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Africa Oil third quarter of 2012 financial and operating results

Wednesday, Nov 21, 2012

Africa Oil Corp. (“Africa Oil”, “the Company” or “AOC”) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2012.

Following the significant light oil discovery at Ngamia-1 exploration well in Block 10BB, the Company and its partner Tullow Oil plc (“Tullow”) moved the rig 23 kilometers to drill the Twiga South-1 exploration well in Block 13T (Kenya) which is on trend with Ngamia-1.  Twiga South-1 has successfully encountered oil, drilling is ongoing and an announcement of the well results is expected in late November after target depth has been achieved and necessary sampling and analysis has been completed.

The Company and its partners have selected Sabisa-1 as the first drilling location in the South Omo Block (Ethiopia). The Sabisa-1 well site has been prepared and the rig and associated equipment is in the process of being mobilized within country to the well site.  Sabisa-1 is expected to spud around the end of 2012.  Additionally, work has commenced on the acquisition of an additional 500 kilometers of 2D seismic in the eastern portion of the South Omo Block (Chew B’hir Sub-Basin).

The Company and its operating partners on Block 10A (Kenya) spud the Paipai-1 exploration well in the quarter.  The Paipai-1 well is planned to a total depth of 4,150 meters, and will test a large four-way closed structure with Cretaceous-age sandstone targets at multiple depths. Paipai-1 spudded in September 2012 and is scheduled to be completed in early 2013.

Source: Africa Oil Corp.

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