First Day of Dealings for Africa Oil Exploration

The Directors of Africa Oil Exploration PLC, an investment vehicle with a focus on the upstream oil and gas sector in Africa, are pleased to announce its entire issued Ordinary Share capital has today been admitted to trading on PLUS following a private placing at 16p, which raised £1.03m.

The company is a newly incorporated company established by the Directors for the purpose of making acquisitions in the upstream oil and gas sector in Africa. It has raised £1,039,540 by way of a private placing of Ordinary Shares.

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 while also broadening the Company's investor base.

Managing Director David Carr says: "We are delighted to have attracted significant investment from a strong base of resource-focused investors – especially given current turbulent market conditions. The fact that the company will be trading at its NAV is also especially pleasing. We look forward to updating the market in the coming months as we explore potential acquisitions."