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Africa Oil Presented With Prestigious Award at 19th Africa Oil Week

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that Dr. Duncan Clarke, Chairman of the 19th Africa Oil Week, presented Africa Oil Corp. with the 'African Independent of the Year' award.

Keith Hill, President and CEO of Africa Oil Corp., commented, "This award means a lot to our company especially given that we are just one amongst so many in Africa who have achieved much success in their own right. It is also testimony to the business approach that we follow to create value for our shareholders and host governments while positively contributing to the economic growth and social development of those countries for the benefit of all their citizens."

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 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 holds 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 BOARD

Keith C. Hill, President and CEO

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman 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.

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