Africa Oil Corp.
Company Announcement

AFRICA OIL TO COMMENCE TRADING ON NASDAQ OMX STOCKHOLM AND PUBLISHES PROSPECTUS

June 26, 2014 (AOI-TSX, AOI-NASDAQ OMX First North) … Africa Oil Corp. (“Africa
Oil” or the “Company”) is pleased to announce that it has obtained approval of
a secondary listing of its shares on NASDAQ OMX Stockholm (the “Main Market”)
(the “Listing”). The shares are expected to commence trading on the Main Market
on July 1, 2014. The last day of trading of the Company's shares on NASDAQ OMX
First North is expected to be June 30, 2014. Holders of the Company's shares
are not required to take any action in connection with the Listing. There is no
issue of new shares in connection with the Listing, and the trading symbol
“AOI” and ISIN-code CA00829Q1019 will remain the same. The Company’s common
shares will continue to trade on the Toronto Stock Exchange under the symbol
“AOI”. 

A prospectus has been prepared in connection with the application for admission
of the Company’s shares to trade on the Main Market. The Company’s listing
prospectus has been approved by and registered with the Swedish Financial
Supervisory Authority and is available on the Company’s website at
www.africaoilcorp.com and Pareto Securities AB’s website at www.paretosec.com. 

Keith Hill, President and CEO, commented, "The Company has enjoyed tremendous
growth over the past few years as a result of our multiple major oil
discoveries in Kenya. We expect much continued growth as our exploration
continues on our large prospective land package in Kenya and Ethiopia. Our
acreage encompasses over 215,000 square kilometres and we've really only just
begun to uncover the extent of the oil resources there. It is timely now to
graduate to the NASDAQ OMX Stockholm main board as it will provide greater
liquidity for the Company's shares and allow for a broader shareholder base." 

Pareto Securities AB is the financial advisor to the Company in connection with
the Listing. 



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. 



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. 



Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Securities
AB.