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News Article | May 17, 2017
Site: globenewswire.com

May 17, 2017 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that the Emekuya-1 well in Block 13T, Northern Kenya has encountered approximately 75 metres of net oil pay in two zones. Emekuya-1 is located 2.5 km north of Etom-2 and had the objective of drilling a fault block on the flank of the Greater Etom structure. The well was drilled by the PR Marriott Rig-46 to a total measured depth of 1,356 metres and penetrated reservoir quality Miocene sandstones which correlate to those seen in the successful Etom-2 well. Downhole pressure measurements and fluid samples suggest that the main oil reservoir is on the same static pressure gradient as the Etom-2 well which demonstrates that a major part of the Greater Etom structure is oil-filled. The reservoir sands encountered also appear to be extensive which further de-risks the northern play area and bodes well for future exploration in the region. The rig will be moved to drill an up-dip appraisal well on the Etom structure. Tullow Oil plc operates blocks 13T and 10BB with 50% equity and is partnered by Africa Oil and Maersk Olie og Gas A/S both with 25%. Africa Oil CEO Keith Hill commented, “We are very pleased to continue our 100% success rate in the current program as we continue to build resources to enhance our ongoing development program. The four additional wells planned as well as the water flood pilot project will further allow us to better define the size and scope of the development.” Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on  May 17, 2017 at 2:00 a.m. Eastern Time. 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


News Article | May 17, 2017
Site: globenewswire.com

May 17, 2017 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that the Emekuya-1 well in Block 13T, Northern Kenya has encountered approximately 75 metres of net oil pay in two zones. Emekuya-1 is located 2.5 km north of Etom-2 and had the objective of drilling a fault block on the flank of the Greater Etom structure. The well was drilled by the PR Marriott Rig-46 to a total measured depth of 1,356 metres and penetrated reservoir quality Miocene sandstones which correlate to those seen in the successful Etom-2 well. Downhole pressure measurements and fluid samples suggest that the main oil reservoir is on the same static pressure gradient as the Etom-2 well which demonstrates that a major part of the Greater Etom structure is oil-filled. The reservoir sands encountered also appear to be extensive which further de-risks the northern play area and bodes well for future exploration in the region. The rig will be moved to drill an up-dip appraisal well on the Etom structure. Tullow Oil plc operates blocks 13T and 10BB with 50% equity and is partnered by Africa Oil and Maersk Olie og Gas A/S both with 25%. Africa Oil CEO Keith Hill commented, “We are very pleased to continue our 100% success rate in the current program as we continue to build resources to enhance our ongoing development program. The four additional wells planned as well as the water flood pilot project will further allow us to better define the size and scope of the development.” Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on  May 17, 2017 at 2:00 a.m. Eastern Time. 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


News Article | May 22, 2017
Site: globenewswire.com

May 22, 2017 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to report  that further to the previously announced farmout agreement between Africa Oil and Maersk Olie og Gas A/S (Maersk) (press release 4th February 2016), the companies have agreed to payment terms related to the US $75 million advance development carry. Africa Oil is due to receive equal quarterly payments of US $18.75 million at the end of each calendar quarter during 2018. Upon Final Investment Decision ("FID") of the South Lokichar development project, Maersk may be obligated to carry AOC for an additional amount of up to US $405.0 million dependent upon meeting certain thresholds of resource growth and timing of first oil. Africa Oil CEO, Keith Hill, commented, “We are very pleased to reach payment terms with Maersk.  This agreement further strengthens our balance sheet as we move towards project sanction at the end of 2018.” The Joint Venture Partners in the South Lokichar Basin are Tullow Oil plc (50% and operator), Maersk 25% and Africa Oil 25%. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on May 22, 2017 at 2:00 a.m. Eastern Time. 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


News Article | May 22, 2017
Site: globenewswire.com

May 22, 2017 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to report  that further to the previously announced farmout agreement between Africa Oil and Maersk Olie og Gas A/S (Maersk) (press release 4th February 2016), the companies have agreed to payment terms related to the US $75 million advance development carry. Africa Oil is due to receive equal quarterly payments of US $18.75 million at the end of each calendar quarter during 2018. Upon Final Investment Decision ("FID") of the South Lokichar development project, Maersk may be obligated to carry AOC for an additional amount of up to US $405.0 million dependent upon meeting certain thresholds of resource growth and timing of first oil. Africa Oil CEO, Keith Hill, commented, “We are very pleased to reach payment terms with Maersk.  This agreement further strengthens our balance sheet as we move towards project sanction at the end of 2018.” The Joint Venture Partners in the South Lokichar Basin are Tullow Oil plc (50% and operator), Maersk 25% and Africa Oil 25%. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on May 22, 2017 at 2:00 a.m. Eastern Time. 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


News Article | May 17, 2017
Site: globenewswire.com

May 17, 2017 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that the Emekuya-1 well in Block 13T, Northern Kenya has encountered approximately 75 metres of net oil pay in two zones. Emekuya-1 is located 2.5 km north of Etom-2 and had the objective of drilling a fault block on the flank of the Greater Etom structure. The well was drilled by the PR Marriott Rig-46 to a total measured depth of 1,356 metres and penetrated reservoir quality Miocene sandstones which correlate to those seen in the successful Etom-2 well. Downhole pressure measurements and fluid samples suggest that the main oil reservoir is on the same static pressure gradient as the Etom-2 well which demonstrates that a major part of the Greater Etom structure is oil-filled. The reservoir sands encountered also appear to be extensive which further de-risks the northern play area and bodes well for future exploration in the region. The rig will be moved to drill an up-dip appraisal well on the Etom structure. Tullow Oil plc operates blocks 13T and 10BB with 50% equity and is partnered by Africa Oil and Maersk Olie og Gas A/S both with 25%. Africa Oil CEO Keith Hill commented, “We are very pleased to continue our 100% success rate in the current program as we continue to build resources to enhance our ongoing development program. The four additional wells planned as well as the water flood pilot project will further allow us to better define the size and scope of the development.” Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on  May 17, 2017 at 2:00 a.m. Eastern Time. 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


News Article | May 22, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2017) - Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") (TSX:AOI)(OMX:AOI) is pleased to report that further to the previously announced farmout agreement between Africa Oil and Maersk Olie og Gas A/S (Maersk) (press release 4th February 2016), the companies have agreed to payment terms related to the US $75 million advance development carry. Africa Oil is due to receive equal quarterly payments of US $18.75 million at the end of each calendar quarter during 2018. Upon Final Investment Decision ("FID") of the South Lokichar development project, Maersk may be obligated to carry AOC for an additional amount of up to US $405.0 million dependent upon meeting certain thresholds of resource growth and timing of first oil. Africa Oil CEO, Keith Hill, commented, "We are very pleased to reach payment terms with Maersk. This agreement further strengthens our balance sheet as we move towards project sanction at the end of 2018." The Joint Venture Partners in the South Lokichar Basin are Tullow Oil plc (50% and operator), Maersk 25% and Africa Oil 25%. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of the Company under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated by the persons set out below on May 22, 2017 at 2:00 a.m. Eastern Time. 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


News Article | February 28, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2017) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX:AOI)(OMX:AOI) is pleased to announce its financial and operating results for the three months and year ended December 31, 2016. At December 31, 2016, the Company had cash of $463.1 million and working capital of $435.0 million. The Company's liquidity and capital resource position improved dramatically during 2016 with the receipt of $439.4 million (inclusive of deposit received prior to 2015 year-end) upon completion of the farmout transaction with Maersk Olie og Gas A/S ("Maersk") whereby Maersk acquired 50% of the Company's interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia. Proceeds received from Maersk include $350.0 million as reimbursement of past costs incurred by the Company prior to the agreed March 31, 2015 effective date and $89.4 million representing Maersk's share of costs incurred between the effective date and closing, including a carry reimbursement of $15.0 million related to exploration expenditures. An additional $75.0 million development carry may be available to the Company upon confirmation of existing resources. Upon Final Investment Decision ("FID"), Maersk will be obligated to carry Africa Oil for an additional amount of up to $405.0 million depending on meeting certain thresholds of resource growth and timing of first oil. During the fourth quarter of 2016, Tullow Oil, Maersk, and Africa Oil (the "Joint Venture Partners") recommenced drilling activities in the South Lokichar oil basin located in Blocks 10BB and 13T in Kenya. One drilling rig is currently active and is undertaking an initial program of four wells and the potential to extend this by a further four wells. The first well in the drilling program, Erut-1 (Block 13T) resulted in a discovery of a gross oil interval of 55 meters with 25 meters of net oil pay at a depth of 700 meters. The overall oil column for the field is between 100 and 125 meters. Potential exists for additional pay but will need to be confirmed by laboratory analysis. The objective of the well was to test a structural trap at the northern limit of the South Lokichar Basin. Fluid samples taken and wireline logging all indicate the presence of oil. Erut-1 successfully shows that oil has migrated to the northern limit of the South Lokichar Basin and has de-risked multiple prospects in this area which will now be considered as part of the Partnership's future exploration and appraisal drilling program. Following Erut-1, the PR Marriott Rig-46 moved to Block 10BB, where it is currently drilling the Amosing-6 appraisal well. Additional prospects in the drilling program include Etete (an offset to the Etom-2 discovery) and further appraisal of the Ngamia and Amosing fields to target un-drilled flanks, with an aim of extending the size of these existing discoveries. In addition, the Joint Venture are undertaking an extensive water injection test program which commenced in the fourth quarter of 2016 to collect data to optimize the field development plans. Africa Oil holds a 25% interest in Blocks 10BB and 13T. In addition to progressing the full field development work in Kenya, an Early Oil Pilot Scheme (EOPS) transporting oil from South Lokichar to Mombasa, utilizing road, has been approved by the Joint Venture Partners. This will provide technical and non-technical information that will assist in full field development planning. The EOPS would utilize existing upstream wells and oil storage tanks to initially produce 2,000 bopd around mid-2017, subject to agreement with National and County governments. The Company has completed the following significant operational activities during 2016 and to date in 2017: Operating expenses decreased $67.2 million during the fourth quarter of 2016 compared to the fourth quarter in 2015. The Company recognized an impairment relating to the Company's intangible exploration assets in Ethiopia of $6.5 million during the fourth quarter of 2016 compared to $70.7 during the same period in 2015. In addition, as part of the Company's decision to withdraw from Block 12A (Kenya), the Company wrote off $2.0 million in intangible exploration assets relating to the block. Salaries and benefits decreased due to reduced discretionary bonuses during the fourth quarter of 2016 as well as the foreign exchange benefits of Canadian denominated salaries for Canadian staff. Equity-based compensation decreased $0.6 million due to a decrease in stock-based compensation of $1.1 million which was a result of issuing less stock options to eligible plan participants in 2016 than in 2015 (Q4 2016 - 1.6 million, Q4 2015 - 2.4 million). This decrease was offset by $0.5 million of equity based compensation expenses associated with PSUs and RSUs. One-third of the fair value of the stock options is expensed immediately upon grant, the remaining expense is expected to decrease over the remaining vesting period. PSUs and RSUs were issued as part of the new LTIP which commenced during the first quarter of 2016. Professional fees decreased by $1.2 million relating to the Company entering into the Maersk farmout agreement during the fourth quarter of 2015. The Company made a donation for $0.3 million to the Lundin Foundation during the fourth quarter of 2016 compared to $1.0 million during the same period in 2015. Operating expenses decreased $66.8 million during the year ended December 31, 2016 compared to the year ended December 31, 2015. The Company recognized an impairment relating to the Company's intangible exploration assets in Ethiopia of $6.5 million during the fourth quarter of 2016 compared to $70.7 during the same period in 2015. In addition, as part of the Company's decision to withdraw from Block 12A (Kenya), the Company wrote off $2.0 million in intangible exploration assets relating to the block. Salaries and benefits decreased due to reduced discretionary bonuses during 2016 compared to 2015 as well as the foreign exchange benefits of Canadian denominated salaries for Canadian staff. Equity-based compensation decreased by $4.8 million during 2016 which was a result of issuing less stock options to eligible plan participants in 2016 than in 2015 (2016 - 1.6 million, 2015 - 7.8 million). This decrease was offset by $1.4 million of equity based compensation expenses associated with PSUs and RSUs. One-third of the fair value of the stock options is expensed immediately upon grant; the remaining expense is expected to decrease over the remaining vesting period. Stock exchange and filling fees decreased by $1.0 million due fees associated with multiple equity financings completed during 2015 (no equity financings in 2016). A non-cash gain of $4.2 million was recognized during 2015 due to the Company's investment in Africa Energy changing from a position of control to a position of significant influence. The Company made donations to the Lundin Foundation of $1.3 million during 2016 compared to $2.3 million during 2015. Interest income increased during 2016 as a result of cash proceeds received in the first quarter of the year upon completion of the Maersk farmout. The Company holds the vast majority of its cash on hand in US dollars, the Company's functional currency. Interest Income fluctuates in accordance with cash balances, the currency that the cash is held in, and prevailing market interest rates. Expenditures on intangible exploration assets of $48.6 million were incurred during 2016, which were offset by an impairment charge related to exploration properties that the Company does not intend to continue exploring of $8.5 million as well as a reduction to intangible exploration assets of $439.4 million relating to the completion of the farmout transaction with Maersk. The Company is debt free. Cash inflows during 2016 are primarily driven by the receipt of $439.4 million in proceeds relating to the completion of the farmout transaction with Maersk. The following table breaks down the material components of intangible exploration expenditures for the years ended December 31, 2016 and 2015: The Company incurred $46.6 million of intangible exploration expenditures in Kenya for the year ended December 31, 2016. Drilling and completion expenditures primarily relate to the Cheptuket-1 exploration well in Block 12A, the water injection testing performed on the Amosing-3 appraisal well in Block 10BB, the drilling of Erut-1 in Block 13T, as well as costs associated with demobilizing and remobilizing the PR Marriott 46 Rig and associated services. Drilling costs continue to be incurred in association with the recommencement of the exploration and appraisal drilling program in the South Lokichar Basin. Development study expenditures are associated with studies aimed at progressing towards project sanction for the South Lokichar Basin. Exploration studies costs continue to be incurred in Kenya in conjunction with exploration and appraisal drilling campaign which recommenced in Q4 2016. The Company incurred $1.9 million of intangible exploration expenditures in Ethiopia for the year ended December 31, 2016, which consists of license fees and general and administrative costs. The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the years ended December 31, 2016 and 2015, and the 2016 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). In light of the current and forecast short to mid-term oil price environment, the Company has worked closely with its joint venture partners to focus efforts on advancing the South Lokichar Basin development in Blocks 10BB and 13T (Kenya) by undertaking activities aimed at increasing resource certainty and progressing development studies and planning. We are pleased that Maersk have acquired a 25% interest in the project given the vast financial and technical capabilities they bring to the joint venture and related development activities. A draft South Lokichar Field Development Plan was submitted to the Government of Kenya in December 2015 and will assist discussions as we progress towards a potential final investment decision. Preparation for FEED is under way. Scoping studies and terms of reference for the detailed upstream environmental and social impact assessments have been submitted to the regulatory authorities in Kenya. The Kenya Joint Venture Partners have signed an MoU with the Government of Kenya which confirms the intent of the parties to jointly progress the development of a Kenya crude oil pipeline which will run from South Lokichar to the port of Lamu. The pipeline Joint Development Agreement is currently in the final stages of negotiation and sets out a structure for the Government of Kenya and the South Lokichar joint venture partners to progress the development of the export pipeline. This agreement will ultimately enable important studies to commence such as FEED, ESIA, as well as studies on pipeline financing and ownership. The vast resource potential of the South Lokichar Basin has been highlighted by our recent independent assessment of contingent resources. We are pleased to have recommenced drilling activities in the South Lokihar Basin during the fourth quarter of 2016 with the first well, Erut-1, resulting in an additional oil discovery. Following Erut-1, the PR Marriott Rig-46 moved to Block 10BB, where it is currently drilling the Amosing-6 appraisal well. Additional prospects in the drilling program include Etete (an offset to the Etom-2 discovery) and further appraisal of the Ngamia and Amosing fields to target un-drilled volumes, with an aim of extending the size of these existing discoveries. Other activity during the year included water injection trials which were successfully completed on the Amosing discovery in the South Lokichar Basin. Data from the trials shows the viability of water injection for development planning and a similar program of water injection tests on the Ngamia discovery is scheduled to commence later this month. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia . The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated on February 27 2017 at 5:00 p.m. Pacific Time. The Company also announces that the Annual General Meeting of Shareholders will be held on Wednesday, April 19, 2017, at 9:00 a.m. (Vancouver time) at the Suite 2000, 885 West Georgia Street, Vancouver, British Columbia. 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


News Article | November 15, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2016) - Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2016. At September 30, 2016, the Company had cash of $490.1 million and working capital of $455.5 million. The Company's liquidity and capital resource position improved dramatically during 2016 with the receipt of $439.4 million (inclusive of deposit received prior to 2015 year-end) upon completion of the farmout transaction with Maersk Olie og Gas A/S ("Maersk") whereby Maersk acquired 50% of the Company's interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia. Proceeds received from Maersk include $350.0 million as reimbursement of past costs incurred by the Company prior to the agreed March 31, 2015 effective date and $89.4 million representing Maersk's share of costs incurred between the effective date and closing, including a carry reimbursement of $15.0 million related to exploration expenditures. An additional $75.0 million development carry may be available to the Company upon confirmation of existing resources. Upon Final Investment Decision ("FID"), Maersk will be obligated to carry Africa Oil for an additional amount of up to $405.0 million depending on meeting certain thresholds of resource growth and timing of first oil. Tullow Oil, Maersk, and Africa Oil (the "Joint Venture Partners") plan to recommence drilling activities in the South Lokichar oil basin located in Blocks 10BB and 13T in Kenya in the fourth quarter of 2016 with an initial programme of four wells and the potential to extend this by a further four wells. The first two wells are expected to be the Etete and Erut prospects in the north of South Lokichar basin. Other potential prospects in the programme include further appraisal of the Ngamia and Amosing fields to target un-drilled flanks, with an aim of extending the size of these existing discoveries. In addition, the Joint Venture is planning an extensive water injection test programme in the fourth quarter of 2016 to collect data to optimise the field development plans. Africa Oil holds a 25% interest in Blocks 10BB and 13T. In addition to progressing the full field development work in Kenya, an Early Oil Pilot Scheme (EOPS) transporting oil from South Lokichar to Mombasa, utilising road, has been approved by the Joint Venture Partners. This will provide technical and non-technical information that will assist in full field development planning. The EOPS would utilise existing upstream wells and oil storage tanks to initially produce 2,000 bopd around mid-2017, subject to agreement with National and County governments. The Company has completed the following significant operational activities during the third quarter and to date in 2016: Operating expenses decreased $1.1 million during the third quarter of 2016 compared to the third quarter in 2015. Equity-based compensation decreased $0.5 million due to a decrease in stock -based compensation of $1.0 million which was offset by the Company recognizing $0.2 million related to PSUs and $0.3 million related to RSUs during the third quarter of 2016. The decrease in stock-based compensation is due to the issuance of 5,194,000 stock options of AOC to directors, officers and employees in the first quarter of 2015. One-third of the fair value of the stock options is expensed immediately upon grant, the remaining expense is expected to decrease over the remaining vesting period. There were no options granted during the third quarter of 2016. PSUs and RSUs were issued as part of the Long Term Incentive Plan which commenced during the first quarter of 2016. The Company made a $0.4 million donation to the Lundin Foundation during the third quarter of 2016 compared to $0.5 million during the same period in 2015. Operating expenses increased $0.4 million during the nine months ended September 30, 2016 compared to the same period in 2015. Equity-based compensation decreased by $4.1 million during 2016 primarily due to the issuance of 5,194,000 stock options of AOC to directors, officers and employees during 2015. One-third of the fair value of the stock options is expensed immediately upon grant; the remaining expense is expected to decrease over the remaining vesting period. There were no options granted during 2016. The $1.0 million increase in professional fees relates to the completion of the farmout transaction with Maersk. A non-cash gain of $4.2 million was recognized during the first half of 2015 due to the Company's investment in Africa Energy changing from a position of control to a position of significant influence. The Company made donations to the Lundin Foundation of $1.0 million during 2016 compared to $1.3 million during the same period in 2015. Interest income fluctuates in accordance with cash balances, the currency that the cash is held in, and prevailing market interest rates. Foreign exchange gains and losses are primarily related to changes in the value of the Canadian dollar in comparison to the US dollar. The Company holds a very limited amount of cash in currencies other than USD, the Company's functional and reporting currency. I nterest income is considerably higher in 2016 as a result of the proceeds received upon completion of the Maersk farmout. Intangible exploration assets decreased during 2016 by $407.8 million as a result of the receipt of $439.4 million in proceeds relating to the completion of the farmout transaction with Maersk. This was offset by $31.6 million in intangible exploration expenditures incurred during nine months ended September 30, 2016. The Company is debt free. Cash inflows during 2016 are primarily driven by the receipt of $439.4 million in proceeds relating to the completion of the farmout transaction with Maersk. The following table breaks down the material components of intangible exploration expenditures for the nine months ended September 30, 2016 and 2015: The Company incurred $30.7 million of intangible exploration expenditures in Kenya for the nine months ended September 30, 2016. Drilling and completion expenditures primarily relate to the Cheptuket-1 exploration well in Block 12A and costs associated with demobilizing and remobilizing the PR Marriott 46 Rig and associated services. Drilling costs continue to be incurred in association with development planning and preparation for the upcoming drilling program in the South Lokichar Basin. Development study expenditures are associated with studies aimed at progressing towards project sanction for the South Lokichar Basin. Exploration studies costs continue to be incurred in Kenya as the joint venture is preparing an exploration and appraisal drilling campaign which will commence later this year. The Company incurred $0.9 million of intangible exploration expenditures in Ethiopia for the nine months ended September 30, 2016, which consists of license fees and general and administrative costs. The Company's unaudited consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and nine months ended September 30, 2016 and 2015, and the 2015 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com). Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the EU Market Abuse Regulation and/or the Swedish Securities Market Act. This information was publicly communicated on November 14, 2016 at 4:00 p.m. Pacific Time. 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


News Article | February 28, 2017
Site: globenewswire.com

February 27, 2017 (AOI–TSX, AOI–Nasdaq-Stockholm) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2016. At December 31, 2016, the Company had cash of $463.1 million and working capital of $435.0 million. The Company’s liquidity and capital resource position improved dramatically during 2016 with the receipt of $439.4 million (inclusive of deposit received prior to 2015 year-end) upon completion of the farmout transaction with Maersk Olie og Gas A/S (“Maersk”) whereby Maersk acquired 50% of the Company’s interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia. Proceeds received from Maersk include $350.0 million as reimbursement of past costs incurred by the Company prior to the agreed March 31, 2015 effective date and $89.4 million representing Maersk's share of costs incurred between the effective date and closing, including a carry reimbursement of $15.0 million related to exploration expenditures. An additional $75.0 million development carry may be available to the Company upon confirmation of existing resources. Upon Final Investment Decision ("FID"), Maersk will be obligated to carry Africa Oil for an additional amount of up to $405.0 million depending on meeting certain thresholds of resource growth and timing of first oil. During the fourth quarter of 2016, Tullow Oil, Maersk, and Africa Oil (the “Joint Venture Partners”) recommenced drilling activities in the South Lokichar oil basin located in Blocks 10BB and 13T in Kenya. One drilling rig is currently active and is undertaking an initial program of four wells and the potential to extend this by a further four wells. The first well in the drilling program, Erut-1 (Block 13T) resulted in a discovery of a gross oil interval of 55 meters with 25 meters of net oil pay at a depth of 700 meters. The overall oil column for the field is between 100 and 125 meters. Potential exists for additional pay but will need to be confirmed by laboratory analysis. The objective of the well was to test a structural trap at the northern limit of the South Lokichar Basin. Fluid samples taken and wireline logging all indicate the presence of oil. Erut-1 successfully shows that oil has migrated to the northern limit of the South Lokichar Basin and has de-risked multiple prospects in this area which will now be considered as part of the Partnership's future exploration and appraisal drilling program.  Following Erut-1, the PR Marriott Rig-46 moved to Block 10BB, where it is currently drilling the Amosing-6 appraisal well. Additional prospects in the drilling program include Etete (an offset to the Etom-2 discovery) and further appraisal of the Ngamia and Amosing fields to target un-drilled flanks, with an aim of extending the size of these existing discoveries. In addition, the Joint Venture are undertaking an extensive water injection test program which commenced in the fourth quarter of 2016 to collect data to optimize the field development plans. Africa Oil holds a 25% interest in Blocks 10BB and 13T. In addition to progressing the full field development work in Kenya, an Early Oil Pilot Scheme (EOPS) transporting oil from South Lokichar to Mombasa, utilizing road, has been approved by the Joint Venture Partners. This will provide technical and non-technical information that will assist in full field development planning. The EOPS would utilize existing upstream wells and oil storage tanks to initially produce 2,000 bopd around mid-2017, subject to agreement with National and County governments. The Company has completed the following significant operational activities during 2016 and to date in 2017: During January 2017, the Company announced that the Erut-1 well in Block 13T, Northern Kenya, discovered a gross oil interval of 55 meters with 25 meters of net oil pay at a depth of 700 meters.  The Joint Venture Partners have signed a Memorandum of Understanding with the Government of Kenya which confirms the intent of the parties to jointly progress the development of a Kenya crude oil pipeline from South Lokichar to the port of Lamu on the Kenyan Coast. The pipeline Joint Development Agreement is currently in the final stages of negotiation and sets out a structure for the Government of Kenya and the South Lokichar Joint Venture Partners to progress the development of the export pipeline. This agreement will ultimately enable important studies to commence such as FEED, ESIA, as well as studies on pipeline financing and ownership. On May 10, 2016, the Company announced details of an updated independent assessment of the Company’s contingent resources in the South Lokichar Basin in Blocks 10BB and 13T (Kenya).  The estimated gross 2C unrisked resources in the South Lokichar Basin, Kenya have increased by 150 million barrels (or 24%) since they were previously assessed during 2014 to 766 million barrels of oil (Development Pending: 754 million barrels and Development Unclarified: 12 million barrels). The Joint Venture Partners received a three-year extension to the Second Additional Exploration Period (expiring 18 September 2020) on Blocks 10BB and 13T. A draft field development plan for the discoveries in the South Lokichar Basin was submitted in December 2015 to the Kenyan authorities. Further refinement of the field development plan and engagement with the Government of Kenya is ongoing.  During the first quarter of 2016, the Cheptuket-1 well (Block 12A) completed drilling to a depth of 3,083 meters. The well encountered oil shows, seen in cuttings and rotary sidewall cores, across a large interval of over 700 meters. Cheptuket-1 is the first well to test the Kerio Valley Basin. While shows were encouraging, upon further technical and commercial review, the Company elected to withdraw from the block during the first quarter of 2017.  During the fourth quarter of 2016, the Company elected to relinquish its 15% working interest in the South Omo Block (Ethiopia) at the end of the exploration period. Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI". The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the EU Market Abuse Regulation and the Swedish Securities Market Act. This information was publicly communicated on February 27 2017 at 5:00 p.m. Pacific Time. The Company also announces that the Annual General Meeting of Shareholders will be held on Wednesday, April 19, 2017, at 9:00 a.m. (Vancouver time) at the Suite 2000, 885 West Georgia Street, Vancouver, British Columbia. 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 For further information, please contact:  Sophia Shane, Corporate Development (604) 689-7842. For the complete news release and report see attached file.


News Article | November 15, 2016
Site: globenewswire.com

November 14, 2016 (AOI–TSX, AOI–Nasdaq-Stockholm) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2016. At September 30, 2016, the Company had cash of $490.1 million and working capital of $455.5 million. The Company’s liquidity and capital resource position improved dramatically during 2016 with the receipt of $439.4 million (inclusive of deposit received prior to 2015 year-end) upon completion of the farmout transaction with Maersk Olie og Gas A/S (“Maersk”) whereby Maersk acquired 50% of the Company’s interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia. Proceeds received from Maersk include $350.0 million as reimbursement of past costs incurred by the Company prior to the agreed March 31, 2015 effective date and $89.4 million representing Maersk's share of costs incurred between the effective date and closing, including a carry reimbursement of $15.0 million related to exploration expenditures. An additional $75.0 million development carry may be available to the Company upon confirmation of existing resources. Upon Final Investment Decision ("FID"), Maersk will be obligated to carry Africa Oil for an additional amount of up to $405.0 million depending on meeting certain thresholds of resource growth and timing of first oil. Tullow Oil, Maersk, and Africa Oil (the “Joint Venture Partners”) plan to recommence drilling activities in the South Lokichar oil basin located in Blocks 10BB and 13T in Kenya in the fourth quarter of 2016 with an initial programme of four wells and the potential to extend this by a further four wells. The first two wells are expected to be the Etete and Erut prospects in the north of South Lokichar basin. Other potential prospects in the programme include further appraisal of the Ngamia and Amosing fields to target un-drilled flanks, with an aim of extending the size of these existing discoveries. In addition, the Joint Venture is planning an extensive water injection test programme in the fourth quarter of 2016 to collect data to optimise the field development plans. Africa Oil holds a 25% interest in Blocks 10BB and 13T. In addition to progressing the full field development work in Kenya, an Early Oil Pilot Scheme (EOPS) transporting oil from South Lokichar to Mombasa, utilising road, has been approved by the Joint Venture Partners. This will provide technical and non-technical information that will assist in full field development planning. The EOPS would utilise existing upstream wells and oil storage tanks to initially produce 2,000 bopd around mid-2017, subject to agreement with National and County governments. The Company has completed the following significant operational activities during the third quarter and to date in 2016: The Government of Kenya announced that it intends to run a crude oil pipeline from South Lokichar to the port of Lamu. The Joint Venture Partners have signed a Memorandum of Understanding with the Government of Kenya which confirms the intent of the parties to jointly progress the development of a Kenya crude oil pipeline. The pipeline Joint Development Agreement is currently being finalized and is expected to be signed in the fourth quarter of 2016. The Joint Venture Partners continue to progress the technical, environmental and social studies and tenders required to proceed to FEED for both the upstream and pipeline projects. Both FEED studies are expected to start in early 2017. It is expected that any Kenya standalone pipeline plan will take into consideration the potential to accommodate the transportation of additional oil resource from bordering East Africa countries.  On May 10, 2016, the Company announced details of an updated independent assessment of the Company’s contingent resources in the South Lokichar Basin in Blocks 10BB and 13T (Kenya).  The estimated gross 2C unrisked resources in the South Lokichar Basin, Kenya have increased by 150 million barrels (or 24%) since they were previously assessed during 2014 to 766 million barrels of oil (Development Pending: 754 million barrels and Development Unclarified: 12 million barrels).  Preparation for water injection testing commenced towards the end of the third quarter of 2016 on the Amosing-3 well. The first results of the testing are expected during the fourth quarter of 2016.  The Joint Venture Partners received a three-year extension to the Second Additional Exploration Period (expiring 18 September 2020) on Blocks 10BB and 13T. The Cheptuket-1 well (Block 12A) completed drilling to a depth of 3,083 meters. The well encountered oil shows, seen in cuttings and rotary sidewall cores, across a large interval of over 700 meters and post-well analysis is still in progress. A FTG survey over Block 12A has been completed to gain further data on this prospective area. Further exploration activities in Block 12A and Africa Oil's other remaining unexplored acreage, continue to be evaluated. Africa Oil holds a 20% interest in Block 12A.  The Joint Venture Partners in the South Lokichar Basin continue to progress work aimed at sanctioning development, including: continuing studies to support reservoir modelling, additional core analysis, petrophysical analysis, and advancement of commercial work related to the development plans. For the complete news release and report see attached file.

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