19:06:11 EDT Thu 28 Mar 2024
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Africa Oil Corp
Symbol AOI
Shares Issued 211,413,059
Close 2011-12-16 C$ 1.49
Market Cap C$ 315,005,458
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Africa Oil shareholder Lion returns 2.5 million shares

2011-12-16 18:46 ET - News Release

Mr. Keith Hill reports

AFRICA OIL CORPORATE UPDATE

Africa Oil Corp. has completed the first stage of its proposed reorganization of the assets of Lion Energy Corp., its direct, wholly owned subsidiary, acquired by the company in a plan of arrangement transaction that completed in June, 2011. Lion has assigned to Africa Oil all of its assets, and Africa Oil assumed all of Lion's liabilities, in contemplation of completing a voluntary dissolution of Lion in early 2012.

Lion was the registered holder of 2.5 million common shares of the company, which shares will be surrendered for cancellation and returned to treasury. No consideration was paid to Africa Oil in connection with the cancellation and return to treasury of the shares.

As a result of the cancellation of the shares, Africa Oil currently has 211,413,059 issued and outstanding common shares.

The anticipated spud date of the Ngamia well has been revised to January, 2012. The prospect has been selected by the Tullow-operated joint venture as the initial well in block 10BB. The well will test the oil potential in Miocene-age sandstones within a three-way-dip closure against the West Lokichar rift fault. Ngamia is directly analogous to successful oil accumulations drilled by Tullow and partners early in the exploration efforts in the Lake Albert graben of Uganda.

In addition, the company reports that drilling operations continue on the Horn Petroleum-operated Dharoor block in Puntland, Somalia, and the well is expected to spud in January, 2012.

We seek Safe Harbor.

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