Africa Oil Corp.
TSX VENTURE : AOI
OMX : AOI

Africa Oil Corp.

August 24, 2012 02:00 ET

Africa Oil Announces Addition to Management Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2012) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce the following changes to its management team.

Nick Walker will be joining the Company as Chief Operating Officer effective September 10, 2012 based in Calgary. His responsibilities will include overseeing all worldwide operating activities as well as working with partners on development planning associated with the Company's recent discovery in Kenya and any future discoveries made in Ethiopia, Kenya or Somalia. Nick has 27 years of industry experience including 17 years with Talisman Energy Inc. where he served as Executive Vice-President of International Operations West as well as country manager positions in the UK and Malaysia/Vietnam. He started his career as a petroleum engineer with BP plc. and also worked in senior management positions at Bow Valley Energy Inc. Nick is a Non-Executive Director of 2Co Oil Limited and is also Vice-Chair of the Lindsay Park Sports Society that manages the Talisman Centre, a not for profit sports facility. He previously served on the Board of Oil & Gas UK, the trade association representing the UK oil and gas business. His education includes a Bachelor of Science Degree in Mining Engineering from Imperial College in London, a Master of Science Degree in Computing Science from University College in London and an MBA from City University Business School, also in London.

Jim Phillips will continue to be the Company's key Government liaison, based in Addis Ababa, and will take on the additional responsibilities of Vice President of Business Development seeking new growth opportunities for the Company.

Keith Hill, President and CEO of Africa Oil, commented, "We are very pleased to have been able to attract Nick to our organization and his skill set will be of great benefit to the company as we move into the appraisal and development phase of our activity. With our farmout campaign successfully concluded we will also be reviewing new venture exploration and acquisition opportunities and the experience and regional knowledge Jim Phillips has acquired will allow us to explore opportunities to expand in the region."

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali 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 300,000 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 neighboring Uganda. Africa Oil's recent Ngamia-1 discovery extends the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data 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.

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