Africa Oil Provides Update on Puntland Drilling

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Africa Oil Corp. (AOI.V) today provided an update on the drilling program in Puntland, Somalia.

The Shabeel well has reached a total depth of 3,470 meters and has encountered metamorphic basement at a depth of 3,430 meters and is currently being suspended for future testing. The well has encountered additional potential net pay sands in the Jurassic Adigrat Formation at a depth of 3,246 to 3,430 meters, several of which exhibited oil and gas shows. Petrophysical analysis of the well log data indicates up to 3 meters of potential hydrocarbon pay in several thin sand units, AOI said. They are not considered to warrant testing at this time, but do further confirm the existence of a working petroleum system.

The Shabeel well is operated by Horn Petroleum Corp. Africa Oil holds a 51% equity interest in Horn Petroleum which in turn holds a 60% working interest in the Dharoor and Nugaal permits in Somalia. The other partners in the blocks include Range Resources (20%) and Red Emperor (20%).

More than 381,000 shares have changed hands.



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