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Africa Oil Corp.
Private Placement

We acted as counsel to Africa Oil Corp. with respect to the then largest financing on the TSX Venture Exchange in 2013. Africa Oil completed a US$450 million equivalent brokered private placement on October 28, 2013, issuing an aggregate of 56,505,217 common shares at a Canadian equivalent price of $8.25 per common share. The common shares were placed through a syndicate comprised of Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together acted as joint bookrunners. Africa Oil proposes to use the net proceeds of the private placement to fund the Company's future exploration, appraisal and development program in East Africa, as well as for corporate development and general working capital purposes. Africa Oil is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North under the symbol “AOI”.