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Africa Oil Third Quarter of 2012 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil", "the Company" or "AOC") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2012.


--  Following the significant light oil discovery at Ngamia-1 exploration
    well in Block 10BB, the Company and its partner Tullow Oil plc
    ("Tullow") moved the rig 23 kilometers to drill the Twiga South-1
    exploration well in Block 13T (Kenya) which is on trend with Ngamia-1.
    Twiga South-1 has successfully encountered oil, drilling is ongoing and
    an announcement of the well results is expected in late November after
    target depth has been achieved and necessary sampling and analysis has
    been completed. 
--  The Company and its partners have selected Sabisa-1 as the first
    drilling location in the South Omo Block (Ethiopia). The Sabisa-1 well
    site has been prepared and the rig and associated equipment is in the
    process of being mobilized within country to the well site. Sabisa-1 is
    expected to spud around the end of 2012. Additionally, work has
    commenced on the acquisition of an additional 500 kilometers of 2D
    seismic in the eastern portion of the South Omo Block (Chew B'hir Sub-
    Basin). 
--  The Company and its operating partners on Block 10A (Kenya) spud the
    Paipai-1 exploration well in the quarter. The Paipai-1 well is planned
    to a total depth of 4,150 meters, and will test a large four-way closed
    structure with Cretaceous-age sandstone targets at multiple depths.
    Paipai-1 spudded in September 2012 and is scheduled to be completed in
    early 2013. 
--  In Puntland (Somalia), the Company, through its 44.6% ownership interest
    in Horn Petroleum Corporation ("Horn"), completed Shabeel North-1, the
    second well of a two well exploration program. Both well sites have been
    restored to original condition and demobilization from Puntland has been
    completed. While the Company was disappointed that the first two
    exploration wells in Puntland did not flow oil, the Company remains
    highly encouraged that all of the critical elements exist for oil
    accumulations and based on this encouragement, the Company and its
    partners have entered into the next exploration period in both the
    Dharoor Valley and Nugaal Valley PSC's which carry a commitment to drill
    one exploration well in each block by October 2015. 
--  The Company completed a farmout transaction with Tullow on Block 12A
    (Kenya) in the quarter whereby Tullow paid the Company $1.1 million in
    consideration of past exploration expenditures to acquire an additional
    15% interest in Block 12A in Kenya. Tullow will also fund 15% of the
    Company's working interest share of expenditures related to the
    acquisition of 520 kilometers of 2D seismic until an expenditure cap of
    $10.3 million on a gross basis. 
--  The Company completed a farmout transaction with Marathon Oil
    Corporation ("Marathon") subsequent to the end of the quarter whereby
    Marathon acquired a 50% interest in Block 9 (Kenya) and a 15% interest
    in Block 12A (Kenya). In accordance with the farmout agreement, Marathon
    paid the Company $32.0 million in consideration of past exploration
    expenditures, and has agreed to fund the Company's working interest
    share of future joint venture expenditures on these blocks to a maximum
    of $25.0 million. The Company has retained a 20% working interest in
    Block 12A and a 50% working interest in Block 9. 
--  The Company completed a farmout transaction with New Age (Africa Global
    Energy) Limited ("New Age") subsequent to the end of the quarter whereby
    New Age acquired an additional 25% interest in the Company's Blocks 7 &
    8 (Ethiopia), together with operatorship of Blocks 7 & 8 and the Adigala
    Area (Ethiopia). In accordance with the farmout agreement, New Age paid
    the Company $1.5 million in consideration of past exploration
    expenditures. The Company has retained a 30% working interest in Blocks
    7/8. 
--  The Company continues to actively acquire process and interpret 2D
    seismic over Blocks 10BA, 10BB, 12A, 13T and South Omo with three
    seismic crews currently active. 
--  Africa Oil ended the quarter with cash of $55.4 million and working
    capital of $32.0 million as compared to cash of $109.6 million and
    working capital of $90.2 million at December 31, 2011. Proceeds of $33.5
    million received in relation to the Marathon and New Age farmouts
    subsequent to the end of the quarter have positively impacted the
    Company's near term liquidity and capital position. 

Keith Hill, President and CEO, commented, "Africa Oil is very encouraged with the results of our first two exploration wells in the Lockichar basin. The arrival of an additional two drilling rigs will allow us to evaluate whether the Tertiary trend extends into southern Ethiopia and to test the Cretaceous rift in north-central Kenya."

Third Quarter 2012 Financial and Operating Highlights


Consolidated Statement of Net Income (Loss) and Comprehensive Income (Loss)
(United States Dollars)

                        Three months Three months  Nine months  Nine months
                               ended        ended        ended        ended
                           September    September    September    September 
                            30, 2012     30, 2011     30, 2012     30, 2011
---------------------------------------------------------------------------
                                                                           
Operating expenses                                                         
  Salaries and benefits  $   403,572  $   309,476  $   980,669  $ 1,067,364
  Stock-based                                                              
   compensation            2,572,472      908,550    3,789,266    2,790,484
  Bank charges                10,188       23,103       27,084      133,242
  Travel                     347,439      470,806      809,598      853,767
  Management fees             74,547       60,593      213,559      187,325
  Office and general         137,083      455,579      505,399    1,011,900
  Depreciation                11,312        8,480       36,814       41,739
  Professional fees          411,200      462,066    3,654,524      859,190
  Stock exchange and                                                       
   filing fees                76,694      158,807      351,027      432,089
  Impairment of                                                            
   intangible                                                              
   exploration assets              -            -    3,114,858    6,969,413
---------------------------------------------------------------------------
                           4,044,507    2,857,460   13,482,798   14,346,513
                                                                           
Gain on acquisition of                                                     
 Lion Energy                       -            -            -   (4,143,051)
Dilution loss on sale                                                      
 of subsidiary                     -    4,578,634            -    4,578,634
Finance income           (17,895,010)  (2,568,551)  (5,502,845)  (7,607,452)
Finance expense                    -    7,187,485      123,982    5,079,824
---------------------------------------------------------------------------
Net income (loss) and                                                      
 comprehensive income                                                      
 (loss)                   13,850,503  (12,055,028)  (8,103,935) (12,254,468)
---------------------------------------------------------------------------
Net Income (loss) and                                                      
 comprehensive Income                                                      
 (loss) attributable to                                                    
 non-controlling                                                           
 interest                 12,482,711     (915,207)   5,138,709     (915,207)
Net Income (loss) and                                                      
 comprehensive income                                                      
 (loss) attributable to                                                    
 common shareholders       1,367,792  (11,139,821) (13,242,644) (11,339,261)
---------------------------------------------------------------------------

Operating expenses increased by $1.2 million for the three months ended September 30, 2012 compared to the same period in the previous year due mainly to a $1.7 million increase in stock-based compensation.

Operating expenses decreased by $0.9 million for the nine months ended September 30, 2012 compared to the same period in the previous year due to a $7.0 million impairment of intangible exploration assets relating to Blocks 2/6 in Ethiopia in the second quarter of 2011 and reduced office and general costs of $0.5 million. These reductions were offset partially by a $3.1 million impairment of intangible exploration assets relating to Blocks 7 and 11 in Mali in the first quarter of 2012, an increase in professional fees in the second quarter of 2012 associated with previously completed farmout transactions and an increase of $1.0 million in stock-based compensation costs relating to options issued in the third quarter of 2012.

The gain relating to the acquisition of Lion Energy Corp. ("Lion") in the second quarter of 2011 was a result of the Company acquiring net working capital and intangible exploration assets in excess of the consideration issued. The consideration paid was valued at $21.7 million, net of AOC shares acquired, versus working capital acquired of $20.1 million, excluding the value of AOC shares held by Lion, and the fair market value of intangible assets acquired estimated at $5.7 million.

A $4.6 million dilution loss on the sale of a subsidiary was recognized during the third quarter of 2011 as a result of Africa Oil transferring its Puntland (Somalia) exploration assets to Horn. This transaction was recorded as a reverse acquisition.

Financial income and expense is made up of the following items:


---------------------------------------------------------------------------
                        Three months Three months  Nine months  Nine months
                               ended        ended        ended        ended
                           September    September    September    September 
                            30, 2012     30, 2011     30, 2012     30, 2011
---------------------------------------------------------------------------
                                                                           
Loss on marketable                                                         
 securities                        -     (395,800)    (123,982)    (540,475)
Fair value adjustment -                                                    
 warrants                 17,279,270    2,292,353    3,515,927    4,835,461
Fair value adjustment -                                                    
 convertible debt                  -            -            -    2,031,704
Interest and other                                                         
 income                       65,294      276,198      301,455      740,287
Foreign exchange gain                                                      
 (loss)                      550,446   (6,791,685)   1,685,463   (4,539,349)
---------------------------------------------------------------------------
                                                                           
Finance income            17,895,010    2,568,551    5,502,845    7,607,452
Finance expense                    -   (7,187,485)    (123,982)  (5,079,824)
---------------------------------------------------------------------------

The loss on revaluation of marketable securities is the result of a decrease in the value of 10 million shares held in Encanto Potash Corp. which were acquired as part of the acquisition of Lion. These shares were sold during the three months ended March 31, 2012.

At September 30, 2012, nil warrants were outstanding in AOC. The Company incurred a $17.3 million gain on the revaluation of Horn warrants during the third quarter of 2012 due to a significant decrease in the share price of Horn during the quarter.

The foreign exchange gains and losses are the direct result of changes in the value of the Canadian dollar in comparison to the US dollar. The Company's cash holdings are primarily in US and Canadian currency.


Consolidated Balance Sheets
(United States Dollars) 

---------------------------------------------------------------------------
                                                September 30,   December 31,
                                                        2012           2011
---------------------------------------------------------------------------
                                                                           
ASSETS                                                                     
Current assets                                                             
  Cash and cash equivalents                    $  55,416,290  $ 109,558,445
  Marketable securities                                    -      2,605,745
  Accounts receivable                              1,456,973      2,717,024
  Prepaid expenses                                 1,032,990        599,727
---------------------------------------------------------------------------
                                                  57,906,253    115,480,941
Long-term assets                                                           
  Restricted cash                                  1,119,000      2,919,000
  Property and equipment                              75,626         39,395
  Intangible exploration assets                  271,718,237    185,671,962
---------------------------------------------------------------------------
                                                 272,912,863    188,630,357
                                                                           
Total assets                                   $ 330,819,116  $ 304,111,298
---------------------------------------------------------------------------
                                                                           
LIABILITIES AND EQUITY                                                     
                                                                           
Current liabilities                                                        
  Accounts payable and accrued liabilities     $  25,944,683  $  23,768,545
  Current portion of warrants                              -      1,512,811
---------------------------------------------------------------------------
                                                  25,944,683     25,281,356
Long-term liabilities                                                      
  Warrants                                           432,301      2,882,441
---------------------------------------------------------------------------
                                                     432,301      2,882,441
                                                                           
Total liabilities                                 26,376,984     28,163,797
---------------------------------------------------------------------------
                                                                           
Equity attributable to common shareholders                                 
  Share capital                                  331,942,635    306,509,909
  Contributed surplus                             11,011,565      8,425,304
  Deficit                                        (88,526,125)   (75,283,481)
---------------------------------------------------------------------------
                                                 254,428,075    239,651,732
  Non-controlling interest                        50,014,057     36,295,769
---------------------------------------------------------------------------
Total equity                                     304,442,132    275,947,501
---------------------------------------------------------------------------
Total liabilities and equity                   $ 330,819,116  $ 304,111,298
---------------------------------------------------------------------------

The increase in total assets from December 31, 2011 to September 30, 2012 is primarily attributable to intangible exploration expenditures incurred during the quarter, a significant portion of which related to drilling of the Ngamia-1 and Twiga South-1 well in Kenya and the Shabeel-1 and Shabeel North-1 wells in Puntland (Somalia).


Consolidated Statement of Cash Flows
(United States Dollars)

---------------------------------------------------------------------------
                  Three months   Three months    Nine months    Nine months
                         ended          ended          ended          ended
                  September 30,  September 30,  September 30,  September 30,
                          2012           2011           2012           2011
---------------------------------------------------------------------------
Cash flows                                                                 
 provided by                                                               
 (used in):                                                                
Operations:                                                                
 Net income                                                                
  (loss) and                                                               
  comprehensive                                                            
  income (loss)                                                            
  for the                                                                  
  period         $  13,850,503  $ (12,055,028) $  (8,103,935) $ (12,254,468)
 Items not                                                                 
  affecting                                                                
  cash:                                                                    
  Stock-based                                                              
   compensation      2,572,472        908,550      3,789,266      2,790,484
  Share-based                                                              
   expense             465,153              -      3,763,154              -
  Depreciation          11,312          8,480         36,814         41,739
  Loss on                                                                  
   marketable                                                              
   securities                -        395,800        123,982        540,475
  Gain on                                                                  
   acquisition                                                             
   of Lion                                                                 
   Energy                    -              -              -     (4,143,051)
  Impairment of                                                            
   intangible                                                              
   exploration                                                             
   assets                    -              -      3,114,858      6,969,413
  Dilution loss                                                            
   on sale of                                                              
   subsidiary                -      4,578,634              -      4,578,634
  Fair value                                                               
   adjustment -                                                            
   warrants        (17,279,270)    (2,292,353)    (3,515,927)    (4,835,461)
  Fair value                                                               
   adjustment -                                                            
   convertible                                                             
   debt                      -              -              -     (2,031,704)
  Unrealized                                                               
   foreign                                                                 
   exchange                                                                
   (gain) loss         157,806      5,208,612        244,732      2,895,612
  Changes in                                                               
   non-cash                                                                
   operating                                                               
   working                                                                 
   capital            (486,538)      (624,677)    (1,271,221)      (392,721)
---------------------------------------------------------------------------
                      (708,562)    (3,871,982)    (1,818,277)    (5,841,048)
Investing:                                                                 
  Property and                                                             
   equipment                                                               
   expenditures         (9,493)             -        (73,045)       (35,850)
  Intangible                                                               
   exploration                                                             
   expenditures    (30,144,244)    (9,391,726)   (90,288,672)   (20,402,721)
  Farmout                                                                  
   proceeds          1,127,539              -      1,127,539     14,900,160
  Cash received                                                            
   on business                                                             
   acquisitions                                                            
   , net of                                                                
   cash issued               -              -              -     18,636,869
  Proceeds on                                                              
   disposal of                                                             
   Canmex, net                                                             
   of                                                                      
   investment                                                              
   in Horn                   -     29,923,128              -     29,923,128
  Proceeds from                                                            
   sale of                                                                 
   marketable                                                              
   securities                -              -      2,441,678              -
  Changes in                                                               
   non-cash                                                                
   investing                                                               
   working                                                                 
   capital          (5,039,510)    (3,336,817)     4,224,737      3,973,884
---------------------------------------------------------------------------
                   (34,065,708)    17,194,585    (82,567,763)    46,995,470
Financing:                                                                 
  Common shares                                                            
   issued, net                                                             
   of issuance                                                             
   costs             4,365,990        259,129     28,599,122      3,019,716
  Repayment of                                                             
   liability                                                               
   portion of                                                              
   convertible                                                             
   debt                      -              -              -       (411,220)
  Deposit of                                                               
   cash for                                                                
   bank                                                                    
   guarantee                 -       (723,750)      (375,000)    (2,175,000)
  Release of                                                               
   bank                                                                    
   guarantee           900,000      1,087,500      2,175,000      2,887,500
  Changes in                                                               
   non-cash                                                                
   financing                                                               
   working                                                                 
   capital                   -              -              -        168,569
---------------------------------------------------------------------------
                     5,265,990        622,879     30,399,122      3,489,565
Effect of                                                                  
 exchange rate                                                             
 changes on                                                                
 cash and cash                                                             
 equivalents                                                               
 denominated in                                                            
 foreign                                                                   
 currency             (108,396)    (5,036,635)      (155,237)    (2,766,787)
---------------------------------------------------------------------------
Increase                                                                   
 (decrease) in                                                             
 cash and cash                                                             
 equivalents       (29,616,676)     8,908,847    (54,142,155)    41,877,200
Cash and cash                                                              
 equivalents,                                                              
 beginning of                                                              
 period             85,032,966    109,094,187    109,558,445  $  76,125,834
---------------------------------------------------------------------------
Cash and cash                                                              
 equivalents,                                                              
 end of period      55,416,290  $ 118,003,034     55,416,290  $ 118,003,034
---------------------------------------------------------------------------

The decrease in cash in 2012 is mainly the result of intangible exploration expenditures and operating expenses offset partially by funds raised on the exercise of warrants, the non-brokered private placement completed by Horn and the proceeds from the Block 12A farmout to Tullow.


Consolidated Statement of Equity
(United States Dollars)

---------------------------------------------------------------------------
                                                September 30,  September 30,
                                                        2012           2011
---------------------------------------------------------------------------
                                                                           
Share capital:                                                             
  Balance, beginning of period                 $ 306,509,909  $ 163,231,076
  Acquisition of Centric Energy                            -     60,165,193
  Acquisition of Lion Energy, net of AOC                                   
   shares acquired                                         -     21,561,185
  Issued on conversion of convertible                                      
   debenture                                               -     52,214,817
  Amended farmout agreement with Lion Energy               -      5,274,675
  Exercise of warrants                            14,339,826      3,023,756
  Farmout agreement finder's fees                          -        166,858
  Shares issued in lieu of professional fees       3,763,154              -
  Exercise of options                              7,329,746        872,349
  -------------------------------------------------------------------------
  Balance, end of period                         331,942,635    306,509,909
  -------------------------------------------------------------------------
Contributed surplus:                                                       
  Balance, beginning of period                 $   8,425,304  $   4,391,940
  Expiration of warrants                                   -          3,676
  Exercise of Horn warrants                        1,147,884              -
  Acquisition of Lion Energy                               -        110,606
  Stock based compensation                         3,789,266      2,790,484
  Issuance of shares in lieu of finder's fee               -       (166,858)
  Exercise of options                             (2,350,889)      (262,500)
  -------------------------------------------------------------------------
  Balance, end of period                          11,011,565      6,867,348
  -------------------------------------------------------------------------
Deficit:                                                                   
  Balance, beginning of period                 $ (75,283,481) $ (56,570,350)
  Dilution loss through equity                             -     (8,069,447)
  Net loss and comprehensive loss                                          
   attributable to common shareholders           (13,242,644)   (11,339,261)
  -------------------------------------------------------------------------
  Balance, end of period                         (88,526,125)   (75,979,058)
  -------------------------------------------------------------------------
  Total equity attributable to common                                      
   shareholders                                $ 254,428,075    237,398,199
  -------------------------------------------------------------------------
Non-controlling interest:                                                  
  Balance, beginning of period                 $  36,295,769  $           -
  Non-controlling interest on disposal of                                  
   Canmex                                                  -     34,604,620
  Non-controlling interest on issuance of                                  
   Horn shares                                     8,579,579              -
  Net income (loss) and comprehensive income                               
   (loss) attributable to non-controlling                                  
   interest                                        5,138,709       (915,207)
  -------------------------------------------------------------------------
  Balance, end of period                          50,014,057     33,689,413
  -------------------------------------------------------------------------
  Total equity                                 $ 304,442,132  $ 271,087,612
---------------------------------------------------------------------------

The Company's consolidated financial statements, notes to the financial statements, management's discussion and analysis for the three month and nine months ended September 30, 2012 and the 2011 Annual Information Form have been filed on SEDAR (www.sedar.com) and are available on the Company's website (www.africaoilcorp.com).

Outlook

The Ngamia-1 light oil discovery in the Lokichar sub-basin of tertiary rift on Block 10BB (Kenya) led to a significant increase in the pace of exploration. The Company and its joint venture partner Tullow sourced an additional two drilling rigs. One rig was mobilized to Block 10A (Kenya) in the quarter and commenced drilling the Paipai prospect and an additional rig is currently being mobilized to the South Omo Block (Ethiopia) to commence drilling the Sabisa-1 prospect. The Weatherford rig which drilled Ngamia-1 continued with drilling operations in the Lokichar sub-basin of the Tertiary Rift where the Twiga South-1 prospect has recently encountered oil. Drilling of Twiga South-1 is ongoing and an announcement on the well results is expected late-November after target depth has been achieved and necessary sampling and analysis has been completed. The Company expects to have three rigs operating in its Kenyan and Ethiopian acreage prior to the end of 2012.

Based on the encouragement provided by the Shabeel wells, the Company and its partners entered the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three year term. The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government regarding drill ready prospects in the Nugaal Valley block. The focus of the Dharoor Valley block seismic program will be to delineate new structural prospects for the upcoming drilling campaign.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali 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 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. Two new significant discoveries have been announced in the Lockichar basin in which the Company holds a 50% interest along with operator Tullow Oil plc. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

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.

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman AB.

Neither the TSX Venture Exchange nor its Regulation Services Pareto Provider Ohman (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
africaoilcorp@namdo.com
www.africaoilcorp.com

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LONDON, Sept. 17, 2014 /PRNewswire/ -- This report provides analysis and guidance about the benef...