Africa Oil Spuds Ekales-1 Well in Kenya
Published : July 24, 2013
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Keywords :   Ethiopia | Frontier | Kenya | Market | Oil | Uganda |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 24, 2013) - Africa Oil Corp. (News - Market indicators)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce the commencement of drilling operations on its Ekales prospect located in Block 13T in the Lokichar Basin in Kenya. The well was spud on July 22, 2013 and has a planned total depth of 2500 metres and is expected to approximately 2 months to drill and evaluate. The primary objectives are the Auwerwer and Lower Lokhone sandstones already established to be highly productive reservoirs at the nearby Ngamia and Twiga discoveries. The prospect is a three way fault closure against the main basin bounding fault and is located directly between, and approximately 15 km northwest of the Ngamia discovery and 7 km south of the Twiga discoveryalong the "string of pearls" trend. The well is being drilled by the Weatherford #804 rig. The Company holds a 50% working interest in this prospect along with operator Tullow Oil Plc. Please see attached map, visit the following link: http://media3.marketwire.com/docs/130724AOIBasinsMap.pdf

Africa Oil CEO Keith Hill commented, "The Ekales prospect is probably one of the lowest risk prospects in our inventory. The proximity and similarity to the existing Ngamia and Twiga discoveries give us a high degree of confidence that we will find oil and continue to build the discovered resources necessary for commercial volume threshold. Our pace of exploration and appraisal continues to accelerate with the anticipated arrival of three additional rigs in Kenya and Ethiopia in the next 60 days for a total of six rigs, four of which will be operated by Tullow Oil." The recently announced Etuko discovery, on the flank of the Lokichar basis has opened a new play fairway and provided further confirmation of the world class potential of the Lokichar Basin."

In the South Omo block in Ethiopia, mobilization of the OGEC 75 rig to the Tultule location is underway. This prospect is located 4 kilometres from the Sabisa-1 well which was recently abandoned after proving the existence of the essential hydrocarbon elements of source, seal and reservoir in this frontier basin. It is being drilled on a well-defined horst block feature which should provide good trapping characteristics. The Company holds a 30% working interest in this prospect along with operator Tullow Oil Plc (50%) and Marathon Oil (20%).

The Etuko well in Block 10BB, where an oil discovery was recently announced in shallower reservoirs, has now reached a total depth 3100 metres and log and MDT evaluation have commenced. The rigs for the Ogaden Basin (Block 7&8) El Kuran-3 prospect in Ethiopia (Africa Oil non-operated working interest: 30%) and the Block 9 Bahasi prospect in Kenya (Africa Oil operated working interest: 50%) are in country and spud of El Kuran-3 is expected in August and Bahasi-1 in September. One additional lightweight rig has been contracted for testing and drilling operations in the Lokichar Basin and should also be operational in September.

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 250,000 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

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.



Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
Data and Statistics for these countries : Ethiopia | Kenya | Uganda | All
Gold and Silver Prices for these countries : Ethiopia | Kenya | Uganda | All

Africa Oil Corp.

CODE : AOI.V
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Africa Oil is a oil exploration company based in Canada.

Africa Oil holds various exploration projects in South Africa.

Its main exploration property is NOGAL VALLEY AND DHAROOR VALLEY in South Africa.

Africa Oil is listed in Canada. Its market capitalisation is CA$ 3.9 billions as of today (US$ 3.6 billions, € 2.6 billions).

Its stock quote reached its lowest recent point on January 09, 2009 at CA$ 0.71, and its highest recent level on September 07, 2012 at CA$ 9.85.

Africa Oil has 456 420 000 shares outstanding.

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Nominations of Africa Oil Corp.
3/31/2011Appoints David Grellman as VP Operations
Financials of Africa Oil Corp.
8/28/2013Second Quarter of 2013 Financial and Operating Results
3/26/20132012 Financial and Operating Results
5/26/2011Q1 2011 Financial and Operating Results
3/29/20112010 Year End Financial and Operating Results
Project news of Africa Oil Corp.
2/21/2013Executes Rift Basin Area Production Sharing Agreement
Corporate news of Africa Oil Corp.
5/23/2014Africa Oil Annual General Meeting
5/14/2014Africa Oil Provides Operational Update and First Quarter Res...
5/5/2014Africa Oil to Commence Trading on TSX on Tuesday, May 6, 201...
5/2/2014S&P Dow Jones Indices Announces Changes to the S&P/TSX Canad...
3/27/2014Africa Oil Provides Operational Update and Year-End Results
3/27/2014Africa Oil Provides Operational Update and Year-End Results
10/28/2013Closes US$450 Million Brokered Private Placement
10/28/2013Kenya Operations Update
10/16/2013Announces US$450 Million Brokered Private Placement
10/9/2013ERHC Energy Inc. CEO Presents at the Africa Oil & Gas Summit...
9/26/2013Discovers Oil at Ekales Prospect in Kenya
9/23/2013Reports on Security Situation in Kenya
9/3/2013Announces 557% Increase in Estimates of Contingent Resources...
7/24/2013Spuds Ekales-1 Well in Kenya
7/3/2013Ngamia Well Flows at Over 3200 BOPD and Doubles Net Pay New ...
6/3/2013AGM Results
5/13/2013Announces Etuko-1 Well Spuds in Kenya
4/24/2013ERHC Energy Inc. Presentation from Western Africa Oil, Gas &...
4/23/2013Announces Annual Meeting Date
4/16/2013Announces Addition to Management Team
4/15/2013Confirms Lower Lokhone Oil Discovery in Ngamia-1 Well and Pr...
2/21/2013Announces Twiga Flow Rate of 2,812 bopd
2/13/2013Ranked Number One on TSX Venture 50
1/14/2013Announces Spud of Sabisa Well in South Omo Permit in Ethiopi...
1/11/2013Operations Update
12/10/2012Closes First Tranche of $232.5 Million Private Placement
11/8/2012Formally Becomes a Supporting Company of the Extractive Indu...
11/5/2012Presented With Prestigious Award at 19th Africa Oil Week
10/31/2012Twiga South-1 Well Update
10/26/2012Completes Farmout With New Age and Twiga Update
10/22/2012Completes Kenyan Farmout With Marathon Oil
9/11/2012Corporate Update
6/21/2011Completes Acquisition of Lion Energy
6/8/2011Reports That Lion Energy Shareholders Approve Plan of Arrang...
5/12/2011Signs Letter of Intent to Create New Puntland Focused Explor...
5/4/2011Annual General Meeting Date
4/4/2011Signs Definitive Agreement for Acquisition of Lion Energy, F...
3/29/2011Announces Updated Independent Resource Estimate
3/29/2011Files AIF and NI 51-101 Disclosure
3/25/2011and Lion Energy Extend Deadline for Definitive Agreement
3/8/2011Signs Letter of Intent to Acquire Lion Energy
2/23/2011Completes Acquisition of Centric Energy Adding Highly Prospe...
2/22/2011Closes Farmout With Tullow Oil on Blocks 12A and 13T
2/22/2011Exploration Program Update
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