Africa Oil Formally Becomes a Supporting Company o

VANOCUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce that the company has formally become a Supporting Company of the Extractive Industries Transparency Initiative (EITI) with immediate effect.

Keith Hill, President and CEO of Africa Oil, said, "This is an important step for Africa Oil in reaffirming the importance we give to doing business in an open and transparent manner. Formally supporting EITI was a natural extension of our on-going business practices and demonstrates our commitment to the oil industry playing a positive role in the sustainable economic development of the countries in which we operate."

The EITI is a global standard that promotes revenue transparency. It has a robust yet flexible methodology for monitoring and reconciling company payments and government revenues at the country level. Each implementing country creates its own EITI process, which is overseen by participants from the government, companies and national civil society. The international EITI Board and the International Secretariat are the guardians of the EITI methodology internationally. More information can be found on the website: http://eiti.org .

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