Africa Oil Corp. T.AOI

Alternate Symbol(s): AOIFF

Energy Oil & Gas E&P

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime); Impact Oil and Gas Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.

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Africa Oil Corp.

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Post by bcjton Feb 22, 2011 10:27am

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Post# 18172839

Africa Oil completes $1.68-million (U.S.) farm-out

Africa Oil completes $1.68-million (U.S.) farm-out deal

Africa Oil Corp (C:AOI)
Shares Issued 119,931,226
Last Close 2/18/2011 $2.02
Tuesday February 22 2011 - News Release

Mr. Keith Hill reports

AFRICA OIL CLOSES FARMOUT WITH TULLOW OIL ON BLOCKS 12A AND 13T

Africa Oil Corp. has now closed on the final two blocks out of the previously announced five-block farm-out transaction with Tullow Oil PLC. The company and Tullow have now closed farm-outs related to the South Omo block (Ethiopia) and blocks 10A, 10BB, 12A and 13T (Kenya). Tullow has assumed the role of operator on all of these blocks. The resulting interests in the five blocks can be seen in the table.

Block 12A (Kenya)  Tullow 50 per cent         Africa Oil 50 per centBlock 13T (Kenya)  Tullow 50 per cent         Africa Oil 50 per centBlock 10BB (Kenya) Tullow 50 per cent         Africa Oil 40 per cent     Lion 10 per centBlock 10A (Kenya)  Tullow 50 per cent         Africa Oil 30 per cent     Afren -- EAX (Black Marlin) 20 per centSouth Omo          Tullow 50 per cent         Africa Oil 30 per cent     Agriterra (formerly White Nile) 20 per cent(Ethiopia)

Tullow paid $1,686,432 (U.S.) to Africa Oil to acquire its interest in blocks 12A and 13T. Each party will be responsible for its working interest share of future joint venture expenditures in these blocks.

Keith Hill, Africa Oil's president and chief executive officer, commented: "We are pleased to have completed our multiblock transaction with Tullow, who have arguably been the most successful exploration company in Africa, if not the world, over the past decade. We see great synergies with the use of the technical and operational expertise they have gained in their nearby Uganda Lake Albert Graben project. The transaction also means that any resultant discoveries will be operated by one of the main partners in the proposed pipeline project to export crude from this highly prospective developing region. With their proven success in Africa, combined with the East African Rift basin assets that Africa Oil brings to the deal, we look forward to the implementation of a successful exploration program in the months and years to come."

We seek Safe Harbor.

? 2011 Canjex Publishing Ltd.

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