East Africa Oil Exploration

AOI – TSXV

World-Class East Africa Oil Exploration Play Somalia, Ethiopia and Kenya Highly under explored region of East Africa which is surrounded by billion barrel discoveries on all sides AOI has secured major acreage positions in all key petroleum systems which extend into the area Outstanding fiscal terms in all blocks AOI concessions cover over 200,000 gross km2 Near term exploration results in and around key blocks Excellent in-country management teams with successful track records in Africa A Lundin Group Company

Surrounded by Oil

Block Summaries

Country

Concession

Acreage

Somalia

Dharoor

30,000 km

Nogal

50,000 km

2, 6, 7, 8

47,362 km2

55%

Adigala

24,000 km

50%

10A

14,747 km

55%

10BB

2

13,000 km

75%

9

27,778 km2

20%

Ethiopia Kenya

WI 2

55%

2

2 2

Potential to further increase presence in region – prospective blocks and distressed companies identified 2

East Africa: Vastly Under Explored Proven Petroleum System Yemen

Ethiopia Norway Somalia

Africa

UK

Kenya

North Sea 4,610 wells 210,000 km2 61 wells before commercial oil in the North Sea

< 200 wells

50 billion boe reserves

>2.3 million km2

5.5 million boepd

Gulf of Suez Basin 3,096 wells 26,000 km2 8 billion barrels reserves Madagascar

700,000 bpd

Africa Oil concessions Hydrocarbon trends East African rift system Figures shown at same scale

3

Major New East African Analogue Heritage/Tullow Discoveries SuDAN

Heritage/Tullow Heritage/Tullow have drilled 12 consecutive oil discoveries resulting in 1 billion barrels of new oil discovered.

Buffalo Giraffe

Two years ago, prior to recent drilling program, this basin looked just like Africa Oil’s current portfolio – numerous oil seeps, older wells, etc. The rift basins of East Africa are highly under-explored despite having billion barrel accumulations on all sides. There are four distinct independent petroleum systems which are proven to exist within the Company’s existing acreage. Block 10BB is within a similar system as the Albert Graben play. It has very similar geological and structural features and has Tertiary sourced oil recovered in the Loperot #1 well drilled by Shell in 1992.

Warthog

DRC Uganda Kingfisher

Permits Albert Graben Country border Oil field Oil wells field Oil seeps

Rwanda 4

Exploration Program Aggressive East African Exploration Program Over Next Two Years 2009 Jun

Jul

Aug

Sep

2010 Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

2011 Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Ethiopia Adigala Area

Seismic

500 km

Data Processing, Interpretation Seismic

Ogaden Blocks

500 km

Data Processing, Interpretation Ogaden well-1 Kenya Bogal well

Block 9

Seismic

Block 10A

750 km Data Processing, Interpretation 10A well Seismic

Block 10BB

500 km

Data Processing, Interpretation 10bb well Somalia Dharoor

Interpretation Dharoor-1

Nogal

Nogal-1

5

Somalia 81,000 km2 concession area Numerous prospects

Somalia hydrocarbon basins contiguous with Yemeni basins prior to rifting in the Gulf of Aden Oil discovery (?)

Oil seeps and shows in wells Al Medo Basin

Somalia

Dharoor Valley Block

Yemeni basins contain 9 billion BOE reserves with current production of over 400,000 bpd Most production from Cretaceous Qishen and Jurassic Alif sandstone reservoirs sourced by Madbi Shales In Yemen between 1994 and 2006 there was an average discovery size of 96 million BOE recoverable reserves with a discovery success rate of 23% Once contiguous Somalia basins have identical geology and potential

Puntland Nogal Basin

Oil indications

Cretaceous basins rifted apart beginning 16-18 million years ago Nogal Valley Block

Ethiopia Over 4 billion barrels oil in place potential (Sproule Mean Case Estimate January, 2007)

Somalia

Somalia

100 km

Concessions located in Puntland, a more stable and semi-autonomous region of Somalia Good quality existing seismic on Nogal Block Newly acquired seismic on Dharoor Block Numerous large prospects identified – drill ready Possible oil discovery (1958) in Dharoor Block Oil seeps and shows 200 km

6

Good Seismic Coverage on Somali Blocks

Nogal South Prospect Depth structure Top Jurassic

Nogal Block

Dharoor seismic data Somalia Petroleum Geology • Somalia is a virtually unexplored territory - Only 60 wildcats in 580,000 km2 of sedimentary basins - 11 oil and gas discoveries giving a wildcat success rate that is comparable with the best oil provinces in the world - Only 3 wells drilled in Nogal and Dharoor basins – all three encountered oil in Cretaceous sandstones

yellow-old; green-planned; orange-shot 2008 7

Kenya 1 discovery best estimate contingent resources of 5 MMBO, 5 prospects best estimate unrisked prospective resources for each ranging from approximately 5 MMBO to 80 MMBO, and 17 leads with the best estimate unrisked prospective resources for each ranging from approximately 20 MMBO to 300 MMBO barrels

Ethiopia

Tullow

Uganda

Block 10BB

Somalia

Block 9

748 million barrels oil potential

Anza Basin

Kampala Lake Victoria

177 million barrels oil potential

Block 10A

Kenya

Block 10A acreage equivalent in size to 90 North Sea blocks – for scale of reference, an area this size in the North Sea has over 20 oil fields with over 200 exploration wells drilled

Nairobi

Refinery Mombasa

Extension of the major Sudan oil trend – continuation of Muglad Basin Proven petroleum system Block 10BB within similar system as Albert Graben play

Railway Planned pipelines

Large legacy database including drill data New pipelines likely to be built through Kenya to develop Ethiopia and Uganda reserves

400 km

Tullow contemplating 1,500 km pipeline to Mombasa Kenya

8

Spur pipeline from 10BB approximately 250 km

Prospect and Leads Block 10BB

Kerio Basin

Lokichar Basin

Lake Turkana Basin

Lokichar • One well drilled • Moderate seismic coverage • 2,772 km2 • 1 discovery • 5 prospects • 8 leads Kerio • Undrilled • Reconnaissance seismic grid • 2,388 km2 • 6 leads

Loperot 1

Lake Turkana • Undrilled • Sparse seismic • 1,774 km2 • 3 leads Loperot discovery Prospects Leads

Play Concepts Extension of Sudan’s Muglad Basin Cretaceous sandstones Rift-faulted structures Oil prone, Cretaceous source Waxy, high pour point oil Newly identified Jurassic target

500 km

9

Ethiopia

Adigala Basin

Somalia

Adigala Block

Ethiopia

Blocks 2, 6, 7, 8

Acreage equivalent in size to 240 North Sea blocks – for scale of reference, an area this size in the North Sea has over 50 oil fields with over 500 exploration wells drilled Exploration activity in area increasing but this section of East African rift system remains extensively under explored Proven petroleum system

Ogaden Basin

Significant nearby discoveries and shows

253.1 million barrels oil potential

Kenya

200 km

Ethiopia

Proposed Petronas Drilling Location

25 km

10

Proven oil and gas source rocks in the Jurassic and Permo-Triassic Over 4 tcf gas discovered in the Ogaden Basin with several wells recovering significant amounts of good quality light oil El Kuran oil discovery on AOI Block 8; active oil seeps to west and southwest Structural leads on existing seismic in AOI blocks Transport of oil and gas could be north through Djibouti or south into Kenya to Mombasa

Ogaden Basin Activity

Petronas currently developing Calub and Hilala gas fields Petronas to drill 3 exploration wells and 2 appraisal wells in 2009 11

The Team Rick Schmitt, President

Mr. Schmitt brings over 29 years of diverse international experience in the upstream oil and gas industry, managing and developing projects in the prolific oil basins of Yemen, coupled with expertise in exploration, exploitation, operations, new ventures and demonstrated strength in strategic planning and negotiations. Mr. Schmitt held senior management and executive positions with Occidental and Canadian Occidental over a period of 20 years and prior to joining Africa Oil was President and General Manager of Occidental Yemen for 5 years. Mr. Schmitt has a B.Sc. in geology from the University of Birmingham in the U.K.

Keith Hill, CEO

Mr. Hill has over 22 years experience in the oil industry including international new venture management and senior exploration positions at Occidental Petroleum and Shell Oil Company. His education includes a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as an MBA from the University of St. Thomas in Houston. Prior to his involvement with Africa Oil, Mr. Hill was President and CEO of Valkyries Petroleum where he led the company through rapid growth and ultimately a highly successful $700 million takeover by Lundin Petroleum. In addition, Mr. Hill was one of the founding directors of Tanganyika Oil which was recently the subject of a $2 billion takeover by Sinopec International Petroleum.

James Phillips, Regional VP Exploration

Before joining Africa Oil Mr. Phillips was Vice President Exploration Africa and Middle East for Lundin Petroleum AB. Mr. Phillips is a graduate of the University of California, Berkeley and San Diego State University where he obtained BS and MS degrees, both in Geology. He has over 24 years of experience in the oil industry including senior positions with Shell Oil company and Occidental including heading up Oxy’s African exploration ventures.

The Company • 55.4 million shares outstanding 96.1 million fully diluted • Listed AOI – TSX-V • Management team – successful track record and experience in region

Gary Guidry, Director

Mr. Guidry brings to the Board of Africa Oil Corp. an extensive background and proven track record in international petroleum development and project execution. A Petroleum Engineer by training, he is an Alberta-registered Professional Engineer with expertise in diverse environments ranging from deep-water West Africa and the Gulf of Mexico, South American rainforests to the deserts of the Middle East. Most recently, Mr. Guidry was President of Tanganyika Oil where he led the company from an early stage oil development project in Syria to a $2 billion takeover by Sinopec International Petroleum in late 2008.

Ian Gibbs, Director

Ian Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. Ian Gibbs has held a variety of prominent positions within the Lundin Group of Companies; most recently as CFO of Tanganyika Oil where he played a pivotal role in the recent $2 billion acquisition by Sinopec International Petroleum. Prior to Tanganyika Oil, Mr. Gibbs was CFO of Valkyries Petroleum which was the subject of a $700 million takeover.

Darren Moulds, CFO Mr. Moulds brings to Africa Oil 9 years of financial experience in the oil and gas sector. A graduate of the University of Saskatchewan he obtained a bachelor of commerce degree and is a United States Certified Public Accountant. Cameron Bailey, Director Mr. Bailey is a Chartered Financial Analyst with a Bachelor of Commerce degree from the University of Calgary. He has worked in the energy investment business, specifically investment banking, for the past 19 years. He is the founder of, and has organized the initial public offerings for, a number of oil and gas exploration and production and oilfield services companies.

Africa Oil Corp. Calgary Office 444 – 7th Ave. S.W. Suite 700 Calgary, AB Canada T2P 0X8

Vancouver Office 885 W. Georgia Street Suite 2101 Vancouver, BC Canada V6C 3E8

T 403 716 3770 F 403 716 3771

T 604 689 7842 F 604 689 4250

[email protected] africaoilcorp.com Cautionary Statements This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Resource and reserves references are in most cases from independent technical reports (please see website for more details). Resource and reserve references on other companies have been sourced from websites and other public information and may not be accurate.

06/23/09