Africa Oil Receives Final Green Light to Amp Up Interest in Orange Basin Block 3b/4b

• Africa Oil (TSX:AOI:CA) has secured the final nod from
  the Government of the Republic of South Africa for the acquisition of a 6.25% interest in
  Block 3B/4B in the Orange Basin from Azinam, a wholly-owned subsidiary of Eco (Atlantic)
  Oil & Gas.
• The company has completed a payment of $2.5 million
  to Eco.
• Subsequently, Africa Oil (AOI:CA) now commands an
  operated 26.25% interest in Block 3B/4B, with Eco retaining a 20.00% interest and Ricocure
  (Pty) Ltd holding a 53.75% interest.
• An independent review of the prospective resources
  and probability of geological success of the exploration prospects within Block 3B/4B has
  reported total unrisked gross P50 prospective resources of approximately 4 billion barrels
  of oil equivalent. Probability of success ranges from 11% to 39% over the 24 prospects
  identified.
• Source: Press Release

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