Africa Oil Provides Operational Update and First Quarter Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2014) -
Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company")
is pleased to provide first quarter 2014 financial results and an
update on its operations in Kenya and Ethiopia.
The Company
currently has six rigs operating in Kenya and Ethiopia which are
focused on three main activities; 1) Drilling new basin opening
wells; 2) Drilling new prospects in the discovered basin in
Northern Kenya; and 3) appraising and testing existing
discoveries.
Two basin opening
wells are currently drilling with results expected in the second
quarter of 2014. The Sala prospect, on Block 9, is being drilled in
the Cretaceous Anza graben and will test a large anticlinal feature
along the northern basin bounding fault. This well is operated by
Africa Oil which holds a 50% interest and operatorship with partner
Marathon Kenya Limited B.V. holding the remaining 50%.
The other new basin
opening well is the Shimela well being drilled in the Chew Bahir
basin on the South Omo block in Ethiopia. This basin is located
along the Tertiary rift trend and has many similarities to the
recent discoveries in Kenya. The rig will move to the Gardim
prospect following the completion of Shimela which is a basin
bounded fault prospect located in the southern portion of this
basin. The Company holds a 30% working interest in this block along
with operator Tullow Oil plc ("Tullow") (50%) and partner Marathon
Ethiopia Limited B.V. (20%).
Plans are also
underway to drill prospects in three additional new basins this
year. The Dyepa-1 well will spud in the second quarter and will
target the South Kerio basin which is proximal and geologically
similar to the discovered basin in Northern Kenya in Block 10BB.
This well is designed to test a basin bounding fault prospect on
the western flank of the basin similar to the string of pearls
field discoveries such as the initial Ngamia discovery. A number of
additional prospects have been identified in this basin which would
be de-risked if Dyepa is a discovery. This rig will then move to
test the Aze prospect which is located in the North Kerio basin and
is comprised of a large, four-way dip closed anticline on the
southern shore of Lake Turkana.
The last basin to be
targeted this year is the West Turkana basin in Block 10BA in Kenya
and the first well in this program is expected to spud later this
year. The first prospect to be drilled will be the Engomo (formerly
Kiboko) prospect on the western shore of Lake Turkana. It is also a
basin bounding fault prospect and has similar potential to prove a
petroleum system that would lead to accelerated drilling on a
number of identified prospects. In both of these basins, as in the
discovered basin in Northern Kenya, the Company holds a 50% working
interest along with Operator Tullow Oil plc (50%).
The only well which
is currently being drilled on a new prospect in the discovered
basin in Northern Kenya is the Ekunyuk-1 well which is located on
the eastern flank play, on trend with recent discoveries at Etuko
and Ewoi. The well has now reached a final total depth of 1,802
meters and has encountered some 5 meters of net oil pay, within
approximately 150 meters of reservoir quality water-bearing
sandstone and an equal thickness of a basin-wide rich oil shale.
This rig will now be moved to the Agete-2 location.
Three additional
rigs are currently pursuing appraisal and testing activities on the
existing discoveries. The Sakson PR5 rig is continuing drilling
operations on the Twiga-2 up-dip appraisal well. The initial
wellbore was drilled near the basin bounding fault and encountered
some 18 meters of net oil pay within alluvial fan facies, with
limited reservoir quality. A decision was made to sidetrack the
well away from the fault to explore north of Twiga-1 and some 62
meters of vertical net oil pay has been discovered in the Auwerwer
formation, similar in quality to the initial Twiga-1 discovery. The
well is currently being deepened to evaluate the Lower Lokhone sand
reservoirs and a testing program for this successful well is
planned to be conducted later this year. This rig will then move to
drill a down-dip appraisal of the Amosing discovery, which appears
to have high quality reservoir and may be one of the largest
discoveries in the basin to date.
The PR Marriott 46
rig is currently drilling ahead on the Ngamia-2 appraisal well
which is expected to be completed by the end of the second quarter.
This rig will then drill the Ngamia-3 appraisal well.
Testing operations
are ongoing on the Agete-1 well using the SMP-5 rig and expected to
be completed by the end of May. The plan is for this rig to
continue testing operations on discovery and appraisal wells in the
discovered basin in Northern Kenya.
Additionally in
Ethiopia, the Company has recently completed the drilling of the El
Kuran-3 appraisal well on Block 8. El Kuran-3 was an appraisal of a
discovery made by Tenneco in the 1970's, and encountered a
significant but tight gas-condensate zone in Jurassic Hammanlei
carbonates. The well has been suspended pending a decision on
conducting a fracture stimulation, which will be required to assess
the long-term productivity of the formation. Discussions are
ongoing with the Government of Ethiopia to secure an extension to
the Exploration Period under the PSC to assess the economic
viability of the discovery.
Africa Oil CEO Keith
Hill stated: "We are looking forward to the results of the new
basin opening wells which have the potential to unlock significant
value in terms of new prospects and resources. The ongoing drilling
in the discovered basin in Northern Kenya has been quite helpful in
understanding the distribution of the best reservoir facies and
will no doubt be enhanced by the ongoing 3D seismic survey. We
remain very bullish in not only the existing discoveries but in the
remaining prospects in the discovered basin in Northern Kenya such
as Etom, the largest remaining prospect along the Western 'String
of Pearls' trend, which will be drilled in the third quarter of
this year. Our goal is to open up at least one new basin and to
move a significant number of barrels from prospective to contingent
resources by the end of 2014 as we move the field development
program forward."
The Company is also
actively pursuing development studies in the Block 10BB/13T area
including commencement of the pre-front end engineering design
(pre-FEED) and environmental and social impact assessment (ESIA)
studies for the pipeline, export terminal and field facilities. It
is the goal the Government of Kenya and the joint venture
partnership to achieve project sanction, including the approval of
an export pipeline, by the end of 2015/early 2016.
As was previously
announced, the company has now graduated to the main board of the
TSX and plans to apply for graduation to the NASDAQ OMX Stockholm
main board.
Further Significant
Events During The First Quarter of 2014:
- Africa Oil ended the quarter with cash of $434.3 million and
working capital of $360.1 million.
- In January, the Company announced a new oil discovery at
Amosing-1 located seven kilometers southwest of the Ngamia-1
discovery along the Basin Bounding Fault Play in Block 10BB. Logs
indicated 160 to 200 meters of potential net oil pay in good
quality sandstone reservoirs.
- In January, the Company announced a new oil discovery at Ewoi-1
located four kilometers to the east of the Etuko-1 discovery in the
Basin Flank Play on the eastern side of the discovered basin in
Northern Kenya in Block 10BB. Logs indicated potential net pay of
20 to 80 meters to be confirmed by well testing.
- In February, the Company announced the results of five well
tests conducted on five Lokhone pay intervals at Etuko-1 located on
the Basin Flank Play in Block 10BB. Light 36 degree API waxy crude
oil was successfully flowed from three zones at a combined average
rate of over 550 barrels of oil equivalent per day. In March, the
Company announced the results of the Etuko-2 exploration well
drilled to test the upper Auwerwer sands overlying the previously
announced Etuko discovery. Etuko-2 penetrated a potential
significant oil column identified from formation pressure data and
oil shows while drilling and in core, with good quality reservoir
but flowed only water on drill stem test. The results are
considered inconclusive and analysis is underway to consider
further options to evaluate this reservoir.
- In March, the Company announced the results of a well test on
the Ekales-1 discovery drilled in 2013 and located on the Basin
Bounding Fault Play between the Ngamia-1 and Twiga South-1
discoveries. Testing operations on the Ekales-1 well confirmed this
significant oil discovery. Two drill stem tests were completed and
flowed at a combined rate of over 1,000 bopd from a combined 41
meter net pay interval. The upper zone had a very high productivity
index of 4.3 stb/d/psi.
- In March, the Company announced the results of the Emong-1 well
located four kilometers northwest of Ngamia-1 field discovery in
Block 13T (Kenya). The well encountered oil and gas shows while
drilling, however the Auwerwer sandstones that are the primary
reservoirs in the Ngamia field were thin and poorly developed in
Emong-1 and the well was plugged and abandoned. It is believed that
the reservoir was poorly developed due to its proximity to the
basin bounding fault and its location within what appears to be a
local isolated slumped fault margin. This well, which was trying to
establish an additional play, has no impact on the potential of the
Ngamia oil accumulation or any other prospectivity in the
discovered basin in Northern Kenya.
- In Blocks 10BB and 13T, the acquisition of a 550 square
kilometer 3D seismic program over the discoveries and prospects
along the Basin Bounding Fault Play in the discovered basin in
Northern Kenya is ongoing and is scheduled to complete at the end
of the third quarter.
- In March, the Company completed a farmout transaction with
Marathon whereby Marathon acquired a 50% interest in the Rift Basin
Area leaving the Company with a 50% working interest. In accordance
with the farmout agreement, Marathon was obligated to pay the
Company $3.0 million in consideration of past exploration
expenditures, and has agreed to fund the Company's working interest
share of future joint venture expenditures to a maximum of $15.0
million with an effective date of June 30, 2012. Upon closing of
the farmout, Marathon paid the Company $3.0 million in
consideration of past exploration expenditures. Subsequent to the
quarter end, Marathon paid the Company $10.2 million being
Marathon's and the Company's share of exploration expenditures from
the effective date to the closing date of the farmout.
- In March, the Company completed a farmout transaction with New
Age whereby New Age acquired an additional 40% interest in the
Company's Adigala Block leaving AOC with 10% working interest. In
accordance with the farmout agreement, New Age is obligated to fund
the Company's 10% working interest share of expenditures related to
the acquisition of a planned 1,000 kilometer 2D seismic program to
a maximum expenditure of $10.0 million on a gross basis, following
which the Company would be responsible for its working interest
share of expenditures.
- The Company has a significant exploration and appraisal program
set out for 2014 which will see over 20 wells completed. The
program is focused on drilling out the remaining prospect inventory
in the discovered basin in Northern Kenya, appraising existing and
future discoveries with the aid of the new 3D Seismic survey,
drilling six new basin opening wells and progressing development
studies towards project sanction in the discovered basin in
Northern Kenya. This significant program in 2014 is fully
funded.
|
|
|
|
|
|
|
First Quarter 2014 Financial and Operating
Highlights |
|
Consolidated Statement of Net Loss and Comprehensive
Loss |
(Thousands of United States Dollars) |
(Unaudited) |
|
Three months |
|
Three months |
|
|
ended |
|
ended |
|
|
March 31, 2014 |
|
March 31, 2013 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Salaries and benefits |
$ |
458 |
|
$ |
563 |
|
|
Stock-based compensation |
|
9,552 |
|
|
697 |
|
|
Travel |
|
309 |
|
|
281 |
|
|
Office and general |
|
184 |
|
|
203 |
|
|
Donation |
|
750 |
|
|
100 |
|
|
Depreciation |
|
17 |
|
|
13 |
|
|
Professional fees |
|
195 |
|
|
103 |
|
|
Stock exchange and filing fees |
|
189 |
|
|
200 |
|
|
|
11,654 |
|
|
2,160 |
|
|
|
|
|
|
|
|
Finance income |
|
(436 |
) |
|
(3,099 |
) |
Finance expense |
|
126 |
|
|
1,051 |
|
Net loss and comprehensive loss |
|
11,344 |
|
|
112 |
|
Net (income) loss and comprehensive (income) loss
attributable to non-controlling |
|
206 |
|
|
(1,762 |
) |
Net loss and comprehensive loss attributable to common
shareholders |
|
11,138 |
|
|
1,874 |
|
Net loss attributable to common shareholders per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
$ |
0.01 |
|
|
Diluted |
$ |
0.04 |
|
$ |
0.01 |
|
Weighted average number of shares outstanding for the
purpose of calculating earnings per share |
|
|
|
|
|
|
|
Basic |
|
309,967,060 |
|
|
252,165,938 |
|
|
Diluted |
|
309,967,060 |
|
|
252,165,938 |
|
Operating expenses
increased $9.5 million for the three months ended March 31, 2014
compared to the same period in the prior year. The increase of $8.9
million in stock-based compensation is attributable to 5,958,500
stock options of AOC issued to directors, officers and employees in
the first quarter of 2014 of which one-third vested immediately.
The Company made $0.8 million and $0.1 million of donations to the
Lundin Foundation in the first quarter of 2014 and 2013,
respectively, resulting in a $0.7 million increase in operating
expenses.
Financial income and
expense is made up of the following items:
(Thousands of United States Dollars) |
|
(Unaudited) |
|
|
March 31, |
|
March 31, |
|
|
2014 |
|
2013 |
|
|
|
Fair
value adjustment - warrants |
(4 |
) |
2,727 |
|
Interest and other income |
436 |
|
372 |
|
Bank
charges |
(6 |
) |
(8 |
) |
Foreign exchange loss |
(116 |
) |
(1,043 |
) |
|
|
|
|
|
Finance income |
436 |
|
3,099 |
|
Finance expense |
(126 |
) |
(1,051 |
) |
At March 31, 2014,
nil warrants were outstanding in AOC and 9.5 million warrants were
outstanding in Horn. AOC holds 2.2 million of the warrants
outstanding in Horn. The Company recorded a $0.004 million loss on
the revaluation of warrants for the three months ended March 31,
2014 due to an increase in Horn's share price. The Company will
record fair market value adjustments on the Horn warrants until
they are exercised or they expire (all expire in June 2014).
Interest income
increased in the first quarter of 2014 due to an increase in cash
as a result of the brokered private placement in October of
2013.
Foreign exchange
gains and losses are primarily related to changes in the value of
the Canadian dollar in comparison to the US dollar. Historically,
the Company has recorded foreign exchange gains when the Canadian
dollar has strengthened versus the US dollar, and has recorded
losses when the Canadian dollar has weakened versus the US
dollar.
|
|
Consolidated Balance Sheets |
|
(Thousands United States Dollars) |
|
(Unaudited) |
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash
and cash equivalents |
$ |
434,333 |
|
$ |
493,209 |
|
|
Accounts receivable |
|
11,926 |
|
|
3,195 |
|
|
Prepaid expenses |
|
1,332 |
|
|
1,379 |
|
|
|
447,591 |
|
|
497,783 |
|
Long-term assets |
|
|
|
|
|
|
|
Restricted cash |
|
1,700 |
|
|
1,250 |
|
|
Property and equipment |
|
94 |
|
|
103 |
|
|
Intangible exploration assets |
|
567,907 |
|
|
488,688 |
|
|
|
569,701 |
|
|
490,041 |
|
|
|
Total assets |
$ |
1,017,292 |
|
$ |
987,824 |
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
87,482 |
|
$ |
57,976 |
|
|
Current portion of warrants |
|
5 |
|
|
1 |
|
|
|
87,487 |
|
|
57,977 |
|
|
|
Total liabilities |
|
87,487 |
|
|
57,977 |
|
|
|
Equity attributable to common shareholders |
|
|
|
|
|
|
|
Share
capital |
|
1,009,953 |
|
|
1,007,414 |
|
|
Contributed surplus |
|
33,159 |
|
|
24,396 |
|
|
Deficit |
|
(161,874 |
) |
|
(150,736 |
) |
|
|
881,238 |
|
|
881,074 |
|
|
Non-controlling interest |
|
48,567 |
|
|
48,773 |
|
Total equity |
|
929,805 |
|
|
929,847 |
|
|
Total liabilities and equity |
$ |
1,017,292 |
|
$ |
987,824 |
|
The increase in
total assets from December 2013 to March 2014 is primarily
attributable to intangible exploration expenditures incurred during
the quarter in Kenya, Ethiopia and Puntland (Somalia).
|
|
Consolidated Statement of Cash Flows |
|
(Thousands United States Dollars) |
|
(Unaudited) |
|
|
|
|
Three months |
|
Three months |
|
|
|
ended |
|
|
ended |
|
|
|
March 31, 2014 |
|
|
March 31, 2013 |
|
Cash flows provided by (used in): |
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
Net loss and comprehensive loss for the period |
$ |
(11,344 |
) |
$ |
(112 |
) |
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
9,552 |
|
|
697 |
|
|
|
Depreciation |
|
17 |
|
|
13 |
|
|
|
Fair
value adjustment - warrants |
|
4 |
|
|
(2,727 |
) |
|
|
Unrealized foreign exchange loss |
|
117 |
|
|
1,119 |
|
|
|
Changes in non-cash operating working capital |
|
(731 |
) |
|
(750 |
) |
|
|
(2,385 |
) |
|
(1,760 |
) |
Investing: |
|
|
|
|
|
|
|
|
Property and equipment expenditures |
|
(8 |
) |
|
(14 |
) |
|
|
Intangible exploration expenditures |
|
(92,426 |
) |
|
(39,266 |
) |
|
|
Farmout proceeds |
|
13,207 |
|
|
- |
|
|
|
Changes in non-cash investing working capital |
|
21,553 |
|
|
6,834 |
|
|
|
(57,674 |
) |
|
(32,446 |
) |
Financing: |
|
|
|
|
|
|
|
|
Common shares issued |
|
1,750 |
|
|
- |
|
|
|
Deposit of cash for bank guarantee |
|
(450 |
) |
|
- |
|
|
|
Release of bank guarantee |
|
- |
|
|
294 |
|
|
|
1,300 |
|
|
294 |
|
Effect of exchange rate changes on cash and cash
equivalents denominated in foreign currency |
|
(117 |
) |
|
(1,119 |
) |
Decrease in cash and cash equivalents |
|
(58,876 |
) |
|
(35,031 |
) |
Cash and cash equivalents, beginning of period |
|
493,209 |
|
$ |
272,175 |
|
Cash and cash equivalents, end of period |
|
434,333 |
|
$ |
237,144 |
|
|
Supplementary information: |
|
|
|
|
|
|
|
|
Interest paid |
|
Nil |
|
|
Nil |
|
|
|
Income taxes paid |
|
Nil |
|
|
Nil |
|
The decrease in cash
for the three months ended March 31, 2014 is mainly the result of
intangible exploration expenditures and cash-based operating
expenses, offset partially by proceeds received on the Rift Basin
Area farmout.
|
|
Consolidated Statement of Equity |
|
(Thousands United States Dollars) |
|
(Unaudited) |
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
Share capital: |
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
1,007,414 |
|
$ |
558,555 |
|
|
Exercise of options |
|
2,539 |
|
|
- |
|
|
Balance, end of period |
|
1,009,953 |
|
|
558,555 |
|
Contributed surplus: |
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
24,396 |
|
$ |
12,123 |
|
|
Stock
based compensation |
|
9,552 |
|
|
697 |
|
|
Exercise of options |
|
(789 |
) |
|
- |
|
|
Balance, end of period |
|
33,159 |
|
|
12,820 |
|
Deficit: |
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
(150,736 |
) |
$ |
(98,076 |
) |
|
Net loss and comprehensive loss attributable to common
shareholders |
|
(11,138 |
) |
|
(1,874 |
) |
|
Balance, end of period |
|
(161,874 |
) |
|
(99,950 |
) |
|
Total equity attributable to common shareholders |
$ |
881,238 |
|
|
471,425 |
|
Non-controlling interest: |
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
48,773 |
|
$ |
47,551 |
|
|
Net income (loss) and comprehensive income (loss) attributable to
non-controlling interest |
|
(206 |
) |
|
1,762 |
|
|
Balance, end of period |
|
48,567 |
|
|
49,313 |
|
|
Total equity |
$ |
929,805 |
|
$ |
520,738 |
|
The Company's
consolidated financial statements, notes to the financial
statements, management's discussion and analysis for the three
months ended March 31, 2014 and the 2013 Annual Information Form
have been filed on SEDAR (www.sedar.com) and are available on the
Company's website (www.africaoilcorp.com).
Outlook
The Company expects
to have six drilling rigs operating through the remainder of 2014,
one of which is currently being utilized as a testing and
completion rig. Completion of the brokered private placement in
October 2013 increased the Company's liquidity and capital resource
position which is expected to fully fund the Company's portion of
2014 exploration, appraisal and development activities.
The near term focus
of exploration is to continue drilling and testing wells in the
discovered basin in Northern Kenya improving on recent cost
efficiencies realized while continuing to grow the Company's
contingent resource base, and to drill potential basin-opening
wells in the Turkana, Chew Bahir, Kerio, and Anza basins within
Kenya and Ethiopia.
Given the
significant volumes discovered and the extensive exploration and
appraisal program planned to fully assess the upside potential of
the basin, the Tullow-Africa Oil joint venture has agreed with the
Government of Kenya to commence development studies. In addition,
the partnership is involved in a comprehensive pre-FEED study of
the export pipeline. The current ambition of the Government of
Kenya and the joint venture partnership is to reach project
sanction for development, including an export pipeline, by the end
of 2015 or early 2016. The Government is already making progress,
having recently announced its intention to invite Expressions of
Interest for the feasibility study, engineering design and
development of a Kenya crude export pipeline. If further
exploration success opens additional basins there will be scope for
the development to be expanded.
In 2014, the Company
expects to drill six new basin opening wells, drill all key
prospects in the discovered basin in Northern Kenya, appraise
existing discoveries, and progress development studies towards
project sanction in the discovered basin in Northern Kenya.
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 215,000 square
kilometers. The East African Rift Basin system is one of the last
of the great rift basins to be explored. Seven new significant
discoveries have been announced in the discovered basin in Northern
Kenya in which the Company holds a 50% interest along with operator
Tullow Oil plc. Good quality existing seismic show robust leads and
prospects throughout Africa Oil's project areas. The Company is
listed on the TSX and on First North at NASDAQ OMX-Stockholm under
the symbol "AOI".
FORWARD LOOKING
INFORMATION
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.
ON BEHALF OF THE
BOARD
Keith C. Hill,
President and CEO
Africa Oil's
Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.
Africa Oil Corp.Sophia ShaneCorporate Development(604)
689-7842(604)
689-4250africaoilcorp@namdo.comwww.africaoilcorp.com
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