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Press release from Marketwire

Africa Oil Closes First Tranche of $232.5 Million Private Placement

Monday, December 10, 2012

Africa Oil Closes First Tranche of $232.5 Million Private Placement02:00 EST Monday, December 10, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) -THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESAfrica Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that it has closed the first tranche of its $232.5 million private placement, previously announced on November 28, 2012. The first tranche, comprising 27,881,991 common shares issued at $7.75 per common share for gross proceeds of $216,085,430, has been released to the investors. These shares are subject to a hold period expiring on April 8, 2012.The second tranche comprising the remaining common shares is expected to close early next week.A 4% finder's fee is payable on a portion of the private placement. Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.About Africa OilAfrica Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its approximate 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. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighboring Uganda. Africa Oil's recent Ngamia-1 discovery extends the Albert Graben play into Kenya where Africa Oil along with partner Tullow Oil plc hold a dominant acreage position. Newly acquired seismic and gravity data show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".ON BEHALF OF THE BOARDKeith C. Hill, President and CEOAfrica Oil's Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT, OR IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE COMPANY HAS NOT REGISTERED AND DOES NOT INTEND TO REGISTER ANY OF THE SHARES UNDER THE SECURITIES ACT. THE SHARES WILL NOT BE OFFERED OR SOLD TO THE PUBLIC IN THE UNITED STATES.FOR FURTHER INFORMATION PLEASE CONTACT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Africa Oil Corp.Sophia ShaneCorporate Development(604)