Africa Oil Corp (AOIFF)

[douginil]

Africa Oil 2014 Fourth Quarter and Full Year Financial and Operating Results

http://africaoilcorp.mwnewsroom.com/press-releases/africa-oil-2014-fourth-quarter-and-full-year-financial-and-operating-results-tsx-aoi-201502260994174001

I recommend reading the complete release. Lots of informat about what happened in 2014.

February 26, 2015

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 26, 2015) - Africa Oil Corp. (TSX:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce its 2014 financial and operating results for the three months and year ended December 31, 2014.

.... The Company entered 2015 with four rigs operating in Kenya. Due to the changing focus of the 2015 work program to appraisal and development of the discovered basin in Northern Kenya, the Africa Oil - Tullow partnership has released one of its four rigs operating in Kenya and plans to release two additional rigs by the end of the second quarter of 2015.

.... In light of the current and forecast short term oil price environment, the Company has worked closely with Tullow to focus the 2015 work program and budget on advancing the discovered basin development in Blocks 10BB and 13T (Kenya) by undertaking activities aimed at increasing resource certainty and progressing development studies with the intent of submitting a Field Development Plan ("FDP") around the end of 2015. The 2015 work program will include multiple appraisal and exploration wells in the discovered basin, Extended Well Tests ("EWT's") in the Amosing and Ngamia fields and reservoir and engineering studies (including extensive core analysis). In addition, the Africa Oil - Tullow joint venture will continue to work closely with the Government of Kenya and the Uganda Upstream partners to advance the regional oil export pipeline.

.... Keith Hill, President and CEO of Africa Oil, commented, "We are very encouraged by the excellent well results from our recent appraisal program at Ngamia and Amosing and we have recently commenced operations that will facilitate the initiation of EWT's at both fields, which should further improve reservoir definition. With the recent closing of our brokered private placement and no debt, we are well positioned to weather the current downturn in oil prices. Our goal in 2015 will be to keep the project moving forward while being financially conservative until oil prices show signs of recovery. The Company has worked closely with its partners to focus 2015 work program and budgets on advancing the discovered basin development by undertaking activities aimed at increasing resource certainty and progressing development studies with the intent of submitting a FDP around the end of 2015. In addition, the Company and its partner will continue to work closely with the Government of Kenya and the Uganda Upstream partners to advance the regional oil export pipeline."