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Gold/Mining/Energy : AFRICA OIL CORP

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To: B O Trust who wrote (13)	6/5/2012 8:53:02 AM
From: bcjt	of 17

Africa Oil spuds Shabeel North well in Somalia Africa Oil Corp (C:AOI) Shares Issued 218,664,492 Last Close 6/4/2012 $9.87 Tuesday June 05 2012 - News Release Mr. Keith Hill reports AFRICA OIL ANNOUNCES SPUD OF SHABEEL NORTH WELL IN PUNTLAND, SOMALIA Africa Oil Corp. has commenced drilling operations on the Shabeel North well in Puntland, Somalia, the second well in the current drilling campaign. The well is being operated by Horn Petroleum Corp., in which Africa Oil holds an interest of approximately 51%. Horn holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with working interest partners Range Resources (20%) and Red Emperor (20%). The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well 3.5 kilometers to the south. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel location to test these sands to confirm their ability to flow oil once the drilling of the Shabeel North well is completed. The planned TD of the Shabeel North well is 2400 meters and drilling is expected to take 45 to 60 days to complete. Horn President and CEO David Grellman stated, "The Shabeel North well will test the same reservoirs that appear to be oil bearing in the nearby Shabeel well. We would expect similar or better reservoir thickness and quality as we move deeper into the basin. The results of this well should help us confirm the extent of the petroleum system in the basin and, if successful, would be another step towards proving the economic potential of the basin." We seek Safe Harbor. © 2012 Canjex Publishing Ltd.

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