Africa Oil Corporate Update

11.09.2012  |  Marketwired

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/11/12 -- Africa Oil Corp. (TSX VENTURE: AOI)(OMX: AOI) ("Africa Oil" or the "Company") reports that it has granted an aggregate of 750,000 incentive stock options to an officer of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $9.90 per share.

About Africa Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its approximate 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 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil's recent Ngamia-1 discovery extends the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. 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.

Contacts:

Africa Oil Corp.

Sophia Shane

Corporate Development

604-689-7842

604-689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com