AFRICA OIL ANNOUNCES SPUD OF SHABEEL NORTH WELL IN PUNTLAND, SOMALIA

Africa Oil Corp. 

05.06.2012 14:00

Dissemination of a Adhoc News, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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June 5, 2012 (AOI-TSXV, AOI-NASDAQ OMX) . Africa Oil Corp. ('Africa Oil' or the
'Company') is pleased to announce the commencement of drilling operations on
the Shabeel North well in Puntland, Somalia, the second well in the current
drilling campaign. The well is being operated by Horn Petroleum Corp. ('Horn')
in which Africa Oil holds an interest of approximately 51%. Horn holds a 60%
working interest in the Dharoor and Nugaal Valley Production Sharing Agreements
('PSA's') along with working interest partners Range Resources (20%) and Red
Emperor (20%). 

The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had
good oil and gas shows in the Shabeel well 3.5 kilometers to the south. 
Petrophysical analysis of downhole electrical logs in the Shabeel well
indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an
average porosity of 18 to 20%.  It is planned to bring the rig back to the
Shabeel location to test these sands to confirm their ability to flow oil once
the drilling of the Shabeel North well is completed. The planned TD of the
Shabeel North well is 2400 meters and drilling is expected to take 45 to 60
days to complete. 

Horn President and CEO David Grellman stated, 'The Shabeel North well will test
the same reservoirs that appear to be oil bearing in the nearby Shabeel well.
We would expect similar or better reservoir thickness and quality as we move
deeper into the basin. The results of this well should help us confirm the
extent of the petroleum system in the basin and, if successful, would be
another step towards proving the economic potential of the basin.' 

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya,
Ethiopia andMali as well as Puntland (Somalia) through its 51% 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
neighbouring Uganda. 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



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. 



For further information, please contact:  Sophia Shane, Corporate Development
(604) 689-7842. 



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.
News Source: NASDAQ OMX



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Language:     English
Company:      Africa Oil Corp.
              
               
              Canada
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         CA00829Q1019
WKN:          
 
End of Announcement                             DGAP News-Service
 
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