Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation.
The Company’s shares are listed on the TSX Venture Exchange under the symbol “AOI” and on the NASDAQ OMX First North Exchange under the symbol “AOI”.
Africa Oil has secured an unequalled acreage position in what is now the world’s top exploration spot with over 300,000 sq. km or 74.1million acres gross in four separate petroleum systems proven to contain multi-billion barrels in surrounding countries. The location is at the crossroads for infrastructure buildup in East Africa (Kenya, Uganda, Sudan, Ethiopia), an area where major oil companies are now scrambling to gain a foothold.
The discoveries in Lockichar, Kenya have opened up a new oil basin which has the potential to be one of the world’s largest. Africa Oil and it’s partners are currently mobilizing additional rigs to accelerate the drilling campaign which will see 10 – 12 high impact exploration wells drilled by the end of 2013. The goal of this drilling program is to evaluate new plays and sub-basin areas and establish commercial development parameters.