Africa Oil Corp.
Interim report

AFRICA OIL THIRD QUARTER OF 2014 FINANCIAL AND OPERATING RESULTS

November 12, 2014 (AOI–TSX, AOI–Nasdaq Stockholm) … Africa Oil Corp. (“Africa
Oil” or the “Company”) is pleased to provide third quarter 2014 financial
results and an update on its operations in Kenya and Ethiopia. 

The Company announced details of an updated independent assessment of the
Company’s contingent resources for the discovered basin in Northern Kenya in
Blocks 10BB and 13T in September.  The effective date of this assessment was
July 31, 2014, and it was carried out in accordance with the standards
established by the Canadian Securities Administrators in National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities. The assessment
confirmed that the discovered basin in Northern Kenya contains gross 2C
contingent resources of 616 million barrels of oil, an increase of 67% over the
assessment conducted in September 2013 and gross 3C contingent resources of
1.29 billion barrels of oil an increase of 52% over the prior assessment. 
Please refer to the Company’s press release dated September 16, 2014 for
details of the contingent resources by field. 

Entering the year, the Company and its partners had seven drilling rigs
operating in the region.  Four Tullow-Africa Oil joint venture rigs are
operating in Northern Kenya in Blocks 10BB, 10BA and 13T, one of which is a
testing and completions unit.  One of these drilling rigs is demobilizing and
is being replaced with a higher specification unit.  In addition, the Company
and its partner had a rig operating in Block 9 in Kenya, but as operations in
the block have completed, this rig has been released.  In Ethiopia, the Company
and its partners in the South Omo Block and Blocks 7/8 had rigs operating in
each block.  Drilling operations in both blocks have been completed and the
rigs released.  The Company will have four drilling rigs operating in Kenya
through the remainder of 2014. 

Two rigs are currently operating in the discovered basin in Northern Kenya. 
The Ngamia-5 appraisal well is currently drilling and the completion and test
rig is mobilizing to Amosing to commence completion of the Amosing-1 and
Amosing-2A wells in preparation for an Extended Well Test (EWT) on the field. 
Rigs are also in the process of mobilizing to drill the Epir-1 well in the
North Kerio Basin, Block 10BB, and the Engomo-1 prospect in the North Turkana
Basin, Block 10BA. 

In addition to further exploration and appraisal drilling in the discovered
basin in Northern Kenya, the Company and its partners plan to drill six new
basin opening wells by mid-2016.  Epir-1 (Block 10BB) will test the North Kerio
Basin and Engomo-1 (Block 10BA) will test the North Turkana Basin; both wells
will spud shortly.  In addition, wells are being planned at the North Samaki
prospect (Block 10BA) in the North Turkana Basin, the Tausi prospect (Block
13T) in the North Lokichar Basin, the Kerio Valley Basin (Block 12A) and the
Turkewll Basin (Block 13T). 

The Company is nearing the end of a significant exploration and appraisal
program in 2014 which will see over 20 wells completed by year end.  The
program focused on drilling out the remaining prospect inventory in the
discovered basin in Northern Kenya, appraising existing discoveries with the
aid of the new 3D seismic survey, drilling three new basin opening wells and
progressing the development studies towards project sanction in the discovered
basin in Northern Kenya.  This significant exploration program in 2014 is fully
funded. Africa Oil ended the quarter with cash of $273.6 million and working
capital of $149.1 million. 



The Company has completed the following significant exploration activities and
transactions in, and subsequent to, the third quarter of 2014; 

  -- In July, the Company completed drilling of the Gardim-1 exploration well on
     the eastern flank of the Chew Bahir Basin.  The Gardim-1 well intersected
     lacustrine and volcanic formations, similar to those found in the Shimela-1
     well, again minor intervals encountered gas shows.  Drilling operations are
     being demobilized while these results are integrated into the regional
     basin model.  Seismic interpretation continues on independent prospectivity
     elsewhere in the South Omo Block and the next phase of the Ethiopia
     exploration campaign will target these prospects.
  -- In August, the Company announced the results of the Etom-1 exploration well
     located in Block 13T (Kenya), 7 kilometers north of the Agete oil discovery
     on the Basin Bounding Fault Play.  The well encountered between 5 and 20
     meters of potential net oil pay sands based on wireline logs in the
     Auwerwer and Upper Lokhone Formations.  Oil was recovered in MDT sample
     chambers, which appears to be of similar quality as the other discoveries
     in the basin.  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 drilling of the well confirming the extension
     of the petroleum system to the northern portion of the discovered basin in
     Northern Kenya.  Based on these positive results, the original 3D seismic
     survey has been extended to cover the northern portion of this basin where
     several additional large prospects have been identified by 2D seismic.  The
     well has been suspended for future drill stem testing.
  -- In August, the Company drilled the Ngamia-3 and Amosing-2/2A appraisal
     wells in the discovered basin in Northern Kenya in Block 10BB.  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 the Auwerwer reservoir quality sands in all six
     penetrations of these two structures is between 146 and 200 meters, and the
     sands appear to be consistent over the field areas.  The upcoming Extended
     Well Test (“EWT”) programs on both of these fields will be designed to
     evaluate reservoir connectivity and help constrain estimates of flow rates
     and recovery factors for field development planning purposes.
  -- In October, the Company announced the results of the Kodos-1 basin opening
     exploration well drilled in the Kerio Basin in Block 10BB (Kenya).  The
     well encountered hydrocarbon shows, which indicates the presence of an
     active petroleum system.  This is the first well in the Kerio basin,
     northeast of the discovered basin in Kenya, and it appears to have been
     drilled in an area of unfavorable reservoir development, near the basin
     bounding fault.  Due to the encouraging hydrocarbon shows, consideration is
     being given to drilling an additional exploration well in the basin during
     2015.
  -- In October, the Company announced the results of the Ekosowan-1 exploration
     well located in Block 10BB, 12 kilometers southeast and updip of the
     Amosing oil discovery.  The well encountered a 900 meter column of near
     continuous oil shows throughout an interval of tight sands which also
     appear to be as 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 being planned for 2015.
  -- In October, the Company drilled the Ngamia-4 appraisal well located 1.1
     kilometers west of the Ngamia-1 discovery.  The well encountered up to 120
     meters of hydrocarbon pay, of which up to 80 meters was oil.  This well has
     been suspended for use in future appraisal and development activities. 
     Four additional appraisal wells are planned in the Ngamia field area,
     including the Ngamia-5 well, which is currently drilling.
  -- In October, the Company announced the results of the Sala-2 appraisal well,
     which was drilled updip from the Sala-1 well.  Sala-2 failed to find
     significant hydrocarbons as 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.
  -- The Company and its partners completed the drilling of the El Kuran-3
     appraisal well on Block 8.  Although the El Kuran-3 well demonstrated some
     oil and gas potential, the Company did not consider it warranted further
     evaluation due to concerns over reservoir quality and commerciality. 
     Consequently, the Company has informed the Ethiopian Government and its
     partners that it intends to withdraw from Blocks 7 and 8.
  -- The Company, as operator, and its partner are currently mobilizing a
     seismic crew to acquire a minimum 400 kilometer 2D seismic program over the
     Rift Basin Area commencing in the fourth quarter. The Rift Basin Area is
     located north of the South Omo Block and is on trend with highly
     prospective blocks in the Tertiary rift valley including the South Omo
     Block in Ethiopia, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.

  -- The Company and its partners continue to actively acquire and process
     seismic data in Blocks 12A, 10BA, 10BB and 13T in Kenya.  In Block 12A, a
     674 kilometer 2D seismic program was completed in the first quarter and the
     crew has demobilized.  In Block 10BB, a 750 kilometer North Kerio Basin 2D
     seismic program was completed in the first quarter.  In Blocks 10BA, 10BB
     and 13T a 600 kilometer 2D seismic program over the North Lokichar and
     Turkwell basins is ongoing and will complete in the fourth quarter.   In
     Blocks 10BB and 13T, the acquisition of a 704 square kilometer 3D seismic
     program over the discoveries and prospects along the Basin Bounding Fault
     Play in the discovered basin in Northern Kenya has completed.  Following
     the positive results from the Etom-1 well, this 3D seismic program was
     expanded by a further 274 square kilometers to include Etom and the
     surrounding structures. This expanded survey is expected to complete during
     the fourth quarter.
  -- Due to the delays in acquiring the 3D seismic survey in Blocks 10BB and 13T
     the Government of Kenya has approved a one year extension to the PSC
     exploration terms for both blocks, and as a result, the final exploration
     periods will expire in July 2017 and September 2017, respectively.



Keith Hill, President and CEO of Africa Oil, commented, “We are looking forward
to the results of three new basin opening wells to be drilled in late 2014 and
early 2015 which have the potential to unlock significant value in terms of new
prospects and resources. The ongoing drilling in the discovered basin in
Northern Kenya has been quite helpful in understanding the distribution of the
best reservoir facies and will no doubt be enhanced by the ongoing 3D seismic
survey which is to be completed by the end of 2014. We remain very bullish in
not only the existing discoveries but in the remaining prospects in the
discovered basin in Northern Kenya. Our goal is to open up at least one new
basin and to move a significant number of barrels from prospective to
contingent resources by the end of 2014 and into 2015 as we move the field
development program forward." 



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For the complete release and report see attached file.




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