Africa Oil Corp.
Company Announcement
AFRICA OIL SHABEEL NORTH UPDATE
July 18, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or
the “Company”) reports that the Horn Petroleum Corporation operated Shabeel
North well is currently at a depth of 1967 meters and has penetrated a 50 meter
gross section of upper Jesomma sands with oil shows. An open hole drill stem
test is currently underway to determine if this zone is oil or water bearing.
Regardless of the result of this test, the well will continue to drill to the
base of the Jesomma sands to evaluate any additional lower Jesomma potential
pay zones.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Ethiopia and Mali as well as Puntland (Somalia) through its 45% equity interest
in Horn Petroleum Corporation. Africa Oil's East African holdings are in within
a world-class exploration play fairway with a total gross land package in this
prolific region in excess of 300,000 square kilometers. The East African Rift
Basin system is one of the last of the great rift basins to be explored. New
discoveries have been announced on all sides of Africa Oil's virtually
unexplored land position including the major Albert Graben oil discovery in
neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's
concessions have older wells, a legacy database, and host numerous oil seeps
indicating a proven petroleum system. Good quality existing seismic show robust
leads and prospects throughout Africa Oil's project areas. 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
For further information, please contact: Sophia Shane, Corporate Development
(604) 689-7842.
Africa Oil’s Certified Advisor on NASDAQ OMX First North is Pareto Öhman 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.
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