VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to report that mobilization of casing and camp construction equipment is underway in preparation for spudding the first of an initial two well program on the Nogal Block in Puntland, Somalia. The equipment is currently in Djibouti and is anticipated to arrive in Somalia within the next week. The first well is expected to spud in July, 2008.
The Company has farmed into an 80% interest in the Nogal and Dharoor blocks. The concessions encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres.
The two sedimentary basins were contiguous with the prolific Marib and Masila basins in Yemen during the Jurassic and Cretaceous periods. Over 9 billion BOE have been discovered in Yemen but exploration has been limited to date in Somalia. Only 3 wells have been drilled in basinal settings in these concessions before operations ceased in the early 1990's. Those wells confirmed thick sedimentary sequences, encountered oil in Cretaceous sandstones and proved the presence of active petroleum systems in both basins.
In the Nogal Basin, Africa Oil has acquired all of the more than 4,000 kilometres of good quality 2D data which was recorded in the late 1980's. This has enabled the Company to work up an inventory of drilling prospects from which the first two well locations will be selected.
At the Dharoor Block, the Company has finalised a contract for shooting approximately 2,600 kilometres of 2D seismic. The seismic crew is expected to be on the ground in Puntland by the end of April, 2008.
Forward-looking statements: This press release 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 political risk, 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.
ON BEHALF OF THE BOARD
Rick Schmitt, President
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