VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 12, 2014) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX:AOI)(OMX:AOI) is pleased to provide third quarter 2014 financial results and an update on its operations in Kenya and Ethiopia.
The Company announced details of an updated independent assessment of the Company's contingent resources for the discovered basin in Northern Kenya in Blocks 10BB and 13T in September. The effective date of this assessment was July 31, 2014, and it was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The assessment confirmed that the discovered basin in Northern Kenya contains gross 2C contingent resources of 616 million barrels of oil, an increase of 67% over the assessment conducted in September 2013 and gross 3C contingent resources of 1.29 billion barrels of oil an increase of 52% over the prior assessment. Please refer to the Company's press release dated September 16, 2014 for details of the contingent resources by field.
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 Northern Kenya in Blocks 10BB, 10BA and 13T, one of which is a testing and completions unit. One of these drilling rigs is demobilizing and is being replaced with a higher specification unit. In addition, the Company and its partner had a rig operating in Block 9 in Kenya, but as operations in the block have completed, this rig has been released. In Ethiopia, the Company and its partners in the South Omo Block and Blocks 7/8 had rigs operating in each block. Drilling operations in both blocks have been completed and the rigs released. The Company will have four drilling rigs operating in Kenya through the remainder of 2014.
Two rigs are currently operating in the discovered basin in Northern Kenya. The Ngamia-5 appraisal well is currently drilling and the completion and test rig is mobilizing to Amosing to commence completion of the Amosing-1 and Amosing-2A wells in preparation for an Extended Well Test (EWT) on the field. Rigs are also in the process of mobilizing to drill the Epir-1 well in the North Kerio Basin, Block 10BB, and the Engomo-1 prospect in the North Turkana Basin, Block 10BA.
In addition to further exploration and appraisal drilling in the discovered basin in Northern Kenya, the Company and its partners plan to drill six new basin opening wells by mid-2016. Epir-1 (Block 10BB) will test the North Kerio Basin and Engomo-1 (Block 10BA) will test the North Turkana Basin; both wells will spud shortly. In addition, wells are being planned at the North Samaki prospect (Block 10BA) in the North Turkana Basin, the Tausi prospect (Block 13T) in the North Lokichar Basin, the Kerio Valley Basin (Block 12A) and the Turkewll Basin (Block 13T).
The Company is nearing the end of a significant exploration and appraisal program in 2014 which will see over 20 wells completed by year end. The program focused on drilling out the remaining prospect inventory in the discovered basin in Northern Kenya, appraising existing discoveries with the aid of the new 3D seismic survey, drilling three new basin opening wells and progressing the development studies towards project sanction in the discovered basin in Northern Kenya. This significant exploration program in 2014 is fully funded. Africa Oil ended the quarter with cash of $273.6 million and working capital of $149.1 million.
The Company has completed the following significant exploration activities and transactions in, and subsequent to, the third quarter of 2014;
- 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.
- In August, the Company announced the results of the Etom-1 exploration well located in Block 13T (Kenya), 7 kilometers north of the Agete oil discovery on the Basin Bounding Fault Play. The well encountered between 5 and 20 meters of potential net oil pay sands based on wireline logs in the Auwerwer and Upper Lokhone Formations. Oil was recovered in MDT sample chambers, which appears to be of similar quality as the other discoveries in the basin. There is an additional 400 meters of porous sands in the Auwerwer and Lokhone Formations, which also confirms the extension of thick reservoir sections into the northern portion of the basin. Oil and gas shows were noted throughout drilling of the well confirming the extension of the petroleum system to the northern portion of the discovered basin in Northern Kenya. Based on these positive results, the original 3D seismic survey has been extended to cover the northern portion of this basin where several additional large prospects have been identified by 2D seismic. The well has been suspended for future drill stem testing.
- In August, the Company drilled the Ngamia-3 and Amosing-2/2A appraisal wells in the discovered basin in Northern Kenya in Block 10BB. The results of these wells appear to confirm the thickness and lateral extent of the Auwerwer sands at both locations and also has extended the known oil column significantly downdip which will extend the proven field areas. The range of thickness of the Auwerwer reservoir quality sands in all six penetrations of these two structures is between 146 and 200 meters, and the sands appear to be consistent over the field areas. The upcoming Extended Well Test ("EWT") programs on both of these fields will be designed to evaluate reservoir connectivity and help constrain estimates of flow rates and recovery factors for field development planning purposes.
- In October, the Company announced the results of the Kodos-1 basin opening exploration well drilled in the Kerio Basin in Block 10BB (Kenya). The well encountered hydrocarbon shows, which indicates the presence of an active petroleum system. This is the first well in the Kerio basin, northeast of the discovered basin in Kenya, and it appears to have been drilled in an area of unfavorable reservoir development, near the basin bounding fault. Due to the encouraging hydrocarbon shows, consideration is being given to drilling an additional exploration well in the basin during 2015.
- In October, the Company announced the results of the Ekosowan-1 exploration well located in Block 10BB, 12 kilometers southeast and updip of the Amosing oil discovery. The well encountered a 900 meter column of near continuous oil shows throughout an interval of tight sands which also appear to be as a result of drilling too close to the basin bounding fault. A downdip appraisal well between the Amosing field and this potential updip sealing location is being planned for 2015.
- In October, the Company drilled the Ngamia-4 appraisal well located 1.1 kilometers west of the Ngamia-1 discovery. The well encountered up to 120 meters of hydrocarbon pay, of which up to 80 meters was oil. This well has been suspended for use in future appraisal and development activities. Four additional appraisal wells are planned in the Ngamia field area, including the Ngamia-5 well, which is currently drilling.
- In October, the Company announced the results of the Sala-2 appraisal well, which was drilled updip from the Sala-1 well. Sala-2 failed to find significant hydrocarbons as there appears to be a stratigraphic or structural separation between the two wells. The Company is reviewing additional potential appraisal targets as well as on trend prospects in the block which has proven oil and gas generation.
- The Company and its partners completed the drilling of the El Kuran-3 appraisal well on Block 8. Although the El Kuran-3 well demonstrated some oil and gas potential, the Company did not consider it warranted further evaluation due to concerns over reservoir quality and commerciality. Consequently, the Company has informed the Ethiopian Government and its partners that it intends to withdraw from Blocks 7 and 8.
- The Company, as operator, and its partner are currently mobilizing a seismic crew to acquire a minimum 400 kilometer 2D seismic program over the Rift Basin Area commencing in the fourth quarter. The Rift Basin Area is located north of the South Omo Block and is on trend with highly prospective blocks in the Tertiary rift valley including the South Omo Block in Ethiopia, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.
- 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. In Blocks 10BA, 10BB and 13T a 600 kilometer 2D seismic program over the North Lokichar and Turkwell basins is ongoing and will complete in the fourth quarter. In Blocks 10BB and 13T, the acquisition of a 704 square kilometer 3D seismic program over the discoveries and prospects along the Basin Bounding Fault Play in the discovered basin in Northern Kenya has completed. Following the positive results from the Etom-1 well, this 3D seismic program was expanded by a further 274 square kilometers to include Etom and the surrounding structures. This expanded survey is expected to complete during the fourth quarter.
- Due to the delays in acquiring the 3D seismic survey in Blocks 10BB and 13T the Government of Kenya has approved a one year extension to the PSC exploration terms for both blocks, and as a result, the final exploration periods will expire in July 2017 and September 2017, respectively.
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 late 2014 and early 2015 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 which is to be completed by the end of 2014. 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 and into 2015 as we move the field development program forward."
| Third Quarter 2014 Financial and Operating Highlights | |||||||||||||
| Consolidated Statement of Net Loss and Comprehensive Loss | |||||||||||||
| (Thousands of United States Dollars) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three months | Three months | Nine months | Nine months | ||||||||||
| ended | ended | ended | ended | ||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||
| Operating expenses | |||||||||||||
| Salaries and benefits | $ | 458 | $ | 472 | $ | 1,380 | $ | 1,512 | |||||
| Stock-based compensation | 3,046 | 2,847 | 15,553 | 10,632 | |||||||||
| Travel | 647 | 441 | 1,244 | 1,168 | |||||||||
| Office and general | 334 | 375 | 750 | 835 | |||||||||
| Donation | 535 | - | 2,035 | 100 | |||||||||
| Depreciation | 16 | 15 | 50 | 40 | |||||||||
| Professional fees | 177 | 130 | 529 | 324 | |||||||||
| Stock exchange and filing fees | 326 | 297 | 1,397 | 659 | |||||||||
| Impairment of intangible exploration assets | 469 | - | 31,302 | - | |||||||||
| 6,008 | 4,577 | 54,240 | 15,270 | ||||||||||
| Finance income | (287 | ) | (1,233 | ) | (1,111 | ) | (3,929 | ) | |||||
| Finance expense | 210 | 5 | 296 | 1,543 | |||||||||
| Net loss and comprehensive loss | 5,931 | 3,349 | 53,425 | 12,884 | |||||||||
| Net (income) loss and comprehensive (income) loss attributable to non-controlling interest | 245 | 98 | 745 | (1,504 | ) | ||||||||
| Net loss and comprehensive loss attributable to common shareholders | 5,686 | 3,251 | 52,680 | 14,388 | |||||||||
| Net loss attributable to common shareholders per share | |||||||||||||
| Basic | $ | 0.02 | $ | 0.01 | $ | 0.17 | $ | 0.06 | |||||
| Diluted | $ | 0.02 | $ | 0.01 | $ | 0.17 | $ | 0.06 | |||||
| Weighted average number of shares outstanding for the purpose of calculating earnings per share | |||||||||||||
| Basic | 312,289,884 | 252,960,247 | 310,932,713 | 252,623,459 | |||||||||
| Diluted | 312,289,884 | 252,960,247 | 310,932,713 | 252,623,459 | |||||||||
Operating expenses increased $1.4 million for the three months ended September 30, 2014 compared to the same period in the prior year. The majority of the increase can be attributed to additional impairment charges relating to Blocks 7/8 in Ethiopia and a $0.5 million donation to the Lundin Foundation in the third quarter of 2014. The Company has written off an additional $0.5 million of exploration expenditures in the quarter related to Blocks 7/8 in Ethiopia bringing the total Blocks 7/8 impairment charges to $31.3 million.
Operating expenses increased $39.0 million for the nine months ended September 30, 2014 compared to the same period in the prior year. The Company has written off $31.3 million of previously capitalized Blocks 7/8 exploration expenditures in Ethiopia. The $4.9 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 nine months of 2014 compared to those granted in the first nine months 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 nine months of 2014 compared to those granted in the first nine months of 2013, which under the Black -Scholes option pricing model results in an increase in the cost of each option granted. The Company made $2.0 million and $0.1 million of donations to the Lundin Foundation in the first nine months of 2014 and 2013, respectively, resulting in a $1.9 million increase in operating expenses. Stock exchange and filing fees increased $0.7 million as a result of costs associated with the graduation to the TSX in Canada and Nasdaq Stockholm.
| Financial income and expense is made up of the following items: | ||||||||||||
| (Thousands of United States Dollars) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three months | Three months | Nine months | Nine months | |||||||||
| ended | ended | ended | ended | |||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||
| Fair value adjustment - warrants | $ | - | $ | 205 | $ | 1 | $ | 3,087 | ||||
| Interest and other income | 287 | 161 | 1,110 | 842 | ||||||||
| Bank charges | (3 | ) | (5 | ) | (14 | ) | (18 | ) | ||||
| Foreign exchange (gain) loss | (207 | ) | 867 | (282 | ) | (1,525 | ) | |||||
| Finance income | 287 | 1,233 | 1,111 | 3,929 | ||||||||
| Finance expense | (210 | ) | (5 | ) | (296 | ) | (1,543 | ) | ||||
At September 30, 2014, nil warrants were outstanding in AOC and Horn. In June 2014, all of the remaining 9,546,248 Horn warrants expired unexercised. The Company recorded a $0.001 million gain on the revaluation of warrants for the nine months ended September 30, 2014 as the Horn warrants expired unexercised.
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) | ||||||||
| September 30, | December 31, | |||||||
| 2014 | 2013 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 273,624 | $ | 493,209 | ||||
| Accounts receivable | 455 | 3,195 | ||||||
| Prepaid expenses | 1,493 | 1,379 | ||||||
| 275,572 | 497,783 | |||||||
| Long-term assets | ||||||||
| Restricted cash | 1,700 | 1,250 | ||||||
| Property and equipment | 66 | 103 | ||||||
| Intangible exploration assets | 746,139 | 488,688 | ||||||
| 747,905 | 490,041 | |||||||
| Total assets | $ | 1,023,477 | $ | 987,824 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 126,436 | $ | 57,976 | ||||
| Current portion of warrants | - | 1 | ||||||
| 126,436 | 57,977 | |||||||
| Total liabilities | 126,436 | 57,977 | ||||||
| Equity attributable to common shareholders | ||||||||
| Share capital | 1,014,880 | 1,007,414 | ||||||
| Contributed surplus | 37,549 | 24,396 | ||||||
| Deficit | (203,416 | ) | (150,736 | ) | ||||
| 849,013 | 881,074 | |||||||
| Non-controlling interest | 48,028 | 48,773 | ||||||
| Total equity | 897,041 | 929,847 | ||||||
| Total liabilities and equity | $ | 1,023,477 | $ | 987,824 | ||||
The increase in total assets from December 2013 to September 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 | Nine months | Nine months | |||||||||||
| ended | ended | ended | ended | |||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||
| Cash flows provided by (used in): | ||||||||||||||
| Operations: | ||||||||||||||
| Net loss and comprehensive loss for the period | $ | (5,931 | ) | $ | (3,349 | ) | $ | (53,425 | ) | $ | (12,884 | ) | ||
| Items not affecting cash: | ||||||||||||||
| Stock-based compensation | 3,046 | 2,847 | 15,553 | 10,632 | ||||||||||
| Depreciation | 16 | 15 | 50 | 40 | ||||||||||
| Impairment of intangible exploration assets | 469 | - | 31,302 | - | ||||||||||
| Fair value adjustment - warrants | - | (205 | ) | (1 | ) | (3,087 | ) | |||||||
| Unrealized foreign exchange (gain) loss | 207 | (2,547 | ) | 282 | (312 | ) | ||||||||
| Changes in non-cash operating working capital | (166 | ) | (66 | ) | (846 | ) | (862 | ) | ||||||
| (2,359 | ) | (3,305 | ) | (7,085 | ) | (6,473 | ) | |||||||
| Investing: | ||||||||||||||
| Property and equipment expenditures | (4 | ) | (28 | ) | (13 | ) | (69 | ) | ||||||
| Intangible exploration expenditures | (95,527 | ) | (62,898 | ) | (301,960 | ) | (157,468 | ) | ||||||
| Farmout proceeds | - | - | 13,207 | - | ||||||||||
| Changes in non-cash investing working capital | 19,868 | 17,487 | 71,932 | 24,314 | ||||||||||
| (75,663 | ) | (45,439 | ) | (216,834 | ) | (133,223 | ) | |||||||
| Financing: | ||||||||||||||
| Common shares issued | 1,801 | 26 | 5,066 | 1,031 | ||||||||||
| Deposit of cash for bank guarantee | - | - | (450 | ) | (1,250 | ) | ||||||||
| Release of bank guarantee | - | - | - | 744 | ||||||||||
| 1,801 | 26 | 4,616 | 525 | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents denominated in foreign currency | (207 | ) | 2,547 | (282 | ) | 312 | ||||||||
| Decrease in cash and cash equivalents | (76,428 | ) | (46,171 | ) | (219,585 | ) | (138,859 | ) | ||||||
| Cash and cash equivalents, beginning of period | $ | 350,052 | $ | 179,487 | $ | 493,209 | $ | 272,175 | ||||||
| Cash and cash equivalents, end of period | $ | 273,624 | $ | 133,316 | $ | 273,624 | $ | 133,316 | ||||||
| Supplementary information: | ||||||||||||||
| Interest paid | Nil | Nil | Nil | Nil | ||||||||||
| Income taxes paid | Nil | Nil | Nil | Nil | ||||||||||
The decrease in cash for the nine months ended September 30, 2014 is mainly the result of cash-based operating expenses and intangible exploration expenditures, offset partially by proceeds received on the Rift Basin Area farmout.
| Consolidated Statement of Equity | |||||||
| (Thousands United States Dollars) | |||||||
| (Unaudited) | |||||||
| September 30, | September 30, | ||||||
| 2014 | 2013 | ||||||
| Share capital: | |||||||
| Balance, beginning of period | $ | 1,007,414 | $ | 558,555 | |||
| Exercise of options | 7,466 | 1,504 | |||||
| Balance, end of period | 1,014,880 | 560,059 | |||||
| Contributed surplus: | |||||||
| Balance, beginning of period | $ | 24,396 | $ | 12,123 | |||
| Stock based compensation | 15,553 | 10,632 | |||||
| Exercise of options | (2,400 | ) | (473 | ) | |||
| Balance, end of period | 37,549 | 22,282 | |||||
| Deficit: | |||||||
| Balance, beginning of period | $ | (150,736 | ) | $ | (98,076 | ) | |
| Net loss and comprehensive loss attributable to common shareholders | (52,680 | ) | (14,388 | ) | |||
| Balance, end of period | (203,416 | ) | (112,464 | ) | |||
| Total equity attributable to common shareholders | $ | 849,013 | 469,877 | ||||
| Non-controlling interest: | |||||||
| Balance, beginning of period | $ | 48,773 | $ | 47,551 | |||
| Net income (loss) and comprehensive income (loss) attributable to non-controlling interest | (745 | ) | 1,504 | ||||
| Balance, end of period | 48,028 | 49,055 | |||||
| Total equity | $ | 897,041 | $ | 518,932 | |||
The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three and nine months ended September 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 four drilling rigs operating through the remainder of 2014, one of which is currently being utilized as testing and completion rig. 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 additional new basin opening wells 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 discovered basin in Northern Kenya, the Tullow-Africa Oil joint venture has agreed with the Government of Kenya to commence development and ESIA studies for the upstream facilities. 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 early 2016. The governments of Kenya, Uganda and Rwanda have signed a Memorandum of Understanding (MoU) and formed a Steering Committee to progress a regional crude oil export pipeline from Uganda through Kenya and are about to appoint an internationally recognized Technical Advisor to advise on the development of the pipeline project. 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 Nasdaq Stockholm 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
Africa Oil's Certified Advisor on Nasdaq Stockholm is Pareto Securities AB.
Contact Information:
Sophia Shane
Corporate Development
(604) 689-7842
africaoilcorp.com