Third Quarter 2011 Highlights

• In Block 10BB, the Ngamia (Camel) prospect has been selected by the Tullow operated joint venture as the initial well in Block 10BB. The prospect will test the oil potential in Miocene age sandstones within a three way dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda. The Ngamia well is expected to spud in December of 2011.

• In Block 10A, the Paipai-1 prospect has been selected by the Tullow operated joint venture as the initial well in Block 10A. The prospect will test the oil potential in Cretaceous age sandstones within a four way dip closure downthrown to the Lag Bagal fault, the northern bounding fault on the Anza Trough. Preparations for drilling, including purchase of materials, execution of drilling related contracts, civil works, and environmental permits are either completed or underway. The Block 10A well is expected to spud in the second quarter of 2012 using the same Weatherford rig as will be used in Block 10BB.

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Second Quarter 2011 Highlights

• Africa Oil ended the quarter in a strong financial position with cash of $109.1 million and working capital of $96.7 million as compared to cash of $76.1 million and working capital of $70.6 million at December 31, 2010. The Company's liquidity and capital resource position improved since year end primarily as the result of payments received upon the completion of farmout transactions and the acquisition of Lion Energy.

• Africa Oil has more than sufficient funds to meet its currently planned work program. During the six months ended June 30, 2011, the Company expended $11.0 million of the 2011 Board of Directors approved $43 million in capital expenditures.

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First Quarter 2011 Highlights

• The Company completed the acquisition of Centric Energy Corp. ("Centric"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Total consideration paid was valued at $60.2 million and included the issuance of 30,155,524 AOC common shares. Centric's primary asset is Block 10BA in Kenya which is strategically located within the highly prospective East African Tertiary Rift System between AOC's Block 10BB and its South Omo Block. Centric and Tullow Oil plc ("Tullow") are joint venture partners on the Block 10BA. In addition, Centric also has a carried 25% interest in Block 7 and Block 11, both located in the Republic of Mali and operated by Heritage Oil Corporation.

• Africa Oil entered into amending agreements with the Government of Puntland in the quarter, represented by the Puntland Petroleum and Mineral Agency, in respect of the production sharing agreements ("PSAs") for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area. Under the PSAs, as amended, the First Exploration Agreement has been extended for a further 12 months, from January 17, 2011 to January 17, 2012. Under the amended PSAs, AOC is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of AOC, in the Dharoor Valley Exploration Area, by September 27, 2011. In conjunction with this amendment, the Company completed its farmout agreement with Red Emperor Resources NL ("Red Emperor"). Under the terms of the farmout agreement and an election made by Red Emperor to increase their interests, Red Emperor will earn a 20% interest in both the Dharoor and Nugaal Valley Blocks and is committed to paying a disproportionate share of costs related to the one well drilling commitment included in the first exploration period of both the Dharoor and Nugaal Valley Production Sharing Agreements.

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Fourth Quarter 2010 Highlights

• As at December 31, 2010, the Company had cash of $76.1 million and working capital of $71.3 million as compared to cash of $11.1 million and working capital of $12.9 million at December 31, 2009. The Company's liquidity and capital resource position has been dramatically enhanced with the CAD$25 million (gross) proceeds from the non-brokered private placement in July 2010 and the CAD$55.8 million (gross) proceeds from warrants exercised in the fourth quarter of 2010.

• AOC currently has more than sufficient funds to meet its portion of the $163 million expenditure obligations ($43 million net) as per the active work programs approved by the Company's Board of Directors for 2011.

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Third Quarter 2010 Highlights

• Africa Oil applied for and was approved for a secondary listing of its common shares on the First North list of the NASDAQ OMX Stock Exchange (Stockholm). The Company's common shares commenced trading on First North on September 30, 2010 under the symbol "AOI".

• The assignment, from Platform Resources Inc. to Africa Oil, of Platform's 100% interest in Blocks 12A and 13T in Kenya received regulatory approval and the transaction was completed.

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Second Quarter 2010 Highlights

• The Company signed a Farmout Agreement and Joint Venture Agreement with Agriterra Ltd. (formerly White Nile Ltd.) to acquire an 80% participating interest and operatorship of the South Omo Block in Ethiopia. The block encompasses 29,465 km2 and is within the Tertiary age East African Rift, just north of Lake Turkana, Kenya and within the same petroleum system as the Company's Kenya Block 10BB and Tullow's Uganda discoveries. Ethiopian Government approval of the farmout was obtained during August 2010.

• During August 2010, the Kenyan Government approved the assignment of a 100% interest in Blocks 12A and 13T in Kenya. The new contract areas are adjacent to the Company's Block 10BB. Existing gravity data on Blocks 12A and 13T suggests that the proven Lokichar basin and other prospective sub-basins and known strong leads in Block 10BB may extend onto these new blocks. These blocks, which comprise an area of over 23,800 km2, brings the total gross acreage that Africa Oil has signed contracts on to almost 250,000 km2.

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First Quarter 2010 Highlights

• CNOOC Africa's‐operated Bogal‐1‐1 well in Block 9, Kenya reached a total depth of 5,085 metres in early May, 2010. Gas shows and petrophysical analysis of wireline logs indicate multiple gas pay zones totaling approximately 91 metres in Lowe Cretaceous sandstones. Seven inch casing has been set and testing equipment is currently being mobilized from China. Test results are expected to be available in the second quarter, 2010. Following evaluation of the test results, the Joint Venture partners will meet to discuss the plan going forward for Block 9 including possible appraisal work, further exploration, as well as reviewing marketing scenarios to best commercialize gas in East Africa. The Company holds a 20% working interest in this Block.

• A Letter of Intent to award a contract with the Bureau of Geophysical Prospecting was signed to acquire 1350 km of 2D seismic o Block 10BB and Block 10A in Kenya. Drilling in these blocks is expected to take place in 2011. The Company holds an 80% working interest in Block 10BB and a 55% working interest in Block 10A.

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2009 Annual Report

The year 2009 was one of considerable achievement for Africa Oil. A year of seizing exciting opportunities -- a year of expansion and diversification. Our goal is to build Africa Oil into a leading oil and gas explorer in East Africa. We've long recognized the enormous potential of this underexplored region. What little exploration has taken place over the past several years has yielded major new world class oil discoveries -- and we want to be part of that.

As a member of the Lundin Group of companies we've had early access to some of the best exploration acreage in the East African Rift Trend located adjacent to the big new discoveries and on trend with all the major petroleum systems in the region. We were able to obtain a portfolio of over 200,000 square kilometers (gross) of land before the major rush occurred into East Africa. To date we've successfully completed three leveraged farmout transactions and are pursuing additional leveraged farmouts given the significant working interests we hold in each of our operated blocks.
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Third Quarter 2009

• In Block 9, Kenya, the CNOOC‐operated Bogal‐1 oil exploration well was spud on October 28, 2009. The well is expected to reach total depth of 5,500 meters within approximately 6 months. Block 9 covers an area of 27,778 square kilometers in the centre of the Anza Basin. The Anza Basin is a NW‐SE trending rift basin along trend with the prolific Mesozoic play of southern Sudan. The basin is over 580 kilometers long and 150 kilometers wide with a potential prospective area in excess of 50,000 square kilometers. The basin is filled in places with more than 6,000 meters of Mesozoic and Cenozoic sediments and locally by Plio‐Pleistocene basalts. Bouger and residual gravity anomalies have highlighted several sub‐basins separated by intra‐basin highs. Historic wells drilled in the block have proven the existence of natural gas and possibly oil. The Company holds a 20% working interest in the Block (subject to the completion of the Lion farmout discussed below).

• In Block 10A, Kenya, the Company plans to acquire approximately 750 kilometres of 2D seismic data during 2010. In Block 10BB, Kenya, the Company plans to acquire approximately 600 kilometres of 2D seismic data during 2010. Seismic data related to Block 9 was previously acquired and has led to identification of various leads and prospects.

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Second Quarter 2009

To our shareholders,

Africa Oil Corp. (the "Company") completed the acquisition of a large portfolio of East African oil exploration projects from Lundin Petroleum AB. The projects are located within a vastly underexplored region of the highly prospective East African rift basin petroleum system. The projects acquired include an 85% working interest in Blocks 2, 6, 7 and 8 and a 50% working interest in the Adigala Block in Ethiopia plus a 100% interest in Block 10A and a 30% interest in Block 9 in Kenya. Africa Oil has assumed operatorship of these projects, excluding Block 9 in Kenya.

During the quarter, the Company raised CAD$35.5 million by way of a private placement of 37.4 million subscription receipts at $0.95 per unit. Each subscription receipt entitled the holder to receive one unit of the Company without further payment upon completion of the acquisition of the East African properties from Lundin Petroleum AB. One unit comprised one common share plus one share purchase warrant exercisable at CAD $1.50 per share for a period of three years. In the event that Africa Oil trades at or above CAD $2.00 for a period of 20 consecutive days, a forced exercise provision will come into effect.
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First Quarter 2009

To our shareholders,

Africa Oil Corp. ("Africa Oil" or the "Company") recently completed the acquisition of a large portfolio of East African oil exploration projects from Lundin Petroleum AB ("Lundin Petroleum"). The projects are located within a vastly underexplored region of the rich East African rift basin petroleum system. The projects acquired include an 85% working interest in Blocks 2, 6, 7 and 8 and a 50% working interest in the Adigala Block in Ethiopia plus a 100% interest in Block 10A and a 30% interest in Block 9 in Kenya. Africa Oil has assumed operatorship of these projects, excluding Block 9 in Kenya.

The new acreage acquired is complementary to Africa Oil's existing holdings in what is considered a truly world-class exploration play fairway. The Company's total land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain.
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2008 Annual Report

To our shareholders,

Africa Oil has secured a major acreage position within the prolific petroleum systems of East Africa. Located in Somalia, Kenya and Ethiopia, the projects lie within a vastly underexplored tract of the petroleum-rich East African rift system. The projects include an 85% working interest in Blocks 2, 6, 7 and 8 and a 50% working interest in the Adigala Block in Ethiopia, a 100% interest in Block 10A and a 30% interest in Block 9 in Kenya as well as an 80% interest in the Dharoor and Nogal Blocks in Somalia. The Company's total land package in this prolific region is in excess of 200,000 square kilometers -- an area roughly the size of Great Britain. Africa Oil is the operator of all of these projects except Block 9 in Kenya.

The East African Rift system contains some of the few remaining great rift basins yet to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Heritage/Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating an active petroleum system. Good quality existing seismic data show robust leads and prospects throughout Africa Oil's project areas.
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Third Quarter 2008

To our Shareholders,

Africa Oil Corp. holds an 80% interest in two large oil exploration licenses encompassing the Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. The concessions encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen.

Subsequent to quarter end, the Company fulfilled its obligation of sole funding in the Dharoor Valley and has earned its 80% working interest.

Dharoor and Nogal Oil Exploration Projects, Puntland

Seismic recording in the Dharoor Valley of Puntland, Somalia is continuing. The Company had acquired approximately 425 kilometres of 2D vibroseis data as of September 30, 2008. To date, the Company has acquired approximately 740 kilometres. The Company is reviewing the scope of the seismic program and anticipates completing the acquisition by the end of 2008.
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Second Quarter 2008

To our Shareholders,

Africa Oil Corp. (the "Company") holds an 80% interest in two large oil exploration licenses encompassing the Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. The concessions encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen.

Dharoor and Nogal Oil Exploration Projects, Puntland

Seismic recording in the Dharoor Valley of Puntland, Somalia commenced on July 9, 2008. The Company plans to acquire up to 2,600 kilometres of 2D vibroseis data on the Dharoor Block before drilling 2 wells in each of its two Puntland concessions. To date approximately 300 kilometres has been acquired and the daily production rate is continuing to increase.
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First Quarter 2008

To our Shareholders,

Africa Oil Corp. holds an 80% interest in two large oil exploration licenses encompassing the Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen.

Dharoor and Nogal Oil Exploration Projects, Puntland

A comprehensive seismic acquisition program is currently underway on the Dharoor Block. Previous seismic coverage on the Block was insufficient to define a drillable prospect and, therefore, the Company designed a survey of approximately 2,600 kilometres of 2D data to cover the prospective areas of the concession. IMC/Tesla were the successful bidders on the project. Their crew and equipment was mobilized to the project area and seismic recording will begin in mid-June.
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2007 Annual Report

To our Shareholders,

Africa Oil Corp. holds an 80% interest in two large oil exploration licenses encompassing the Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen. During the year, the Company made excellent progress advancing its exploration efforts on these two highly prospective concessions.
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