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the “Company) is pleased to announce that it has entered into an investment

agreement with Stampede Natural Resources S.a.r.l. (“Stampede”), an entity

owned by a fund advised by Helios Investment Partners LLP (“Helios”), to sell,

on a non-brokered private placement basis, 52,623,377 of its common shares at a

price of CAD $2.31 for gross proceeds of CAD $121,560,000 (US $100 million(1)).

Upon completing, Stampede would own approximately 12.37% of the issued and

outstanding common shares of the Company.

Helios is an Africa-focused investment firm. The Company has agreed that its

participation will entitle Stampede to nominate one non-executive director to

the board of Africa Oil. In addition, the Company has granted certain rights to

Stampede including the right to participate for its pro-rata share in future

financings.

Net proceeds of the private placement will be used towards the

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