Africa Oil Corp 2014 Program Goals in Kenya

•Continue to add resources and de-risk South Lokichar Basin

–Drill out remaining prospect inventory

–Appraise existing and future discoveries with aid of new 3D seismic

–Update third party resource report in early 2nd quarter to include new discoveries at Agete, Ekales, Amosing and Ewoi –include appraisal drilling and test results from 1st quarter

–Initiate Extended Well Test (EWT) at Twiga field to confirm reservoir properties

•Open up at least one new basin Open up at least one new basin

–Drilling to commence on three of the six new basin targets in the first half of 2014

–Seismic programs planned to be completed in at least four future target basins

•Move forward aggressively on development project

–Working closely with Kenyan government on infrastructure projects with focus on pipeline

–Joined consortium to develop plans for joint Kenya

–Uganda export pipeline project

–Initiated Environmental and Social Impact Assessment (ESIA) studies and Front End Engineering Design (FEED) studies on pipeline and facilities projects

–Goal is to have project sanction by end of 2015 / early 2016

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