing, which will narrow the range of uncertainty
around recovery factors.  And the early detailed core analysis is reducing the
uncertainty around oil saturations in the reservoir.  The program planned
during 2015 is aimed at growing and narrowing the range of uncertainty of the
contingent resources estimates, and early results are positive in this respect. 

The Engomo-1 exploration well in Block 10BA was drilled to a total depth of
2,353 metres utilizing the SMP-106 rig.  The well encountered interbedded
siltstones, sandstones and claystones, becoming more tuffaceous and tight until
reaching a total depth in basement.  No significant oil or gas shows were
encountered and the well has been plugged and abandoned.  The prevalence of
tight facies in the wellbore may be due to the well’s close proximity to the
basin bounding fault.  Engomo was the first well drilled in the very large
North Turkana Basin and is located west of Lake Turkana where numerous
naturally occurring oil slicks and seeps have been observed.  Analysis will be
focused on understanding how this result impacts the remaining prospectivity in
the basin.  The SMP-106 rig will now be demobilized. 

Africa Oil owns a 50% working interest in Kenya Blocks 10BA, 1BB and 13T with
Operator Tullow Oil holding the remaining 50%. 

The 2015 work program will include multiple appraisal and exploration wells in
the South Lokichar Basin, EWT’s in the Amosing and Ngamia fields and reservoir
and engineering studies (including extensive core analysis). In addition, the
Africa Oil - Tullow joint venture will continue to work closely with the
Government of Kenya and the Uganda upstream partners to advance the regional
oil export pipeline.  The recent equity raise will provide funding for the
critical work program necessary to move the Lokichar Basin development forward
to a development plan stage. 

Keith Hill, Africa Oil President and CEO commented, “We are very encouraged by
the continued strong results from the exploration and appraisal program in the
South Lokichar Basin, which are both growing the resource base and reducing
uncertainty.  The strong initial Amosing EWT results continue to reinforce that
we have a world-class oil basin on our hands.  The partnership is focused on
being in a position to submit an FDP to the Government of Kenya at the end of
2015 and I expect to see momentum build on the regional export pipeline in the
coming months.  I am confident that as our reservoir and resource assumptions
are confirmed we will be in a strong position to attract industry deals to
provide longer term financing of this world class development project.” 



Conference Call

A conference call will be held to discuss the operations update on Wednesday,
March 11, 2015 at 11:00 a.m. ET, 3:00 p.m. UK time, or 16:00 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: +1 416 340 2216

North American Toll Free: +1 800 355 4959



A replay of the telephone conference will be available approximately one hour
after the completion of the conference call until March 18, 2015. 

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: 9959951





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. 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.