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Africa Oil Provides Operational Update and Second Quarter Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/08/14 -- Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide second quarter 2014 financial results and an update on its operations in Kenya and Ethiopia.

Entering the year, the Company and its partners had seven drilling rigs operating in the region. Four Tullow-Africa Oil joint venture rigs are operating in the discovered basin in Northern Kenya in Blocks 10BB and 13T, one of which is a testing and completions unit. In addition, the Company and its partner have a rig operating in Block 9 in Kenya. In Ethiopia, the Company and its partners in the South Omo Block and Block 7/8 had rigs operating in each block. Drilling operations in Block 7/8 have been completed, and the rig has been released. Additionally, drilling operations in the South Omo Block have been completed and the rig is being de-mobilized whilst future drilling opportunities are being assessed. The Company expects to have five drilling rigs operating in Kenya through the remainder of 2014.


--  In January, the Company announced further drilling success with its
    sixth and seventh consecutive discoveries in the discovered basin in
    Northern Kenya at Amosing-1 and Ewoi-1. Amosing-1 is located 7
    kilometers southwest of the Ngamia-1 discovery along the Basin Bounding
    Fault Play in Block 10BB. Logs indicated 160 to 200 meters of potential
    net oil pay in good quality sandstone reservoirs. A down-dip appraisal
    well with a planned sidetrack is currently being drilled at Amosing-2/2A
    with an extended well test planned to start towards the end of the year.
    Ewoi-1 is located 4 kilometers to the east of the Etuko-1 discovery in
    the Basin Flank Play on the eastern side of the discovered basin in
    Northern Kenya also in Block 10BB. Logs indicated potential net pay of
    20 to 80 meters. Results of Ewoi-1 testing operations are expected to be
    announced in the coming weeks. 
--  In February, the Company announced the results of five well tests
    conducted on five Lokhone pay intervals at Etuko-1 located on the Basin
    Flank Play in Block 10BB. 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 ("bopd").  
--  In March, the Company announced the results of the Etuko-2 exploration
    well drilled to test the upper Auwerwer sands overlying the previously
    announced Etuko discovery. Etuko-2 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.  
--  In March, the Company announced the results of a well test on the
    Ekales-1 discovery drilled in 2013 and located on the Basin Bounding
    Fault Play between the Ngamia-1 and Twiga South-1 discoveries. Testing
    operations on the Ekales-1 well confirmed this significant oil
    discovery. Two drill stem tests were completed and flowed at a combined
    rate of over 1,000 bopd from a combined 41 meter net pay interval. The
    upper zone had a very high productivity index of 4.3 stb/d/psi. 
--  In March, the Company announced the results of the Emong-1 well located
    in Block 13T (Kenya), 4 kilometers northwest of the Ngamia-1 field
    discovery. The well 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. This well, which was aimed at establishing an additional play,
    has no impact on the potential of the Ngamia oil accumulation or any
    other prospectivity in the discovered basin in Northern Kenya. 
--  In March, the Company completed a farmout transaction with Marathon Oil
    Corporation ("Marathon") whereby Marathon acquired a 50% interest in the
    Rift Basin Area leaving the Company with a 50% working interest. In
    accordance with the farmout agreement, Marathon was obligated to pay the
    Company $3.0 million in consideration of past exploration expenditures,
    and has agreed to fund the Company's working interest share of future
    joint venture expenditures to a maximum of $15.0 million with an
    effective date of June 30, 2012. Upon closing of the farmout, Marathon
    paid the Company $3.0 million in consideration of past exploration
    expenditures and $10.2 million being Marathon's and the Company's share
    of exploration expenditures from the effective date to the closing date
    of the farmout. 
--  In March, the Company completed a farmout transaction with New Age
    whereby New Age (Africa Global Energy) Limited ("New Age") acquired an
    additional 40% interest in the Company's Adigala Block leaving AOC with
    10% working interest. In accordance with the farmout agreement, New Age
    is obligated to fund the Company's 10% working interest share of
    expenditures related to the acquisition of a planned 1,000 kilometer 2D
    seismic program to a maximum expenditure of $10.0 million on a gross
    basis, following which the Company would be responsible for its working
    interest share of expenditures. 
--  In May, the Company announced the results of the Twiga-2 appraisal well
    where the initial wellbore was drilled near the basin bounding fault and
    encountered some 18 meters of net oil pay within alluvial fan facies,
    with limited reservoir quality. A decision was made to sidetrack the
    well away from the fault to explore north of Twiga-1 and some 62 meters
    of vertical net oil pay was discovered in the Auwerwer formation at
    Twiga-2A, similar in quality to the initial Twiga-1 discovery. Testing
    at Twiga-2A is expected to commence in August. 
--  In May, the Company announced the results of the Sala-1 exploration well
    at Block 9 in Kenya, which tested a large prospect on the northeastern
    flank of the Cretaceous Anza rift, which is up-dip of two wells that had
    significant hydrocarbon shows. An upper gas bearing interval tested dry
    gas at a maximum rate of 6 mmcf/d from a 25 meter net pay interval. The
    interval had net sand of over 125 meters and encountered as gas-water
    contact so there is potential to drill up-dip on the structure where the
    entire interval will be above the gas-water contact. A lower interval
    tested low rates of dry gas from a 50 meter net pay interval which can
    also be accessed at the up-dip location. Significant oil shows were also
    encountered while drilling. The Sala-2 appraisal well located on the
    crest of the discovery spud in early August. The Company believes there
    is a very strong market for gas in Kenya and have already engaged in
    discussions with the Government of Kenya around a fast track gas to
    power development and discussions are also ongoing around securing PSC
    gas terms. 
--  In May, the Company drilled a new prospect in the discovered basin in
    Northern Kenya, the Ekunyuk-1 well, located on the Basin Flank Play on
    trend with the Etuko and Ewoi discoveries. The well encountered 5 meters
    of net oil pay and found 150 meters of good quality Lokhone sands,
    although there was a lack of trap at this level within the well. The
    quality of Lokhone sands indicates that there is further exploration
    potential in this area of the basin. 
--  In May, the Company completed drilling of the Shimela-1 exploration well
    at the South Omo Block in Ethiopia to test a new basin in the Tertiary
    trend, the Chew Bahir Basin, located on the eastern side of the block,
    but the well encountered water bearing reservoirs and volcanics with
    trace gas shows.  
--  In June, the Company announced the results of the Ngamia-2 appraisal
    well which was drilled 1.7 kilometers from the Ngamia-1 discovery well
    to test the northwest flank of the field. The well encountered up to 39
    meters of net oil pay and 11 meters of net gas pay and appeared to have
    identified a new fault trap, north of the main Ngamia accumulation. Four
    to six additional appraisal wells are planned in the Ngamia field area,
    including the Ngamia-3 well which is currently drilling. 
--  In June, the Company drilled the Agete-2 exploratory appraisal well
    drilled some 2.2 kilometers southeast of Agete-1. The well intersected
    water bearing reservoirs at this down-dip location and further appraisal
    drilling is planned. Additionally in June, the Agete-1 well was tested
    at 500 bopd. 
--  In July, the Company completed drilling of the Gardim-1 exploration well
    on the eastern flank of the Chew Bahir Basin. The Gardim-1 well
    intersected lacustrine and volcanic formations, similar to those found
    in the Shimela-1 well, again minor intervals encountered gas shows.
    Drilling operations are being demobilized while these results are
    integrated into the regional basin model. Seismic interpretation
    continues on independent prospectivity elsewhere in the South Omo Block
    and the next phase of the Ethiopia exploration campaign will target
    these prospects.  
--  Additionally in Ethiopia, the Company and its partners completed the
    drilling of the El Kuran-3 appraisal well on Block 8 in the first half
    of the year. El Kuran-3 was an appraisal of a discovery made by Tenneco
    in the 1970's, and encountered a significant but tight gas-condensate
    zone in Jurassic Hammanlei carbonates. The well was suspended pending
    further evaluation. Options regarding the future of the blocks are being
    evaluated. 
--  The Company and its partners continue to actively acquire and process
    seismic data in Blocks 12A, 10BA, 10BB and 13T in Kenya. In Block 12A, a
    674 kilometer 2D seismic program was completed in the first quarter and
    the crew has demobilized. In Block 10BB, a 750 kilometer North Kerio
    Basin 2D seismic program was completed in the first quarter and the crew
    is mobilizing to acquire a 600 kilometer 2D program split between Blocks
    10BA, 10BB and 13T over the North Lokichar Basin. In Blocks 10BB and
    13T, acquisition of a 550 square kilometer 3D seismic program over the
    discoveries and prospects along the Basin Bounding Fault Play in the
    discovered basin in Northern Kenya is ongoing and is scheduled to
    complete in the fourth quarter. In Ethiopia, the Company, as operator,
    and its partner are making preparations to acquire a minimum 400
    kilometer 2D seismic program over the Rift Basin Area commencing in the
    fourth quarter. Also in Ethiopia, the Company and its partners continue
    to acquire a 1,000 kilometer 2D seismic program on the Adigala Block. 
--  Africa Oil ended the quarter with cash of $434.3 million and working
    capital of $360.1 million.  
--  The Company is currently working with its independent resource evaluator
    and expects to release an update to the contingent and prospective
    resources for the discovered basin in Northern Kenya in Blocks 10BB and
    13T during the third quarter. 
--  The company has now graduated to the main board of the TSX and to the
    NASDAQ OMX Stockholm main board. 
--  Mark Dingley has been appointed to the role of Vice President,
    Operations of the Company, responsible for all of the Company's operated
    activities. Mr. Dingley has been with the Company since May, 2013 acting
    as the President of Africa Oil Ethiopia B.V. and Chief Operating Officer
    of Horn Petroleum Corporation. Mr. Dingley joined the Company after 12
    years with Talisman Energy Inc. where he served as Vice President,
    Middle East Operations as well as General Manager, Peru; Manager,
    Corporate Security & Surface Risk; and Manager, Government Affairs &
    Deputy General Manager, Sudan. David Grellman, formerly Vice President,
    Operations will retire following the drilling of the Sala-2 appraisal
    well in Block 9. 
--  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 discovered basin
    in Northern Kenya, appraising existing and future discoveries with the
    aid of the new 3D seismic survey, drilling three new basin opening wells
    in the second half of the year and progressing the development studies
    towards project sanction in the discovered basin in Northern Kenya. This
    significant program in 2014 is fully funded. 

Keith Hill, President and CEO of Africa Oil, commented, "We are looking forward to the results of three new basin opening wells to be drilled in the second half of 2014 which have the potential to unlock significant value in terms of new prospects and resources. The ongoing drilling in the discovered basin in Northern Kenya has been quite helpful in understanding the distribution of the best reservoir facies and will no doubt be enhanced by the ongoing 3D seismic survey. We remain very bullish in not only the existing discoveries but in the remaining prospects in the discovered basin in Northern Kenya. Our goal is to open up at least one new basin and to move a significant number of barrels from prospective to contingent resources by the end of 2014 as we move the field development program forward."


Second Quarter 2014 Financial and Operating Highlights                      
                                                                            
Consolidated Statement of Net Loss and Comprehensive Loss                   
(Thousands of United States Dollars)                                        
(Unaudited)                                                                 
----------------------------------------------------------------------------
                     Three months  Three months    Six months    Six months 
                            ended         ended         ended         ended 
                         June 30,      June 30,      June 30,      June 30, 
                             2014          2013          2014          2013 
----------------------------------------------------------------------------
                                                                            
Operating expenses                                                          
 Salaries and                                                               
  benefits           $        464  $        477  $        922  $      1,040 
 Stock-based                                                                
  compensation              2,955         7,088        12,507         7,785 
 Travel                       288           446           597           727 
 Office and general           232           257           416           460 
 Donation                     750             -         1,500           100 
 Depreciation                  17            12            34            25 
 Professional fees            157            91           352           194 
 Stock exchange and                                                         
  filing fees                 882           162         1,071           362 
 Impairment of                                                              
  intangible                                                                
  exploration assets       30,833             -        30,833             - 
----------------------------------------------------------------------------
                           36,578         8,533        48,232        10,693 
Finance income               (433)         (464)         (824)       (3,563)
Finance expense                 5         1,354            86         2,405 
----------------------------------------------------------------------------
Net loss and                                                                
 comprehensive loss        36,150         9,423        47,494         9,535 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net (income) loss and                                                       
 comprehensive                                                              
 (income) loss                                                              
 attributable to non-                                                       
 controlling interest         294           160           500        (1,602)
Net loss and                                                                
 comprehensive loss                                                         
 attributable to                                                            
 common shareholders       35,856         9,263        46,994        11,137 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net loss attributable                                                       
 to common                                                                  
 shareholders per                                                           
 share                                                                      
 Basic               $       0.12  $       0.04  $       0.15  $       0.04 
 Diluted             $       0.12  $       0.04  $       0.15  $       0.04 
----------------------------------------------------------------------------
                                                                            
Weighted average                                                            
 number of shares                                                           
 outstanding for the                                                        
 purpose of                                                                 
 calculating earnings                                                       
 per share                                                                  
 Basic                310,528,286   252,735,463   310,249,223   252,452,274 
 Diluted              310,528,286   252,735,463   310,249,223   252,452,274 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operating expenses increased $28.0 million for the three months ended June 30, 2014 compared to the same period in the prior year. Upon further evaluating the drilling results of the El Kuran-3 well, the Company has written off $30.8 million of previously capitalized Blocks 7/8 exploration expenditures in Ethiopia. The $4.1 million decrease in stock-based compensation is result of 120,000 stock options of AOC issued to directors, officers and employees in the second quarter of 2014 versus 5,673,500 stock options of AOC issued to directors, officers and employees in the second quarter of 2013, of which one-third vested immediately. The Company made $0.8 million of donations to the Lundin Foundation in the second quarter of 2014 versus nil in the same period in 2013, resulting in a $0.8 million increase in operating expenses. Stock exchange and filing fees increased $0.7 as a result of costs associated with the graduation to the TSX in Canada and the NASDAQ OMX Stockholm main board.

Operating expenses increased $37.5 million for the six months ended June 30, 2014 compared to the same period in the prior year. Upon further evaluating the drilling results of the El Kuran-3 well, the Company has written off $30.8 million of previously capitalized Blocks 7/8 exploration expenditures in Ethiopia. The $4.7 million increase in stock-based compensation is mainly the result of an increase in the fair value of each stock option granted in the first half of 2014 compared to those granted in the first half of 2013. The increase in the fair market value is primarily attributable to the exercise price being higher for the options granted in the first half of 2014 compared to those granted in the first half of 2013. The Company made $1.5 million and $0.1 million of donations to the Lundin Foundation in the first half of 2014 and 2013, respectively, resulting in a $1.4 million increase in operating expenses. Stock exchange and filing fees increased $0.7 as a result of costs associated with the graduation to the TSX in Canada and the NASDAQ OMX Stockholm main board.

Financial income and expense is made up of the following items:


(Thousands of United States Dollars)                                        
(Unaudited)                                                                 
----------------------------------------------------------------------------
                        Three months Three months   Six months   Six months 
                               ended        ended        ended        ended 
                            June 30,     June 30,     June 30,     June 30, 
                                2014         2013         2014         2013 
----------------------------------------------------------------------------
                                                                            
Fair value adjustment -                                                     
 warrants                          5          155            1        2,882 
Interest and other                                                          
 income                          387          309          823          681 
Bank charges                      (5)          (5)         (11)         (13)
Foreign exchange loss             41       (1,349)         (75)      (2,392)
----------------------------------------------------------------------------
                                                                            
Finance income                   433          464          824        3,563 
Finance expense                   (5)      (1,354)         (86)      (2,405)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

At June 30, 2014, nil warrants were outstanding in the Company. In June 2014, all of the remaining 9,546,248 Horn Petroleum Corporation ("Horn") warrants expired unexercised. The Company recorded a $0.001 million gain on the revaluation of warrants for the six months ended June 30, 2014 as the Horn warrants expired unexercised.

Interest income increased in the second quarter of 2014 due to an increase in cash as a result of the brokered private placement in October of 2013.

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)                                           
(Unaudited)                                                                 
----------------------------------------------------------------------------
                                                 June 30,      December 31, 
                                                     2014              2013 
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
                                                                            
Current assets                                                              
 Cash and cash equivalents               $        350,052  $        493,209 
 Accounts receivable                                1,896             3,195 
 Prepaid expenses                                   1,366             1,379 
----------------------------------------------------------------------------
                                                  353,314           497,783 
Long-term assets                                                            
 Restricted cash                                    1,700             1,250 
 Property and equipment                                78               103 
 Intangible exploration assets                    651,081           488,688 
----------------------------------------------------------------------------
                                                  652,859           490,041 
                                                                            
Total assets                             $      1,006,173  $        987,824 
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND EQUITY                                                      
                                                                            
Current liabilities                                                         
 Accounts payable and accrued liabilities$        108,048  $         57,976 
 Current portion of warrants                            -                 1 
----------------------------------------------------------------------------
                                                  108,048            57,977 
                                                                            
Total liabilities                                 108,048            57,977 
----------------------------------------------------------------------------
                                                                            
Equity attributable to common                                               
 shareholders                                                               
 Share capital                                  1,012,255         1,007,414 
 Contributed surplus                               35,327            24,396 
 Deficit                                         (197,730)         (150,736)
----------------------------------------------------------------------------
                                                  849,852           881,074 
 Non-controlling interest                          48,273            48,773 
----------------------------------------------------------------------------
Total equity                                      898,125           929,847 
----------------------------------------------------------------------------
                                                                            
Total liabilities and equity             $      1,006,173  $        987,824 
----------------------------------------------------------------------------

The increase in total assets from December 2013 to June 2014 is primarily attributable to intangible exploration expenditures incurred during the quarter in Kenya, Ethiopia and Puntland (Somalia).


Consolidated Statement of Cash Flows                                        
(Thousands United States Dollars)                                           
(Unaudited)                                                                 
----------------------------------------------------------------------------
                     Three months  Three months    Six months    Six months 
                            ended         ended         ended         ended 
                         June 30,      June 30,      June 30,      June 30, 
                             2014          2013          2014          2013 
----------------------------------------------------------------------------
Cash flows provided                                                         
 by (used in):                                                              
                                                                            
Operations:                                                                 
 Net loss and                                                               
  comprehensive loss                                                        
  for the period     $    (36,150) $     (9,423) $    (47,494) $     (9,535)
 Items not affecting                                                        
  cash:                                                                     
  Stock-based                                                               
   compensation             2,955         7,088        12,507         7,785 
  Depreciation                 17            12            34            25 
  Impairment of                                                             
   intangible                                                               
   exploration assets      30,833             -        30,833             - 
  Fair value                                                                
   adjustment -                                                             
   warrants                    (5)         (155)           (1)       (2,882)
  Unrealized foreign                                                        
   exchange loss              (42)        1,116            75         2,235 
  Changes in non-cash                                                       
   operating working                                                        
   capital                     51           (46)         (680)         (796)
----------------------------------------------------------------------------
                           (2,341)       (1,408)       (4,726)       (3,168)
                                                                            
Investing:                                                                  
  Property and                                                              
   equipment                                                                
   expenditures                (1)          (27)           (9)          (41)
  Intangible                                                                
   exploration                                                              
   expenditures          (114,007)      (55,304)     (206,433)      (94,570)
  Farmout proceeds              -             -        13,207             - 
  Changes in non-cash                                                       
   investing working                                                        
   capital                 30,511            (7)       52,064         6,827 
----------------------------------------------------------------------------
                          (83,497)      (55,338)     (141,171)      (87,784)
                                                                            
Financing:                                                                  
  Common shares                                                             
   issued                   1,515         1,005         3,265         1,005 
  Deposit of cash for                                                       
   bank guarantee               -        (1,250)         (450)       (1,250)
  Release of bank                                                           
   guarantee                    -           450             -           744 
----------------------------------------------------------------------------
                            1,515           205         2,815           499 
Effect of exchange                                                          
 rate changes on cash                                                       
 and                                                                        
cash equivalents                                                            
 denominated in                                                             
 foreign currency              42        (1,116)          (75)       (2,235)
----------------------------------------------------------------------------
Decrease in cash and                                                        
 cash equivalents         (84,281)      (57,657)     (143,157)      (92,688)
                                                                            
Cash and cash                                                               
 equivalents,                                                               
 beginning of period      434,333       237,144       493,209  $    272,175 
----------------------------------------------------------------------------
                                                                            
Cash and cash                                                               
 equivalents, end of                                                        
 period                   350,052  $    179,487       350,052  $    179,487 
----------------------------------------------------------------------------
 Supplementary                                                              
  information:                                                              
  Interest paid               Nil           Nil           Nil           Nil 
  Income taxes paid           Nil           Nil           Nil           Nil 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The decrease in cash for the six months ended June 30, 2014 is mainly the result of intangible exploration expenditures and cash-based operating expenses, offset partially by proceeds received on the Rift Basin Area farmout.


Consolidated Statement of Equity                                            
(Thousands United States Dollars)                                           
(Unaudited)                                                                 
----------------------------------------------------------------------------
                                                 June 30,          June 30, 
                                                     2014              2013 
----------------------------------------------------------------------------
                                                                            
Share capital:                                                              
 Balance, beginning of period            $      1,007,414  $        558,555 
 Exercise of options                                4,841             1,468 
 ---------------------------------------------------------------------------
 Balance, end of period                         1,012,255           560,023 
 ---------------------------------------------------------------------------
                                                                            
Contributed surplus:                                                        
 Balance, beginning of period            $         24,396  $         12,123 
 Stock based compensation                          12,507             7,785 
 Exercise of options                               (1,576)             (463)
 ---------------------------------------------------------------------------
 Balance, end of period                            35,327            19,445 
 ---------------------------------------------------------------------------
                                                                            
Deficit:                                                                    
 Balance, beginning of period            $       (150,736) $        (98,076)
 Net loss and comprehensive loss                                            
  attributable to common shareholders             (46,994)          (11,137)
 ---------------------------------------------------------------------------
 Balance, end of period                          (197,730)         (109,213)
 ---------------------------------------------------------------------------
                                                                            
 Total equity attributable to common                                        
  shareholders                           $        849,852           470,255 
 ---------------------------------------------------------------------------
 ---------------------------------------------------------------------------
                                                                            
Non-controlling interest:                                                   
 Balance, beginning of period            $         48,773  $         47,551 
 Net income (loss) and comprehensive                                        
  income (loss) attributable to non-                                        
  controlling interest                               (500)            1,602 
 ---------------------------------------------------------------------------
 Balance, end of period                            48,273            49,153 
 ---------------------------------------------------------------------------
                                                                            
 Total equity                            $        898,125  $        519,408 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and six months ended June 30, 2014 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 expects to have five drilling rigs operating through the remainder of 2014, one of which is currently being utilized as testing and completion rig. Completion of the brokered private placement in October 2013 increased the Company's liquidity and capital resource position which is expected to fully fund the Company's portion of 2014 exploration, appraisal and development activities.

The near term focus of exploration is to continue drilling out the remaining prospect inventory in the discovered basin in Northern Kenya, appraising existing and future discoveries with the aid of the new 3D seismic survey, drilling three new basin opening wells in the second half of the year and progressing the development studies towards project sanction in the discovered basin in Northern Kenya.

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/early 2016. The governments of Kenya, Uganda and Rwanda have signed a MoU and formed a Steering Committee to progress a regional crude oil export pipeline from Uganda through Kenya. The Kenya upstream partners have also signed a cooperation agreement with the Uganda upstream partners in support of the same objective.

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 in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 215,000 square kilometers. 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 discovered basin in Northern Kenya in which the Company holds a 50% interest along with operator Tullow Oil plc. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX and on NASDAQ OMX Stockholm main board under the symbol "AOI".

FORWARD LOOKING INFORMATION

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

Keith C. Hill, President and CEO

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DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...