VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2016) - Africa Oil Corp.
(TSX:AOI)(OMX:AOI) ("Africa Oil", "AOC" or the "Company") is pleased to announce the resumption of drilling on Block 13T in
Kenya. The Erut-1 well, which spudded on December 18th, is located on a large structural feature in the northern part of the
South Lokichar basin and is intended as a follow up well to the successful Etom-2 well which discovered 102m of net pay that had
some of the best reservoir characteristics seen to date in the basin. This is the first well in a firm four well program, with
the potential for an additional four contingent follow on wells, which is expected to continue through the first half of
2017.
Africa Oil CEO Keith Hill commented, "We are excited to get back to drilling and particularly interested in the first two
wells in the program which will test exploration prospects in the northern portion of the Lokichar Basin opened up by the Etom
discovery. These wells, and the follow up appraisal wells at Amosing and Ngamia, are important steps in moving the Lokichar
development project forward."
About Africa Oil Corp.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Additional Information
The information in this release is subject to the disclosure requirements of Africa Oil Corp. under the EU Market Abuse
Regulation and the Swedish Securities Market Act. This information was publicly communicated on December 19, 2016 at 6:30 a.m.
Pacific Time.
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