Africa Oil Corp.
TSX : AOI
OMX : AOI

Africa Oil Corp.

June 11, 2015 20:15 ET

Voting Results of Africa Oil Annual and Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 11, 2015) - Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") (TSX:AOI)(OMX:AOI) announces that all of the nominees proposed as directors and listed in its management proxy circular dated April 24, 2015 were elected as directors at its Annual and Special Meeting (the "Meeting") of shareholders held in Vancouver, British Columbia on June 11, 2015, the results being as follows:

Election of Directors

Ordinary resolution approving the election of the following nominees as directors of the Company for the ensuing year, or until their successors are elected or appointed. Shareholders voted as follows:

Nominee Votes For % For Votes Withheld % Withheld
Keith C. Hill 124,126,729 74.37% 42,781,252 25.63%
J. Cameron Bailey 166,688,391 99.87% 219,590 0.13%
Gary S. Guidry 166,660,047 99.85% 247,934 0.15%
Bryan M. Benitz 166,663,081 99.85% 244,900 0.15%
John H. Craig 166,660,077 99.85% 247,904 0.15%

Fix the Number of Directors

Ordinary resolution fixing the number of directors of the Company to be elected at the Meeting at five (5). Shareholders voted as follows:

Votes For % For Votes Against % Against
171,096,213 99.84% 270,279 0.16%

Appointment of Auditors

Ordinary resolution approving the appointment of PricewaterhouseCoopers LLP as Auditors of the Company for the ensuing year, and authorizing the directors of the Company to fix their remuneration. Shareholders voted as follows:

Votes For % For Votes Withheld % Withheld
171,071,427 99.80% 336,969 0.20%

Stock Option Plan

Ordinary resolution to ratify, confirm and approve, subject to regulatory approval, the Company's Stock Option Plan, as amended, as described in the Company's Management Information Circular. Shareholders voted as follows:

Votes For % For Votes Against % Against
60,203,373 36.07% 106,704,608 63.93%

As a result of the vote in respect of the Stock Option Plan, the ordinary resolution to approve the amendments was defeated. Accordingly, the stock option plan approved by the Company's shareholders at the June 2014 shareholders meeting will continue to be the Company's current stock option plan.

Subsequent to the meeting, and pursuant to the Investment Agreement between Stampede Natural Resources S.à r.l. ("Stampede"), an entity owned by a fund advised by Helios Investment Partners LLP ("Helios"), Andrew Bartlett, Oil and Gas Partner at Helios, was appointed as Helios' nominee to the Africa Oil board of directors. In addition, Cameron J. Bailey agreed to resign and step down as a director of the Company, effective immediately.

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 Africa Energy Corp. 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.

Additional Information

The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on June 11, 2015 at 5:15 p.m. Pacific Time.

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Contact Information