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Africa Oil Corp.
Private Placement Financing

We acted for Africa Oil Corp. in connection with its US$100 million private placement financing transaction with Stampede Natural Resources S.à r.l., an entity owned by a fund advised by Helios Investment Partners LLP.

Under the terms of an Investment Agreement made between Africa Oil and Stampede, Africa Oil issued 52,623,377 common shares at a price of CDN$2.31 per share for gross proceeds of CDN$121,560,000 (US$100,000,000). As a result of the financing Stampede holds approximately 12.37% of Africa Oil’s issued and outstanding shares. In addition, Andrew Bartlett, Oil and Gas Partner at Helios, has been appointed to Africa Oil’s board of directors.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its equity interest in Africa Energy Corp. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.