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2015-12-15

AFRICA OIL KENYA OPERATIONS UPDATE

AFRICA OIL KENYA OPERATIONS UPDATE

December 15, 2015 (AOI-TSX, AOI-Nasdaq Stockholm) … Africa Oil Corp. (“Africa
Oil” or the “Company”) is pleased to announce that the Etom-2 well in Block
13T, Northern Kenya, has encountered 102 metres of net oil pay in two columns.
The objective of the well was to explore the north flank of the Etom structure
in an untested fault block identified by recent 3D seismic. Oil samples,
sidewall cores and wire line logging all indicate the presence of high API oil
in the best quality reservoir encountered in the South Lokichar Basin to date.
Additional prospectivity identified on the 3D seismic in the Etom Field area
and in the northern portion of the basin, including the Erut and Elim
prospects, will now be considered as part of the future exploration drilling
program.

Discovering this thick interval of high quality oil reservoirs further
underpins the development options and resource base. The result follows careful
evaluation of 3D seismic data which was shot after the Etom-1 well and
demonstrates how the partnership has improved its understanding of the South
Lokichar Basin. This result also suggests significant potential in this
underexplored part of the block as it is the most northerly well drilled in
South Lokichar and is located close to the axis of the basin away from the
basin-bounding fault. Accordingly, Tullow Oil plc and Africa Oil will review
the potential of the greater Etom area and neighbouring prospects to decide on
the forward program.

The PR Marriott Rig-46 drilled the Etom-2 well to a final depth of 1,655 metres
and will now move to Block 12A where it will spud the Cheptuket-1 well around
year end, the first well to be drilled in the Kerio Valley Basin.

In Block 10BB, the partnership has completed the Ngamia Extended Well Test
production phase with approximately 38,000 barrels of oil produced. Five
completed zones of the Ngamia-8 production well were tested individually at a
cumulative rate of 2,400 bbl/d and all except the lowest zone produced without
artificial lift. Communication between the producer well and an observation
well, at a distance of approximately 500 metres, was also demonstrated.

Africa Oil CEO Keith Hill commented “This discovery confirms a new potential
exploration fairway in the northern portion of the Lokichar Basin. This result
will greatly aid us in adding critical resources for the basin development as
well as enhancing the recently announced farm out deal with Maersk Oil.”

Africa Oil holds a 50% interest in Blocks 13T and 10BB with equal partner and
operator Tullow Oil Plc. Upon closing of the previously announced farm-out
agreement (see news release dated November 9, 2015), Africa Oil will have a 25%
interest in Blocks 13T and 10BB.

About Africa Oil Corp.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and
Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq
Stockholm under the symbol "AOI".

Additional Information

The information in this release is subject to the disclosure requirements of
Africa Oil Corp. under the Swedish Securities Market Act and/or the Swedish
Financial Instruments Trading Act. This information was publicly communicated
on December 15, 2015 at 2:00 a.m. Eastern Time.

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.

Cautionary Statements regarding Well Test Results

Drill stem tests are commonly based on flow periods of 1 to 5 days and build up
periods of 1 to 3 days. Pressure transient analysis has not been carried out on
all well tests and the results should therefore be considered as preliminary.
Well test results are not necessarily indicative of long-term performance or of
ultimate recovery.

ON BEHALF OF THE BOARD

“Keith C. Hill”

President and CEO

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For further information, please contact: Sophia Shane, Corporate
Development (604) 689-7842.

Författare SSE

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