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2016-05-10

AFRICA OIL ANNOUNCES SIGNIFICANT INCREASE 2C OIL RESOURCES

CANT INCREASE 2C OIL RESOURCES

May 10, 2016 (AOI-TSX, AOI-Nasdaq Stockholm)… Africa Oil Corp. (“Africa Oil”,
“AOC” or the “Company”) is pleased to announce that an independent assessment
of the Company's Contingent Resources in the South Lokichar Basin located in
Blocks 10BB and 13T in Kenya has been completed by DeGolyer and MacNaughton
Canada Limited (“DMCL”).

The estimated gross 2C unrisked resources in the South Lokichar Basin, Kenya
have increased by 150 million barrels (or 24%) to 766 million barrels of oil
(Development Pending: 754 million barrels and Development Unclarified: 12
million barrels).

Keith Hill, President and CEO, commented, “DMCL’s independent assessment
confirms a significant increase in Contingent Resources for the South Lokichar
Basin in Northern Kenya. Based on the continuing drilling and testing program
over the past year our best estimate is now that the Company's discoveries in
the South Lokichar Basin contain gross unrisked Contingent Resources of 766
million barrels of oil (2C estimate) (Development Pending: 754 million barrels
and Development Unclarified: 12 million barrels), an increase of 24% on
previous estimates, and may contain as much as 1.63 billion barrels of gross
oil Contingent Resources (3C estimate), an increase of 26%. The level of these
resources gives us confidence that we will exceed the threshold required for
development and we continue to push forward for development sanction during
2017.”

Summary of South Lokichar Basin Unrisked 2C Oil Contingent Resources as of
December 31, 2015 3
--------------------------------------------------------------------------------
-
Field Unrisked GROSS 2C Estimate AOC Working Unrisked NET 2C
Millions of barrels Interest Estimate
(“mmbo”) 2 (%) 1 (mmbo)
--------------------------------------------------------------------------------
Development Pending
--------------------------------------------------------------------------------
-
Ngamia 296.7 50% 148.3
--------------------------------------------------------------------------------
Amosing 151.1 50% 75.5
--------------------------------------------------------------------------------
Ekales 104.5 50% 52.3
--------------------------------------------------------------------------------
Etom 96.9 50% 48.4
--------------------------------------------------------------------------------
Twiga 86.7 50% 43.3
--------------------------------------------------------------------------------
Agete 17.9 50% 8.9
================================================================================
TOTAL 753.7 50% 376.9
================================================================================
Development Unclarified
--------------------------------------------------------------------------------
-
Etuko 11.6 50% 5.8
--------------------------------------------------------------------------------
Ewoi 0.6 50% 0.3
================================================================================
TOTAL 12.2 50% 6.1
================================================================================

Notes:

1. Net Contingent Resources in this table are AOC’s Working Interest
fraction of the Gross Field Contingent Resources as of December 31, 2015; they
do not represent AOC’s Working Interest following the completion of the farmout
to Maersk which was completed in February 2016 or actual Net Entitlement under
the terms of the PSC that governs the asset, which would be lower.

2. “Gross Contingent Resources” are 100% of the volumes estimated to be
recoverable from the field in the event that it is developed.

3. There is uncertainty that the above stated contingent resources will be
commercially viable to produce any portion of the resources.

The effective date of this resource evaluation is December 31, 2015.
Subsequent to this date, AOC completed a farmout transaction with Maersk Olie
og Gas A/S (“Maersk”), whereby Maersk acquired 50% of Africa Oil’s interest in
Blocks 10BB and 13T, amongst others. Accordingly, the net contingent resources
described below do not represent AOC’s current working interest of 25% in these
blocks nor its actual Net Entitlement volumes under the terms of the Production
Sharing Contracts (“PSCs”) that governs the asset, which would be lower.

The independent assessment of the Company’s Contingent Resources in the South
Lokichar Basin located in Blocks 10BB and 13T in Kenya has been completed by
DMCL in accordance with the standards established by the Canadian Securities
Administrators in National Instrument 51-101 Standards of Disclosure for Oil
and Gas Activities with an effective date of December 31, 2015.

New disclosure rules, implemented to NI51-101 to improve quality of disclosure
of resources other than reserves, require that an assessment of project
maturity and chance of development be included to determine associated risked
estimates of Contingent Resources:

Summary of South Lokichar Basin Risked 2C Oil Contingent Resources
as of December 31, 2015
--------------------------------------------------------------------------------
-
Field Unrisked AOC Chance of Risked NET NI 51-101
GROSS 2C Working Commerciali 2C Estimate Resource
Estimate Interest ty (mmbo) Category
Millions of (%) (%) 1
barrels
(“mmbo”)
--------------------------------------------------------------------------------
Ngamia 296.7 50% 86% 127.6 Development
Pending
--------------------------------------------------------------------------------
Amosing 151.1 50% 86% 65.0 Development
Pending
--------------------------------------------------------------------------------
Ekales 104.5 50% 86% 44.9 Development
Pending
--------------------------------------------------------------------------------
Etom 96.9 50% 86% 41.6 Development
Pending
--------------------------------------------------------------------------------
Twiga 86.7 50% 86% 37.3 Development
Pending
--------------------------------------------------------------------------------
Agete 17.9 50% 86% 7.7 Development
Pending
================================================================================
TOTAL 753.7 324.1
(Development
Pending)
================================================================================
Etuko 11.6 50% 50% 2.9 Development
Unclarified
--------------------------------------------------------------------------------
Ewoi 0.6 50% 50% 0.1 Development
Unclarified
================================================================================
TOTAL 12.2 3.0
(Development
Unclarified)
================================================================================

Notes:

1. In the case of contingent resources, the chance of commerciality is
calculated on the chance of development based on all contingencies required for
the re-classification of the contingent resources as reserves being resolved.
Assigning a factor of 100% or less to each of the major contingencies provides
for a chance of development measurement. In the case of the combined
development of Ngamia, Amosing, Ekales, Etom, Twiga and Agete the chance of
commerciality is currently assessed at 86%.

Summary of South Lokichar Basin NET Risked
2C Oil Contingent Resources (Development Pending)
Net Present Value as of December 31, 2015 (US$MM) 1,2,3,4
----------------------------------------------------------
0% 5% 10% 15% 20%
---------------------------------------------------------
8,266 4,026 2,069 1,083 551
---------------------------------------------------------

Notes:

1. An estimate of risked net present value of future net revenue of
contingent resources is preliminary in nature and is provided to assist the
reader in reaching an opinion on the merit and likelihood of the company
proceeding with the required investment. It includes contingent resources that
are considered too uncertain with respect to the chance of development to be
classified as reserves. There is uncertainty that the risked net present value
of future net revenue will be realized.

2. The basis of the calculation is the net present value of future net
revenue calculated under the terms of the Block 10BB and Block 13T PSCs using

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