Africa Oil to Admit Shares

The Directors of Africa Oil Exploration Plc are pleased to announce that the company has applied for its ordinary shares to be admitted to trading on the PLUS Market in order to fund the establishment of an African portfolio.

Africa Oil is a newly incorporated company established by the Directors for the purpose of making acquisitions in the upstream oil and gas sector in Africa. The company has raised £402,000 by way of an initial private placing of Ordinary Shares.

Conditional on Admission to PLUS, Africa Oil is undertaking a placing to raise up to a further £698,000 at a Placing Price of 16p per share. The proceeds of the placing will be used to provide the company with resources to perform due diligence on potential acquisitions and to provide working capital for the company's initial operations.

The Directors believe that the principal benefits of the Admission to PLUS are the ability to heighten the Company's profile whilst also broadening the Company's investor base.