Africa Oil Corp.
TSX : AOI
OMX : AOI

Africa Oil Corp.

April 17, 2015 17:00 ET

Africa Oil Announces Changes to Management Team

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 17, 2015) - Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company) is pleased to announce the following changes to its management team.

Nick Walker who is currently Chief Operating Officer will be leaving the Company to join another Lundin Group Company, Lundin Petroleum AB. Nick's role in Lundin Petroleum will be the subject of a separate announcement by Lundin Petroleum.

Tim Thomas who joined the Company earlier this year as VP Development, is, with immediate effect, appointed as Chief Operating Officer based in Calgary. Tim has more than 35 years of industry experience and was most recently President and CEO of ArPetrol Ltd. and prior to that spent 18 years with Nexen Inc. While at Nexen, Tim's roles included Senior Vice President Canadian Oil and Gas, Vice President Yemen and International Business Development as well as country manager positions in Yemen and the UK. Tim started his career as a drilling engineer with Texaco North Sea and also spent a period of time with Gulf Canada Resources Limited. Tim is a graduate of Imperial College, London where he obtained a Bachelor of Science Degree in Petroleum Engineering.

Keith Hill, President and CEO of Africa Oil, commented, "I would like to thank Nick for his significant contribution to the Company over the past few years as we have matured the resource base for our world-class discoveries in the South Lokichar Basin in Kenya and wish him success in his new role with Lundin Petroleum. We are very pleased to have been able to attract a person of Tim's calibre to our organization and his skill set will be of great benefit to the Company as we progress our Kenyan discoveries towards development."

About Africa Oil Corp.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its equity interest in Horn Petroleum Corporation. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".

Forward Looking Statements

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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