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Africa Oil PSC in Somalia Block

Source: www.gulfoilandgas.com 5/28/2009, Location: Africa

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Africa Oil Corp. is pleased to announce the signing of a farmout letter of intent with Raytec Metals Corp. ("Raytec") for their entry into the production sharing contract in Puntland, Somalia.

In Puntland, Somalia, Africa Oil will transfer a 25% (twenty-five percent) license interest to Raytec in the Nogal and Dharoor Petroleum Production Sharing Agreements.

Raytec,will pay a disproportionate share of costs associated with the planned work programs to be carried out in 2009 and 2010.

This farmout transaction is subject to government, exchange, board and partner approvals if required.

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