Africa Oil Closes US$450 Million Brokered Private Placement

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES


Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is
pleased to announce that it has closed the US$450,000,000 brokered private
placement, previously announced on October 16, 2013. An aggregate of 56,505,217
common shares, issued at a price of SEK 51.75 (Cdn $8.25(1) equivalent) per
share for gross proceeds of SEK 2,924,144,980, or US $450,000,000 equivalent,
(the "Offering") have been released to investors.


The common shares were placed through a syndicate comprising Citigroup Global
Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who
together acted as joint bookrunners (the "Joint Bookrunners"). A cash commission
equal to 3% of the gross proceeds of the Offering was paid to the Joint
Bookrunners.


Net proceeds of the private placement will be used to fund the Company's future
exploration, appraisal and development program in East Africa, as well as for
corporate development and general working capital purposes.


Subject to applicable securities laws, common shares issued to residents outside
of Canada pursuant to the Offering may not be sold, transferred or otherwise
disposed of on the TSXV or, except pursuant to an exemption from prospectus
requirements under Canadian securities laws, to any person in Canada or
otherwise into Canada for a period of four months plus one day from the date of
the closing of the Offering.


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 Oil

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and
Ethiopia as well as Puntland (Somalia) through its 45% equity interest in Horn
Petroleum Corporation. Africa Oil's East African holdings are within a
world-class exploration play fairway with a total gross land package in this
prolific region in excess of 250,000 square kilometers. The East African Rift
Basin system is one of the last of the great rift basins to be explored. Four
new significant discoveries have been announced in the Northern Kenyan 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 Stockholm is Pareto
Securities AB.


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.


Based on Bloomberg time stamp exchange rates as at 4pm BST October 15, 2013 as
follows:




USD SEK   6.4981                                
CAD SEK   6.2682                                



FOR FURTHER INFORMATION PLEASE CONTACT: 
Africa Oil Corp.
Sophia Shane
Corporate Development
[phone]
[phone] (FAX)
[e-mail]
www.africaoilcorp.com