Africa Oil Corp.

Africa Oil Corp.

December 23, 2009 14:50 ET

Africa Oil Farmouts Receive Government Approvals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2009) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that the Company has received all requisite government approvals from the Republic of Kenya, the Federal Democratic Republic of Ethiopia and the State of Puntland (Somalia) in respect of the previously announced farmouts to Lion Energy Corp. ("Lion Energy") (formerly named Raytec Metals Corp.) and Black Marlin Energy Limited's East Africa Exploration Limited ("EAX").

These approvals complete the EAX farmout. Lion Energy requires final TSX Venture Exchange approval to complete their farmin.

A summary of Africa Oil's working interests in its various blocks (subject to Lion Energy receiving regulatory approval) is as follows:

Region Concession Working Interest (1)
Puntland, Somalia
  Dharoor 65%
  Nugaal 65%
  Blocks 2/6 & 7/8 55%
  Adigala 50%
  Block 10A 55%
  Block 10BB 80%
  Block 9 20%

 1 Working Interest is subject to back-in rights, if any, of the respective governments

Africa Oil is an exploration focused company based in Canada with ongoing operations in Kenya, Ethiopia and Somalia. The Company is currently drilling an exploration well in Block 9 in Kenya and has recently completed a seismic acquisition program in the Adigala Block in Ethiopia. The rift basins of East Africa on which the company has acquired over 200,000 square kilometers of gross acreage are highly under-explored and analogous to recent major discoveries in the Albert Graben in Uganda. The Company plans an aggressive exploration seismic and drilling program to evaluate this potential in the next two years.


Keith Hill, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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