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CORRECTION FROM SOURCE/Africa Oil Provides Operational Update and Second Quarter Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/09/14 -- Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports a correction to the second quarter 2014 financial results issued on August 8, 2014. The 17th bullet point should have stated "Africa Oil opened the second quarter with cash of $434.3 million and working capital of $360.1 million. Africa Oil ended the second quarter with cash of $350.1 million and working capital of $245.3 million."

For clarity the entire amended news release is appended. No further corrections were made to the remainder of the news release.

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 opened the second quarter with cash of $434.3 million and
    working capital of $360.1 million. Africa Oil ended the second quarter
    with cash of $350.1 million and working capital of $245.3 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") warra nts 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, 2014 June 30, 2013 June 30, 2014  June 30, 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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@ThingsExpo Stories

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.