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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to announce the signing of a farmout letter of intent with Raytec Metals Corp. ("Raytec") for their entry into the production sharing contracts in both the State of Puntland, Somalia and the Republic of Kenya.

In Puntland, Somalia, Africa Oil will transfer a 25% (twenty-five percent) license interest to Raytec in the Nogal and Dharoor Petroleum Production Sharing Agreements.

In Kenya, Africa Oil will transfer a 10% (ten percent) interest in the Block 9 Production Sharing Agreement and a 25% (twenty-five percent) license interest in its other interests in Kenya.

Raytec, in both areas, will pay a disproportionate share of costs associated with the planned work programs to be carried out in 2009 and 2010.

This farmout transaction is subject to government, exchange, board and partner approvals if required.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. The Company's total gross land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain. 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 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 a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange under the symbol "AOI".

ON BEHALF OF THE BOARD

Rick Schmitt, President


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.

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2009) - Africa Oil Corp. (TSX VENTURE:AOI) ("Africa Oil" or "the Company") is pleased to announce the execution of a farmout agreement with Black Marlin Energy Limited's East Africa Exploration Limited ("EAX") unit for their entry into the production sharing contracts in both the Federal Democratic Republic of Ethiopia and the Republic of Kenya.

In Ethiopia, Africa Oil will transfer a 30 percent license interest to EAX in the Blocks 2/6 and 7/8 Petroleum Production Sharing Agreements located in the highly under-explored Ogaden Basin of southern Ethiopia.

In Kenya, Africa Oil will transfer a 20 percent license interest to EAX in the prospective Block 10A Production Sharing Contract, located in the Anza Basin of northern Kenya.

EAX, in both areas, will pay a disproportionate share of costs associated with the planned 2D seismic programs to be carried out in 2009-10 as well as paying a portion of Africa Oil's past costs and future operational costs. Africa Oil has executed a seismic contract with Upstream Petroleum Services Limited (UPSL) to undertake the seismic acquisition in both Ethiopia and Kenya. Africa Oil remains Operator of all blocks associated with this transaction.

This farmout transaction is subject to approvals of the appropriate regulatory authorities from the Government of the Federal Democratic Republic of Ethiopia and Republic of Kenya in addition to waiver of pre-emptive rights by an existing partner in the Ethiopian licenses.

Rick Schmitt, President of Africa Oil, commented, "I am pleased to announce this strategic transaction and welcome our new partners, Black Marlin and EAX, to our East Africa exploration ventures. Both Africa Oil and EAX bring strong technical experience to the Joint Venture and both companies maintain a common focus on East African exploration. I look forward to moving our operations forward with EAX and current strong partner, New Age (African Global Energy) Ltd., into the seismic acquisition phase to be followed shortly thereafter by an exciting round of exploratory drilling across all of Africa Oil's assets."

Africa Oil Corp. is an oil and gas company listed on the TSX Venture Exchange under the symbol "AOI". Africa Oil's East African holdings are 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. 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 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 a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas.

ON BEHALF OF THE BOARD

Rick Schmitt, President

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.

EAX to take farmouts in Ethiopia, Kenya

By OGJ editors
HOUSTON, May 28, 2009 -- Black Marlin Energy Ltd.'s East Africa Exploration Ltd. unit took farmouts from Africa Oil Corp., Vancouver, BC, on blocks in Ethiopia and Kenya.

Africa Oil will transfer to EAX a 30% interest in the Block 2/6 and 7/8 production-sharing agreements in Ethiopia's Ogaden basin and a 20% interest in the Block 10A production-sharing contract in northern Kenya's Anza basin. Both areas are sparsely explored.

The farmouts are subject to government approvals and in Ethiopia to waiver of preemptive rights by an existing partner.

EAX will pay a disproportionate share of costs associated with planned 2D seismic programs to be undertaken in 2009-10 and will pay part of Africa Oil's past costs and future operational costs.

Africa Oil, which remains operator of all blocks, let a contract to Upstream Petroleum Services Ltd. to shoot seismic in both countries.

http://www.ogj.com/

Friday, May 29, 2009

Raytec Metals switches focus to oil and gas exploration and production

Raytec Metals Corp. (TSX-V: RAY) is in need of a name change.  Originally focused on potash exploration and more recently stating that it was eyeing up precious metals projects, the junior mining company stunned investors yesterday afternoon when it announced that it had signed a letter of intent with Africa Oil Corp (TSX-V: AOI) for entry into the production sharing contracts in the State of Puntland, Somalia and Kenya. Africa Oil is a member of the Lundin Group.

In Puntland, Somalia, Africa Oil will transfer a 25% license interest to Raytec Metals in the Nogal and Dharoor Petroleum Production Sharing Agreements. The Nogal and Dharoor blocks include two hydrocarbon basins and cover an area of 81,000 square kilometres. The Nogal and Dharoor basins are believed to host a petroleum system geologically similar to those in the Republic of Yemen.

The remaining 50% interest in the Nogal and Dharoor blocks are held by ASX listed Range Resources, which has been the subject of intense media and shareholder speculation ever since it originally announced that it had been awarded the rights to explore for all mineral and hydrocarbon prospects onshore and offshore Puntland. Puntland is located on the north-eastern tip of Somalia.  Africa Oil and Range Resources have been hampered in their attempts to drill in Puntland due to the unpredictable security situation and pirate activity off the coast of Somalia.

In Kenya, Africa Oil will transfer a 10% interest in the Block 9 Production Sharing Agreement and a 25% license interest in its other interests in Kenya, which include over 10 million acres in the Anza Basin.
Brian Thurston, President of Raytec, commented, "I am pleased to announce this strategic transaction and welcome the opportunity to partner with one of the most respected names in the resource industry.

The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders. The Lundin Group of Companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

Raytec further announced that it would raise up to C$3 million in a private placement of 10 million units at 30 cents per unit. Each unit will consist of one share and one two year warrant with 50 cent exercise price

http://www.proactiveinvestors.com

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Australia's Range oil shrugs off Somali pirates

Reuters, Wednesday May 20 2009 * Executive director to visit Puntland for talks

* Says Canadian partner to start drilling by Q4 '09

By Alison Bevege

NAIROBI, May 20 (Reuters) - Australian explorer Range Resources said piracy will not deter it from exploring for hydrocarbons off chaotic northern Somalia.

The independent company won a deal in 2005 giving it concession rights to all minerals and petroleum in the country's semi-autonomous Puntland region, an area that geologists say has a high chance of containing commercial oil reservoirs.

Puntland has been relatively unscathed by a two-year Islamist insurgency that has rocked Somalia's south and central regions. But it is a base for many of the pirates who have been attacking vessels in the busy shipping lanes offshore.

"Other than potential implications on insurance costs, we don't think piracy has a huge impact. A number of vessels have been attacked offshore but they haven't had escorts," Range's executive director Peter Landau told Reuters late on Tuesday.

He said that he would be visiting Puntland in the next few weeks to meet its leadership and discuss oil and gas projects.

"If you're going to do offshore seismic then you would only do it with the support of the Puntland government and the seismic vessel will have an armed escort, preferably a government vessel," Landau said by telephone from Dubai.

Onshore, he added, Range's joint venture partner Africa Oil Corp is also in talks with the Puntland authorities and hopes to begin drilling in the fourth quarter of this year.

The Canadian company had started seismic mapping in a region it believes has good prospects of holding large oil deposits. Geologically-similar formations in Yemen, across the Gulf of Aden, hold nearly 4 billion barrels.

Africa Oil Corp has agreed to invest $50 million in exploration in return for an 80 percent stake in the area's Nogal and Dharoor blocks. Range holds the remaining 20 percent.

Landau said the Canadian firm had spent $22.5 million working in Dharoor. Nogal is still to be explored. Africa Oil raised $35 million through a private shares placement in April.

In January, some former staff members in Puntland criticised the Canadian company for failing to pay their salaries, but Landau said the claims were false and had come from aggrieved sub-contractors.

Africa Oil could not immediately be reached for comment.

Source: http://www.guardian.co.uk/business/feedarticle/8516690

 

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