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Africa Oil Corp.
Private Placement

We acted as counsel to Africa Oil Corp. with respect to its US$125 million equivalent brokered private placement which completed on February 23, 2015. Africa Oil issued an aggregate of 57,020,270 common shares at a Canadian equivalent price of $2.74 per common share. The common shares were placed through a syndicate comprised of Dundee Securities Europe LLP and Pareto Securities, 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 and the Nasdaq Stockholm under the symbol “AOI”.