Africa Oil Corp.

TSX VENTURE : AOI
OMX : AOI


Africa Oil Corp.

April 16, 2013 17:24 ET

Africa Oil Announces Addition to Management Team

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 16, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that effective May 1, 2013, Mr. Mark Dingley will join the Company as President of Africa Oil Ethiopia B.V. and Chief Operating Officer of Horn Petroleum Corporation ("Horn"). Africa Oil holds an approximate 45% equity interest in Horn and provides the management of the business. Mr. Dingley will be based out of the Company's Addis Ababa office.

Mr. Dingley has 14 years of oil industry experience including 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. Prior to entering the oil industry Mark spent 4 years working in the mining industry in various locations through Africa and he also served in the British Military for 12 years. His education includes both Bachelors and Masters degrees in Law from Canterbury, UK and he has also completed an Executive MBA at Harvard Business School. Mark was born and educated in Kenya.

Mr. Keith Hill, President and CEO of Africa Oil, commented, "We are very pleased to have been able to attract Mark to our organization and his skill set will be of great benefit to the Company as we commence operations in Ethiopia and move to conduct further operations in Somalia through Horn. Mark has extensive experience and knowledge throughout Africa which will assist us as we look to expand our operations in the region."

The Company also announces that it has granted an aggregate of 5,673,500 incentive stock options to certain officers, directors, and other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $5.94 per share.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its approximate 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 neighboring Uganda. Africa Oil's recent Ngamia-1 and Twiga South-1 discoveries extend 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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