Africa Oil Corp. 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.