Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is
pleased to provide year-end financial results and an update on its operations in
Kenya and Ethiopia.
Seven rigs are currently active on the Company's blocks including four rigs on
Blocks 13T and 10BB in the Tertiary Lokichar Basin in Western Kenya, one rig on
Block 9 in the Cretaceous Anza rift in Northern Kenya, one rig in the South Omo
Block in the Tertiary basin in Southern Ethiopia and one rig in Block 8 in the
Jurassic/Triassic basin in the Somali region of Ethiopia.
In the Lokichar Basin, two rigs are drilling exploration/appraisal wells and two
rigs are conducting testing operations. Africa Oil Kenya BV holds a 50% working
interest in these blocks along with partner Tullow Oil plc who holds the
remaining interest and is operator.
The Weatherford 804 rig has completed drilling operations on the Emong prospect.
The well was located approximately four kilometres northwest of the Ngamia-1
field discovery and was drilled to a total depth of 1,394 metres. It encountered
oil and gas shows while drilling, however the Auwerwer sandstones that are the
primary reservoirs in the Ngamia field were thin and poorly developed in Emong-1
and the well was plugged and abandoned. It is believed that the reservoir was
poorly developed due to its proximity to the basin bounding fault and its
location within what appears to be a local isolated slumped fault margin. The
results are not expected to impact the thickness and quality of reservoir
throughout the main Ngamia field area. This rig will now move to the Ekunyuk
prospect on the eastern flank play which is on trend with recent discoveries at
Etuko and Ewoi.
The Sakson PR-5 rig is continuing drilling operations on the Twiga-2 updip
appraisal well and is expected to be completed in mid-April. This rig will then
move to drill a downdip appraisal of the Amosing discovery, which appears to
have high quality reservoir and may be one of the largest discoveries in the
basin to date.
Testing operations have been completed on the Ekales-1 well using the SMP-5 rig
and have confirmed this significant discovery. Two DST's were completed and
flowed a combined rate of over 1,000 barrels of oil per day from a combined 41
metre net pay interval. The upper zone had a very high productivity index of 4.3
stb/d/psi. This rig will next test the Agete discovery.
The Etuko-2 well was drilled by the PR Marriott 46 rig as an exploration well to
test the upper Auwerwer sands overlying the previously announced Etuko
discovery. The well penetrated a potential significant oil column identified
from formation pressure data and oil shows while drilling and in core, with good
quality reservoir, but flowed only water on drill stem test. The results are
considered inconclusive and analysis is underway to consider further options to
evaluate this reservoir. This rig will next drill the Ngamia-2 appraisal well.
The Great Wall 190 rig is drilling ahead on schedule and budget at the Sala
prospect in the Cretaceous Anza graben. This well is operated by Africa Oil
Kenya B.V. which holds a 50% interest and operatorship with partner Marathon
Kenya Limited B.V., a subsidiary of Marathon Oil Corporation holding the
remaining 50%. The well is currently at approximately 1500 metres depth and
drilling ahead. Results of this well are expected to be announced in the second
quarter.
The Shimela prospect in the South Omo Block in Ethiopia is expected to spud
before the end of March and will target a new basin in the Tertiary trend, the
Chew Bahir Basin. Numerous potential hydrocarbon indicators have been observed
on seismic in this basin and if this well is successful in proving up an active
petroleum system and thus "opening" the basin, numerous other prospects
identified in the basin will be de-risked. This rig will next drill the Gardim
prospect in the southern portion of the basin. Both wells are basin bounding
fault prospects similar to the Ngamia/Amosing/Twiga discoveries in the Lokichar
basin.
The El Kuran-3 well, in the Somali region of Ethiopia, has reached a total depth
of 3,528 metres and is currently undergoing logging and evaluation prior to
taking a decision on the way forward on the well. There have been numerous oil
and gas shows in the well which is a follow up to a discovery made by Tenneco in
the 1970's. There appears to be a significant amount of oil and gas in several
intervals and the primary issues are the quality of the reservoir and potential
commerciality given the remote location.
Keith Hill, President and CEO of Africa Oil, commented, "We are very pleased
that all wells in the Lokichar Basin continue to find hydrocarbons indicating a
very rich prolific source rock. We continue to gather key reservoir data through
drilling and testing, with particular emphasis on understanding the distribution
of the most productive reservoirs in the basin. This understanding should be
enhanced with the addition of the 3D seismic survey which should allow us to
develop a comprehensive reservoir model which will be essential for moving the
Lokichar basin into development. We are on track to drill six very exciting
potential basin-opening wells in 2014 including wildcat wells in the Chew Bahir,
West Turkana, and South Kerio Basins, and along the eastern flank of the Anza
Basin in addition to at least three additional exploration targets in the
Lokichar Basin."
The Company is also actively pursuing pre-development studies in the Block
10BB/13T area including commencement of the front end engineering design (FEED)
and environmental and social impact assessment (ESIA) studies for the pipeline,
export terminal and field facilities. It is the goal of the partnership to
conclude these studies and achieve project sanction by the end of 2015/early
2016.
Significant Events in 2013
-- Africa Oil ended the year with cash of $493.2 million and working
capital of $439.8 million. In October, the Company completed a brokered
private placement issuing an aggregate of
56,505,217 common shares at a price of 51.75 Swedish Kronas ("SEK") per
common share for net proceeds of $440 million significantly improving
the Company's liquidity and capital resource position.
-- During 2013, the Company completed seven exploration wells and two
multi-zone well tests across its blocks and exited the year with three
wells drilling and one well under test.
-- During the first half of the 2013, the Company completed a series of
well tests at both Twiga South-1 and Ngamia-1 on Blocks 13T and 10BB in
Kenya, respectively. These successful well tests confirmed over 5,000
barrels of oil per day ("bopd") flow potential per well and doubled the
previous estimates of net oil pay. Transient Pressure Analysis has been
conducted on the Twiga South-1 and Ngamia-1 well tests. No pressure
depletion was recorded over the duration of the tests.
-- In July 2013, the Company announced a new oil discovery at Etuko-1.
Etuko-1 is located 14 kilometres east of Twiga South-1 in Block 10BB and
was the first test of the Basin Flank Play in the eastern part of the
South Lokichar Basin. The well encountered approximately 40 metres of
net oil pay in the Auwerwer and Upper Lokhone targets and approximately
50 metres of additional potential net pay in the Lower Lokhone interval
based on log analysis. In February 2014, the Company announced the
results of five well tests conducted on five Lokhone pay intervals in
Etuko-1. Light 36 degree API waxy crude oil was successfully flowed from
three zones at a combined average rate of over 550 barrels of oil
equivalent per day.
-- In September 2013, the Company announced a new oil discovery at Ekales-1
located in the Basin Bounding Fault Play between the Ngamia-1 and Twiga
South-1 discoveries. Logs indicated a potential pay zone of 60 to 100
metres to be confirmed by flow testing.
-- In November 2013, the Company announced a new oil discovery at Agete-1
located seven kilometres north of the Twiga South-1 discovery along the
Basin Bounding Fault Play in Block 13T. Logs indicated a significant oil
column with an estimated 100 metres of net oil pay in good quality
sandstone reservoirs. Well testing will commence imminently and an
appraisal well is planned in the first half of 2014.
-- In January 2014, the Company announced a new oil discovery at Amosing-1
located seven kilometres southwest of the Ngamia-1 discovery along the
Basin Bounding Fault Play in Block 10BB. Logs indicate 160 to 200 metres
of potential net oil pay in good quality sandstone reservoirs. Well
testing and an appraisal well are planned for the first half of 2014.
-- Also in January 2014, the Company announced a new oil discovery at Ewoi-
1 located four kilometres to the east of the Etuko-1 discovery in the
Basin Flank Play on the eastern side of the South Lokichar Basin in
Block 10BB. Logs indicate potential net pay of 20 to 80 metres to be
confirmed by well testing.
-- Given the significant volumes discovered and the extensive exploration
and appraisal program planned to fully assess the upside potential of
the basin, the Tullow-Africa Oil joint venture has agreed with the
Government of Kenya to commence development studies. In addition, the
partnership is involved in a comprehensive pre-FEED study of the export
pipeline. The current ambition of the Government of Kenya and the joint
venture partnership is to reach project sanction for development,
including an export pipeline, by the end of 2015 or early 2016.
-- To facilitate these development activities in parallel with exploration
and appraisal, an "Area of Interest" (AOI) encompassing the South
Lokichar Basin discoveries and further prospects in
Blocks 10BB and 13T, was agreed with the Government of Kenya in February
2013. This agreement allows a multiple field approach to development of
the resources while permitting the continued focus on exploration to
increase the resource base while concurrently appraising discoveries.
-- All operations in Block 10BB and Block 13T in Northern Kenya were
temporarily suspended for approximately 12 days beginning on October 28,
2013 as a precautionary measure following demonstrations by members of
local communities. Operations resumed after successful discussions
relating to the operating environment with central and regional
government and local community leaders. These discussions led to the
signing of a Memorandum of Understanding which clearly lays out a plan
for the Government of Kenya, county government, local communities in
Northern Kenya and the Tullow-Africa Oil joint venture to work together
inclusively over the long-term and to ensure operations can continue
without disruption in the future.
-- In the first quarter of 2013, the Tullow-Africa Oil joint venture tested
a Cretaceous play in the Anza Basin with the Paipai-1 commitment well in
Block 10A (Kenya), encountering light hydrocarbon shows. Due to concerns
over economic viability, the Company and its partners have relinquished
Block 10A. As a result, the Company recorded a $22.9 million impairment
of intangible exploration assets in the fourth quarter of 2013.
-- In December 2013, the Company reported that the Bahasi-1 well on Block 9
in Kenya, had only encountered minor shows of gas. The rig then moved to
drill Sala-1 on the northeastern flank of the basin to test a large
prospect in the Cretaceous Anza rift, which is up-dip of two wells that
had significant hydrocarbon shows. The Sala-1 well is currently drilling
and is expected to complete in the second quarter of 2014.
-- In July 2013, the Company reported that the Sabisa-1 well on the South
Omo Block in Ethiopia, the most northerly well drilled on the Tertiary
rift trend to date, had confirmed a viable hydrocarbon system with oil
and heavy gas shows. In December 2013, the Company announced that the
potential hydrocarbon bearing sands in Sabisa-1 were not present at the
Tultule-1 well location. There were gas shows in the section, which
point to a potential hydrocarbon source, and the results of these two
wells will be analyzed to determine the future exploration program
direction in the North Turkana Basin. Preparations are underway to drill
two exploration wells in the Chew Bahir Basin, located to the east of
the South Omo Block, in 2014. The first of these wells, Shimela-1, will
spud imminently.
-- The Company and its partners continued to actively acquire, process and
interpret an extensive 2D seismic program totaling approximately 3,044
kilometres during 2013 over Blocks 10BA, 10BB, 12A, 13T in Kenya and the
South Omo Block in Ethiopia with two onshore and one offshore 2D seismic
crews operating through the year. A third onshore 2D seismic crew
operating in the South Omo Block was released in May 2013 after
completing 1,174 kilometres of 2D seismic. During 2014, the Company is
planning to acquire 1,270 kilometres 2D seismic over the North Lokichar
and Kerio Basins covering Blocks 10BB, 10BA and 13T. In addition, the
Company and its partner in Blocks 10BB and 13T have commenced the
acquisition a 550 square kilometre 3D seismic survey over the
discoveries and prospects along the western basin bounding fault in the
South Lokichar Basin.
-- In September 2013, the Company announced details of an updated
independent assessment of the Company's contingent and prospective
resources on its Kenyan and Ethiopian exploration properties. The
effective date of this assessment was 31 July 2013 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 South Lokichar Basin in Northern Kenya contains gross
contingent resources of 368 million barrels of oil in the first three of
seven discoveries in the basin, an increase of 557% over the assessment
conducted in mid 2012. In addition, gross risked prospective resources
of 1,213 million barrels of oil are estimated for the South Lokichar
Basin. Net Contingent Resources for the Company are estimated at 231
million barrels of oil. Net Unrisked Prospective Resources for the
Company are estimated at 9,647 million barrels of oil (excluding
Puntland) and Net Risked Prospective Resources at 1,294 million barrels
of oil (excluding Puntland). Please refer to the Company's press release
dated September 3, 2013 for details of the prospective and contingent
resources by prospect and lead, including the geologic chance of
success. Plans are underway to update this independent resource
assessment to include well results since July 2013 for release in the
second quarter of 2014. The Company has a significant exploration and
appraisal program set out for 2014 which will see over 20 wells
completed. The program is focused on drilling out the remaining prospect
inventory in the South Lokichar Basin, appraising existing and future
discoveries with the aid of the new 3D Seismic survey, drilling six new
basin opening wells and progressing the South Lokichar Basin development
studies towards project sanction. This significant program in 2014 is
fully funded.
2013 Financial and Operating Highlights
Consolidated Statement of Net Income (Loss) and Comprehensive Income (Loss)
(Thousands of United States Dollars)
---------------------------------------------------------------------------
For the years ended December 31, December 31,
2013 2012
---------------------------------------------------------------------------
Operating expenses
Salaries and benefits $ 5,040 $ 3,665
Stock-based compensation 12,746 4,943
Travel 1,588 1,469
Office and general 1,160 1,012
Donation 1,151 2,313
Depreciation 55 48
Professional fees 786 4,187
Stock exchange and filing fees 969 916
Impairment of intangible exploration assets 22,874 3,127
---------------------------------------------------------------------------
46,369 21,680
Finance income (4,141) (1,727)
Finance expense 9,210 164
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Net loss and comprehensive loss 51,438 20,117
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Net income and comprehensive income attributable
to non-controlling interest (1,222) (2,676)
Net loss and comprehensive loss attributable to
common shareholders 52,660 22,793
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Net loss attributable to common shareholders per
share
Basic $ 0.20 $ 0.10
Diluted $ 0.20 $ 0.10
---------------------------------------------------------------------------
Weighted average number of shares outstanding for
the purpose of calculating earnings per share
Basic 263,081,763 220,664,278
Diluted 263,081,763 220,664,278
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Operating expenses increased $24.7 million for the year ended December 31, 2013
compared to the prior year. The Company recorded a $22.9 million impairment of
intangible exploration assets relating to Block 10A in Kenya in 2013, while in
2012, the Company recorded a $3.1 million impairment of intangible exploration
assets relating to Blocks 7 and 11 in Mali. The increase of $7.8 million in
stock -based compensation is attributable to an increase in the number of
options granted in 2013 compared to 2012. The $3.4 million decrease in
professional fees was mainly the result of 420,000 common shares issued in 2012
as a settlement of claimed professional fees relating to previously completed
farmout transactions. The $1.4 million increase in salary and benefits is the
result of increased operational activity and increased headcount in 2013. The
Company made $1.2 million donation in 2013 and a $2.3 million donation in 2012,
both to the Lundin Foundation.
Financial income and expense is made up of the following items:
---------------------------------------------------------------------------
For the years ended December 31, December 31,
2013 2012
---------------------------------------------------------------------------
Loss on marketable securities - (124)
Fair value adjustment - warrants 3,115 832
Interest and other income 1,026 326
Bank charges (24) (40)
Foreign exchange gain (loss) (9,186) 569
---------------------------------------------------------------------------
Finance income 4,141 1,727
Finance expense (9,210) (164)
---------------------------------------------------------------------------
The loss on revaluation of marketable securities is the result of a decrease in
the value of 10 million shares held in Encanto Potash Corp which were acquired
as part of the acquisition of Lion. These shares were sold during the first
quarter of 2012.
At December 31, 2013, nil warrants were outstanding in AOC and 9.5 million
warrants were outstanding in Horn. AOC holds 2.2 million of the warrants
outstanding in Horn. The Company recorded a $3.1 million gain on the revaluation
of warrants for the year ended December 31, 2013 due to a reduction in the
number of Horn warrants outstanding, a reduction of the remaining life of the
Horn warrants that remain outstanding, and a reduction in the volatility of the
Horn's share price. The Company will record fair market value adjustments on the
Horn warrants until they are exercised or they expire (all expire in June 2014).
Interest income increased in 2013 due to a significant increase in cash late in
the fourth quarter of 2012 and in the fourth quarter of 2013 as a result of cash
received from the non-brokered private placement in December 2012 and the
brokered private placement in October of 2013, respectively.
During October of 2013, the Company entered into an economic hedge in an effort
to mitigate exposure to fluctuations in the US dollar versus the Swedish Krona
exchange rate between the date the private placement was announced and the date
the private placement closed, in which the Company issued shares for Swedish
Krona. As a result, the Company incurred foreign exchange losses on the foreign
currency instrument of $7.4 million in the fourth quarter of 2013. The remaining
foreign exchange gains and losses are primarily related to changes in the value
of the Canadian dollar in comparison to the US dollar. Historically, the Company
has recorded foreign exchange gains when the Canadian dollar has strengthened
versus the US dollar, and has recorded losses when the Canadian dollar has
weakened versus the US dollar.
Consolidated Balance Sheets
(Thousands United States Dollars)
---------------------------------------------------------------------------
December 31, December 31,
2013 2012
---------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 493,209 $ 272,175
Marketable securities - -
Accounts receivable 3,195 2,848
Prepaid expenses 1,379 1,124
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497,783 276,147
Long-term assets
Restricted cash 1,250 1,119
Property and equipment 103 82
Intangible exploration assets 488,688 282,109
---------------------------------------------------------------------------
490,041 283,310
Total assets $ 987,824 $ 559,457
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LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 57,976 $ 36,188
Current portion of warrants 1 2,288
---------------------------------------------------------------------------
57,977 38,476
Long-term liabilities
Warrants - 828
---------------------------------------------------------------------------
- 828
Total liabilities 57,977 39,304
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Equity attributable to common shareholders
Share capital 1,007,414 558,555
Contributed surplus 24,396 12,123
Deficit (150,736) (98,076)
---------------------------------------------------------------------------
881,074 472,602
Non-controlling interest 48,773 47,551
---------------------------------------------------------------------------
Total equity 929,847 520,153
---------------------------------------------------------------------------
Total liabilities and equity $ 987,824 $ 559,457
---------------------------------------------------------------------------
The increase in total assets from 2012 to 2013 is due to the brokered private
placement in October 2013 which raised $440 million net of issuance costs and
related foreign exchange.
Consolidated Statement of Cash Flows
(Thousands United States Dollars)
---------------------------------------------------------------------------
December 31, December 31,
2013 2012
---------------------------------------------------------------------------
Cash flows provided by (used in):
Operations:
Net loss and comprehensive loss for the year $ (51,438) $ (20,117)
Items not affecting cash:
Stock-based compensation 12,746 4,943
Share-based expense - 3,763
Depreciation 55 48
Loss on marketable securities - 124
Impairment of intangible exploration assets 22,874 3,127
Fair value adjustment - warrants (3,115) (832)
Foreign exchange loss related to financing 7,396 -
Unrealized foreign exchange loss 25 1,055
Changes in non-cash operating working capital (756) (657)
---------------------------------------------------------------------------
(12,213) (8,546)
Investing:
Property and equipment expenditures (76) (91)
Intangible exploration expenditures (229,453) (133,823)
Farmout proceeds - 34,259
Proceeds from sale of marketable securities - 2,442
Changes in non-cash investing working capital 21,942 12,373
---------------------------------------------------------------------------
(207,587) (84,840)
Financing:
Common shares issued 448,386 255,169
Foreign exchange loss related to financing (7,396) -
Deposit of cash for bank guarantee (1,250) (375)
Release of bank guarantee 1,119 2,175
---------------------------------------------------------------------------
440,859 256,969
Effect of exchange rate changes on cash and cash
equivalents denominated in foreign currency (25) (966)
---------------------------------------------------------------------------
Increase in cash and cash equivalents 221,034 162,617
Cash and cash equivalents, beginning of year 272,175 $ 109,558
---------------------------------------------------------------------------
Cash and cash equivalents, end of year 493,209 $ 272,175
---------------------------------------------------------------------------
Supplementary information:
Interest paid Nil Nil
Income taxes paid Nil Nil
---------------------------------------------------------------------------
The increase in cash for the year ended December 31, 2013 is mainly the result
of the brokered private placement in October 2013 which raised $440 million in
cash net of issuance costs and related foreign exchange, offset partially by
intangible exploration expenditures and cash-based operating expenditures.
Consolidated Statement of Equity
(Thousands United States Dollars)
---------------------------------------------------------------------------
December 31, December 31,
2013 2012
---------------------------------------------------------------------------
Share capital:
Balance, beginning of year $ 558,555 $ 306,510
Private placement, net 447,355 226,446
Exercise of warrants - 14,340
Shares issued in lieu of professional fees - 3,763
Exercise of options 1,504 7,496
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Balance, end of year 1,007,414 558,555
-------------------------------------------------------------------------
Contributed surplus:
Balance, beginning of year $ 12,123 $ 8,425
Exercise of Horn warrants - 1,148
Stock based compensation 12,746 4,943
Exercise of options (473) (2,393)
-------------------------------------------------------------------------
Balance, end of year 24,396 12,123
-------------------------------------------------------------------------
Deficit:
Balance, beginning of year $ (98,076) $ (75,283)
Dilution loss through equity - -
Net loss and comprehensive loss attributable to
common shareholders (52,660) (22,793)
-------------------------------------------------------------------------
Balance, end of year (150,736) (98,076)
-------------------------------------------------------------------------
Total equity attributable to common
shareholders $ 881,074 472,602
-------------------------------------------------------------------------
Non-controlling interest:
Balance, beginning of year $ 47,551 $ 36,296
Non-controlling interest on issuance of Horn
shares - 8,579
Net income and comprehensive income
attributable to non-controlling interest 1,222 2,676
-------------------------------------------------------------------------
Balance, end of year 48,773 47,551
-------------------------------------------------------------------------
Total equity $ 929,847 $ 520,153
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The Company's consolidated financial statements, notes to the financial
statements, management's discussion and analysis for the year ended December 31,
2013 and the 2013 Annual Information Form have been filed on SEDAR
(www.sedar.com) and are available on the Company's website
(www.africaoilcorp.com).
Outlook
The Company has increased the pace of exploration significantly during 2013.
Seven rigs are currently operating. Completion of the brokered private placement
in October 2013 has increased the Company's liquidity and capital resource
position which is expected to fund the Company's portion of exploration,
appraisal and development activities until mid 2015.
The near term focus of exploration is to continue drilling and testing wells in
the South Lokichar Basin in Northern Kenya improving on recent cost efficiencies
realized while continuing to grow the Company's contingent resource base, and to
drill potential basin-opening wells in the Turkana, Chew Bahir, Kerio, and Anza
basins within Kenya and Ethiopia.
The results to date onshore Kenya are an important step towards understanding
the potential and commerciality of the South Lokichar Basin. Resources
discovered to date are of a scale that the Tullow-Africa Oil joint venture has
initiated discussions with the Government of Kenya and other relevant
stakeholders regarding development options including an export pipeline. It is
understood that discussions are ongoing between the Governments of Kenya, Uganda
and Sudan regarding a regional crude oil pipeline export system to Lamu in Kenya
and the Government of Kenya has indicated that it will issue an Expression of
Interest within the next few months seeking parties willing to fund, build and
operate the pipeline system.
In 2014, the Company expects to drill six new basin opening wells, drill all key
prospects in the South Lokichar Basin, fully appraise the Ngamia and Twiga
discoveries, and have a defined understanding of development.
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.
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.
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 TSX Venture Exchange and on First North at NASDAQ
OMX-Stockholm under the symbol "AOI".
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Securities AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
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