|By Marketwired .||
|June 26, 2014 04:45 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/14 -- Africa Oil Corp. (TSX: AOI)(OMX: AOI) ("Africa Oil" or the "Company") is pleased to announce that it has obtained approval of a secondary listing of its shares on NASDAQ OMX Stockholm (the "Main Market") (the "Listing"). The shares are expected to commence trading on the Main Market on July 1, 2014. The last day of trading of the Company's shares on NASDAQ OMX First North is expected to be June 30, 2014. Holders of the Company's shares are not required to take any action in connection with the Listing. There is no issue of new shares in connection with the Listing, and the trading symbol "AOI" and ISIN-code CA00829Q1019 will remain the same. The Company's common shares will continue to trade on the Toronto Stock Exchange under the symbol "AOI".
A prospectus has been prepared in connection with the application for admission of the Company's shares to trade on the Main Market. The Company's listing prospectus has been approved by and registered with the Swedish Financial Supervisory Authority and is available on the Company's website at www.africaoilcorp.com and Pareto Securities AB's website at www.paretosec.com.
Keith Hill, President and CEO, commented, "The Company has enjoyed tremendous growth over the past few years as a result of our multiple major oil discoveries in Kenya. We expect much continued growth as our exploration continues on our large prospective land package in Kenya and Ethiopia. Our acreage encompasses over 215,000 square kilometres and we've really only just begun to uncover the extent of the oil resources there. It is timely now to graduate to the NASDAQ OMX Stockholm main board as it will provide greater liquidity for the Company's shares and allow for a broader shareholder base."
Pareto Securities AB is the financial advisor to the Company in connection with the Listing.
About Africa Oil Corp.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 215,000 square kilometres. The East African Rift Basin system is one of the last of the great rift basins to be explored. Seven new significant discoveries have been announced in the Northern Kenyan basin in which the Company holds a 50% interest along with operator Tullow Oil plc. The Company is listed on the Toronto Stock Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".
Forward Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Cautionary Statements regarding Well Test Results
Drill stem tests are commonly based on flow periods of 1 to 5 days and build up periods of 1 to 3 days. Pressure transient analysis has not been carried out on all well tests and the results should therefore be considered as preliminary. Well test results are not necessarily indicative of long-term performance or of ultimate recovery.
ON BEHALF OF THE BOARD
Keith C. Hill, President and CEO
Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Securities AB.