Africa Oil Operations and Development Update - Seite 2

A one rig operation will continue with the drilling of the Twiga-3 well, which is currently underway, followed by the large Amosing North prospect (Amosing-5) located on the northern flank of Amosing and updip of the Ngamia field (that was identified from the 3D seismic). The Cheptuket exploration well in Block 12A is scheduled to commence in October 2015 and will test a basin bounding structural closure in the Kerio Valley Basin in a similar structural setting to the successful Ngamia and Amosing discoveries. Other wells under consideration include Etom North (an appraisal well to follow up on our success at Etom-1) and Tausi (a basin opening well).

In parallel with the exploration and appraisal program, pre-FEED (Front End Engineering and Design) studies are being progressed for entry in to FEED.

Development

In Kenya discussions are under way with the Government regarding the submission of a draft Field Development Plan for the discoveries in the South Lokichar basin. Initial discussions are progressing positively and continued engagement is expected on this issue in the coming months.

Progress on the East African pipeline route to export oil from Lake Albert in Uganda and the South Lokichar Basin in Kenya has gained pace in recent months. The Governments of Uganda and Kenya are working closely together and the pipeline studies undertaken by a joint Government-appointed independent technical consultant have progressed well. The Government's decision on the pipeline route is expected in the third quarter 2015. The overall ambition is to achieve a combined project sanction of the export pipeline and Kenya upstream projects by the end of 2016.

About Africa Oil Corp.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as a 41% 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 s ecurities 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.