Africa Oil Increases Private Placement to $232.5 Million

Africa Oil Corp. AOI
Thursday, November 29, 2012

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Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that due to strong demand it has agreed to increase the previously announced private placement. The Company will now sell on a non-brokered, private placement basis, an aggregate of up to 30 million common shares of the Company at a price of Cdn $7.75 per share for gross proceeds of up to Cdn $232.5 million. All shares have now been placed.

A 4% finder's fee may be payable on all or 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.

Shares issued pursuant to the private placement will be subject to a four month hold period under applicable Canadian securities laws.

The private placement is subject to regulatory approval.

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.

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