Africa Oil Announces Additional Pay at Etuko-1 and an Update on Development Plans

Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is
pleased to announce that the Company's major exploration success in Kenya
continues with the Etuko-1 discovery on Block 10BB. The Etuko-1 has been
deepened to penetrate Miocene-age sandstones of the Lower Lokhone formation and
has encountered approximately 50 metres of potential net pay. This is in
addition to the over 40 metres of net pay confirmed in the shallower Auwerwer
and Upper Lokhone reservoirs previously announced.


Partner and Operator, Tullow Oil plc, reported today that following the success
at Etuko-1, the Basin volumes are now expected to exceed the threshold for
development studies to commence. 


In May 2013, drilling commenced on the Etuko prospect, 14 km east of Twiga
South-1. This is the first test of the Basin Flank Play in the eastern part of
the Basin and results of drilling, wireline logs and samples of reservoir fluid
confirm a new oil discovery with net pay of over 40 metres in the Auwerwer and
Upper Lokhone targets. The well was then deepened into the Lower Lokhone sands
and encountered approximately 50 metres of additional potential net pay that
will be included in a program of flow testing later this year to determine their
production potential. Although the Lower Lokhone sands are lower quality than
the main objectives in the Auwerwer and Upper Lokhone formations, the partners
successfully flowed oil from this interval in the Ngamia-1 well. Once operations
at Etuko-1 are complete, the rig will move to the Agete prospect located 6 km
north of the Twiga South discovery.


Ekales-1, the next exploration well in the Basin Bounding Fault Play and located
between the Ngamia and Twiga-South discoveries, commenced drilling on 22 July
2013 and will target similar objectives. A 550 sq km 3D survey over the area,
which will support an appraisal program, is also scheduled to commence in the
third quarter of 2013. 


Africa Oil's acreage includes several Tertiary-aged rift basins that have
similar characteristics to the Lake Albert Rift Basin in Uganda. Over 90 leads
and prospects have so far been identified across this acreage in Kenya following
the acquisition of 55,000 sq km of FTG and more than 6,500 km of 2D seismic.
Exploration drilling and testing activity in the region commenced in January
2012 with the drilling of the Ngamia-1 well followed by the Twiga South-1 well.
Exploration and appraisal activities to date have significantly de-risked the
remaining prospectivity in the Basin and underpin the belief that it and other
basins within Africa Oil's acreage could have similar potential to the Lake
Albert Rift Basin in Uganda.


The excellent results to date onshore Kenya are an important step towards
understanding the overall Basin potential and its commerciality. Resources
discovered to date are of a scale that the Partnership will initiate discussions
with the Government of Kenya and other relevant stakeholders to consider
development options. These discussions include consideration of a "start-up
phase" oil production system with potential to deliver significant production
rates with oil export via road or rail in advance of a full-scale pipeline
development. To facilitate these development activities in parallel with
exploration and appraisal, an "Area of Interest" (AOI), encompassing the Basin
discoveries and further prospects in Blocks 13T and 10BB, was agreed with the
Government of Kenya in February 2013. This agreement allows a multiple field
approach to development of the resources while permitting the continued focus on
exploration to increase the resource base while concurrently appraising
discoveries. 


Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and
Ethiopia as well as Puntland (Somalia) through its 45% 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 250,000 square kilometers. The East African Rift
Basin system is one of the last of the great rift basins to be explored. Three
new significant discoveries have been announced in the Lokichar basin in which
the Company holds a 50% interest along with operator Tullow Oil plc. 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

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman 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.


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: 
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com
Africa Oil Corp. (TSXV:AOI)
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