Africa Oil Announces Favorable Prime RBL Redetermination

Press Release

Africa Oil CEO Keith Hill commented, “We are very pleased with the endorsement by the lending banks of our Nigeria deepwater assets. The ability for Prime to repay 29% of its outstanding debt in these difficult market conditions is a testament to the quality of Prime’s low-cost producing assets that are further strengthened by Prime’s industry leading hedging position. Prime’s cash flows provide us with a strong platform to deliver growth and value creation from our portfolio of exploration and development opportunities. Most immediately we are looking forward to the results of the Luiperd well that is currently drilling on Block 11B/12B offshore South Africa and to which we have significant exposure through our equity investments in Africa Energy and Impact Oil and Gas.”

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI“.

Shahin Amini, IR and Commercial Manager,, T: +44 (0)203 982 6800

Sophia Shane, Corporate Development,, T:  (604) 806-3575