AOC Executes Rift Basin PSA, ETHIOPIA - Africa’s premier report on the oil, gas and energy landscape.

AOC Executes Rift Basin PSA, ETHIOPIA

Africa Oil Corp has announced the formal execution of a new Ethiopian Production Sharing Agreement.  The agreement covers the 42,519 square kilometer “Rift Basin Area”, previously held by the Company under a Joint Study Agreement and referred to then as the “Rift Valley Block”.     The Rift Basin Area is located north of the Company’s South Omo Block and includes the extension of the Tertiary-age East Africa Rift Trend in Ethiopia.  The new license is on trend with highly prospective blocks in the Tertiary rift valley including the South Omo Block, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.  During the joint study period, the Company completed an airborne high resolution gravity and magnetic survey over the block. In addition, satellite-imaged natural oil slicks were ground truthed, which indicate the presence of an active petroleum system in parts of the block. The Company plans to complete a Full Tensor Gravity Gradiometry survey and exhaustive environmental/social impact assessment over the block during 2013.

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