Africa Oil Corp is an oil and gas exploration company based in Canada, with a focus on East Africa.
The company was incorporated under the name “Canmex Minerals Corporation” in 1983, and changed its name to Africa Oil Corp in 2007.
The company currently holds assets in Kenya, Ethiopia and Somalia, over an area of 250 000 square kilometers. Africa Oil Corp has a 50 percent share together with Tullow Oil plc in Kenya’s Lokichar Basin, where major oil discoveries have recently been made.
Africa Oil has played a major role in the recent oil exploration boom in Kenya. It has acquired Major operation licences in almost all major blocks in Kenya.
Africa Oil has seen its share prices increase by 800 percent since oil was discovered according to wikipedia.
“The East African Rift Basin system is one of the last of the great rift basins to be explored. Africa Oil holds extensive exploration acreage in this exciting new world-class exploration play fairway. Several new significant oil discoveries have been announced in the Lokichar basin of Kenya in which the Company holds a 50% interest along with operator Tullow Oil plc”, Company notes.
The Company is listed on the TSX and on Nasdaq Stockholm under the symbol “AOI”.