1

A Lundin Group Company

Africa Oil Corp.Portfolio & Growtho t o o & G o t

May, 2011

Multiple proven rift playsMultiple proven rift plays2

yy

Africa Oil Assets

Tertiary rifts (Kenya & Ethiopia)

Cretaceous rifts (Kenya, Mali)

Jurassic rifts (Puntland‐Somalia)

Permo‐Tr rifts (Ethiopia)

All of AOC plays are extensions of proven multi‐billion barrel rifts 

Play Summary3

Play Summary

Seismic programs completed on majority of blocks

Aggressive two rig drilling campaign to kick off Q3 2011gg g g p g Q

2 wells in Puntland-Somalia Jurassic rift basin

1 well in Ethiopia Ogaden Basin

3-5 wells in Kenya & Ethiopia

1-2 wells in Cretaceous rift basin

Strong balance sheet

$118MM in cash with a $43MM capital budget in 2011

Resource update completed resulting in 24% increase

4

Tullow PartnershipTullow Partnership

Tullow’s Ugandan discoveries now likely exceed 2 BBO in the Lake Albert region. Tullow brings a 97% success rate to our gnew partnership.

Tullow will pay $10 MM past costs and carry AOC for next $23.75 MM.

Tullow brings to the partnership:

Drilling expertise and staff

Seismic processing expertiseSeismic processing expertise

Talented exploration personnel

Access to the Uganda export pipeline

Kenya Assets

5

Kenya Assets

AOC holds 6 blocks in Kenya

AOC operates Block 9

T ll t ll thTullow operates all others

6

Kenya Block 10BBAOC holds a 40% Carried Interest and will secure an additional 10% paying interest, post-Lion deal

Area = 12,638 kmArea = 12,638 km22

NN--KerioKerio13T13T13T13T

Loperot oil discovery & oil recovered in uphole de-risks oil charge

NN--Kerio Kerio

SS--Kerio Kerio Lake Lake TurkanaTurkana

13T13T13T13T

g

Analogous to Albert Graben of Uganda with estimated 2.5 BBO

Lokichar Lokichar Rift Rift

Uga da t est ated 5 O

1st well planned for Sept-2011Kerio TrendLoperotLoperot--11

Oil in UpholeOil in Uphole

Seismic program (615 km) completed Oct 28 2010

10BB10BB10BB10BBLoperot Trend

pp

Leads with oil seeps on lake

Prospects and Leads10BB10BB10BB10BB

12A12A12A12A 2010 programLegacy seismic

Loperot Trend

7

Block 10BB Fise ProspectSW NE

Metres FISE Line LOK-10-24

WESTERN RIFT BOUNDING 

FAULT

LOKHONE SH

LOKHONE SH MRKR

LOKHONE SS

FISE

5km

Closure: P50: 5.0 km2 (1,300 acres); P10: 18 km2 (4,500 acres)

Analogous to Tullow Lake Albert Discoveries; e.g. Kingfisher, Mputa, Waraga

Internal Estimated Resources (100%): P50: 45 MMBO; P10: 180 MMBO

8

Block 10BB- Kamba ProspectSW NE

KAMBA PROSPECT

P50

P10

5 KM

KAMBA PROSPECTDepth Structure, CI: 20m

Vertical relief: 730 m Internal Estimated Resources (100%):

Stacked Tertiary SS Reservoirs

Avg. Porosities 10-18%

P50: 150 MMBO (15 sq km)

P10: 400 MMBO (55 sq km)

Block 10BA- North Lake Turkana

AOC acquired 50% WI through Centric acquisition.

Tullow operates with 50% WI paying 80%Tullow operates with 50% WI, paying 80%

Multiple oil slicks interpreted from satellite data.

South North

S i i L d

Prospective block resources (unrisked)*P50 - 2.2 BBOP10 - 4.4 BBO

15+ leads from existing seismic data25 km

Seismic Leads 25 kmEliye Springs

15+ leads from existing seismic data.

* Independent technical report NI 51-101 reserves study by Gustavson Associates published January, 2010

Block 10BA- North Lake TurkanaSouth NorthSouth North

Prospective block resources (unrisked)*

P50 2 2 BBO

S i i L d

P50 - 2.2 BBO

P10 - 4.4 BBO

15+ leads from existing seismic data.Seismic Leads 25 km

Eliye Springs* Independent technical report NI 51-101 reserves study by Gustavson Associates published January, 2010

Blocks 12A / 13TBlocks 12A / 13T

AOC holds 50% WI,

Tullow: 50% WI (Operator)10 BB 10A

13 T

Protection acreage along Tertiary rift trend south of 10BB

13 T

Highly underexplored with no seismic or wells drilled

9

2011 Full Tensor Gravity (FTG)

12 A

Miocene Source Rock in Outcrop

12 AFTG Surveys for Blocks 12A, 13T

pGood to excellent, Type I; 3% TOC

National parks/game reserves Digital Elevation Model50km

Block 10A

AOC 30% CWI, Tullow (OP): 50%

LakeLake

Area = 14,597 kmArea = 14,597 km22

Anza Rift: Cretaceous rift extending into

Lake Lake TurkanaTurkana

Block 10 BABlock 10 BA

Kenya from Sudan

Block 10ABlock 10A

3 wells with up to 2,000’ of residual

oilBlock 9Block 9

Late structuring likely breached drilled

traps

Block 10BBBlock 10BB

25km p

2010: Completed 750km 2D seismic

________ 20102010--2011 Program2011 Program________ 20102010--2011 Program2011 Program

National Park

Anza Basin Play Concepts, Block 10A

Paipai ProspectSW NE

5km

AOC Exploration Strategy:Paipai Prospect

Find & drill structural traps that have maintained structural i t it th h T tiintegrity through Tertiary readjustments 5km

14

Block 9

Africa Oil Kenya 100%Block 10BABlock 10BA

Lake Lake TurkanaTurkana

Anza Cretaceous Rift Basin

Continuation of Sudan Rift Trend

Block 10ABlock 10A

Block 10BABlock 10BA

Trend

2010 Bogal Gas Discovery

2011 Program:

Block 09Block 09

MarsabitMarsabit

Block 10BBBlock 10BB

g

Acquire 600-750 km 2D seismic in Kaisut area (oil-

NationalNationalParkPark NDovu

prone leads)

Re-enter, redrill (?), test BogalK i t

Block 12ABlock 12A

Bogal

70 km

Kaisut

Bogal

Block 9- Bogal DiscoveryBogalg

Tertiary Sand/Shale

Cretaceous clastics (2800-5000 m)100 sq km closure91 m net gas pay with 5-11% porosity~3 TCFG recoverable Lower Cretaceous Sand/Shale

Upper Cretaceous Sand/Shale

3 TCFG recoverable‘Mega Fractures’ documented in LK SS

Significant losses while drilling

Image Logs Volcanics

Lower Cretaceous Sand/Shale

Image LogsLower Cretaceous Sand/Sh

4400-10mVolcanic MarkerL. Cretaceous

Top Lower Cretaceous

Bogal-1

5km

Kenyan Energy Market

16000

18000

20000

Kenya Total Primary Energy Supply

Geothermal/Wind 6%,

6000

8000

10000

12000

14000

ktoe

Biomass  77%

0

2000

4000

6000Hydro  1%

Oil  16%

Demand growth is robust over a sustained period (Annual growth rate ~5%)

Source: IEA, 2010

The majority of energy demand is satisfied by:Traditional sources (Kenyan forests 40 yrs ago covered 11% of country, now at 1.5%)Hydro/geothermal (with limited scope for growth)Imported oil (with environmental and foreign exchange impacts)Imported oil (with environmental and foreign exchange impacts)

Restricted power supply & distribution has substantial impact on overall Kenyan economyNatural monetisation route for Kenyan gas will involve the power sector

Ndovu Lead, Block 9

Ndovu (TD 4 267 1988)Oil & gas shows: 2300-3600 mOil in cores, 2 DST’s with gasSprung trap in fault closure

Ndovu (TD 4,267 m, 1988)

Undrilled simple closure

Block 10ABlock 10A

Block 09Block 09

Over-pressured

MarsabitMarsabitNationalNationalParkPark

Ndovu

50 km

EthiopiaEthiopia

AOC holds blocks in 3 trends:

Tertiary Rift (South Omo)

Karoo Rift (Ogaden)

Jurassic rift (Adigala)

Exploration activity in area increasing but remains under exploredp

Proven petroleum systems

Significant nearby discoveries, shows, seeps

Drilling slated for 2012 (2 wells)

Area = 29,465 kmArea = 29,465 km22South OmoSouth Omo

AOC holds 30% WI, Tullow Operates with 50%.

Extension of Tertiary rift trend north of Lake 

Rift Valley Study Area

South OmoBlock

Turkana

Unexplored with no i i i ll

OmoOmoNational National

ParkParkMagoMago

National National ParkPark

y

previous seismic or wells

Acquire Full Tensor G it h d

Sudan

FTG Survey

Gravity, geochem and seismic

Kenya2011 2D Provisional Seismic

y

Lake TurkanaLake Turkana

20

Rift Valley Block (JSA)

Location MapLocation Map

Tar reported along shoreline

Multiple oil slicks pidentified on landsat

Acquired block-wide high resolution airborne gravity & magnetics in 2011

El Kuran Appraisal, Ogaden Block 8

El Kuran-1EWStructure Map Top Jurassic

El Kuran-2

W EEEl Kuran-1

AOC Operates with 55% WI

Light oil recovered from Jurassic limestones in El Kuran‐1 & 2

5 km

2011 Proposal: Test El Kuran structure with horizontal well

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Ethiopia Ethiopia -- AdigalaAdigalaEthiopia Ethiopia -- AdigalaAdigala Area = 27,193 kmArea = 27,193 km22

13

14

15

16

17

18

19

20

AOC holds 50% interest 

Field work confirms 

5

6

7

8

9

10

11

12 source, seal and reservoir.

Good Jurassic source rocks fi d i

Jurassic Source Rocks

0m

1

2

3

4

Jurassic Source Rock TOCs: 2‐4%

2D Program: 523 km2D Program: 523 km

confirmed in outcrop, extracts tied to oil in wells.

S i i i d i 2009 iSeismic acquired in 2009 is poor quality.

Additional test seismic lineAdditional test seismic line  and other G&G work.

No outstanding workNo outstanding work commitments. 

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New Puntland Focused VehicleNew Puntland Focused VehicleDEALDEAL

MOU signed btwn AOC & NewCoAOC will sell their 60% interest in both Dharoor and NugaalNewCo to take Operatorship subject to Gov approvalNewCo to take Operatorship, subject to Gov approval

FINANCINGAOC to put in $10 MM cash and NewCo to put in $25 MM cashProceeds to fund the drilling of two wells in Puntland

OWNERSHIPAOC to hold 57% of NewCo subsequent to financingAOC to hold 57% of NewCo subsequent to financing

PROFILE70.6 million shares outstanding/111.7 million fully dilutedg yNewCo Listed: TSX-V60% working interest in Nugaal and Dharoor oil explorationprojects in Puntland, SomaliaService contract with AOC to provide technical, operational andfinancial supportPresident: David Grellman; Directors: Keith Hill, Ian Gibbs

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PuntlandPuntlandPuntlandPuntland

Cash infusion through NewCo near completion

LOI executed for rig and services

Contract negotiations underwayContract negotiations underway

Spud anticipated August, 2011

New geophysical mapping identifies robust g p y pp gprospects

Control Risks Group validates AOC security assessment and mitigation plan

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Dharoor Block, PuntlandDharoor Block, Puntland

Darin‐1 well drilled in 1958 on the flank of the rift; found oil across several zones AGIP brought in

DARIN‐1

several zones.  AGIP brought in pumping units and tanks for testing/development.

DOWACO

AOC, with new seismic data, has mapped several large prospect including:

SHABEEL NORTH

Shabeel: Most Likely 300 MMBO recoverable

Shabeel N : Most likely 375SHABEEL

Shabeel N.: Most likely 375 MMBO recoverable (internal estimate)

DHAROOR BLOCKDHAROOR BLOCKTURONIAN MFS DEPTH M

CI= 50 METRES0 10 KM

Dharoor Block SW NESW NE

Meters SHABEELSHABEEL NORTH

Turonian

Cret MrkrC et

L Cret Carb

MJ Uncf

Line AOC-08-052

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Community Development

CD j t t h

CD projects include:School rehabilitationCD projects must have:

Religious neutralitySustainabilityLocal content

School rehabilitationBursary FundFarm toolsBirkahs (water storage)Local content

Potential for capacity buildingHigh Impact relative to costPolitical neutrality

Birkahs (water storage)Human health postsMedicines for livestockSupport for hospitalsPolitical neutrality pp pSolar lights/cookers

World Class PotentialWorld Class Potential

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World Class Potentialin Multiple Petroleum SystemsWorld Class Potentialin Multiple Petroleum Systems

P f W ki I t t

Geographic Region

PSC/PSA Operator Gross Best Estimate

AOC Working

Net Best Estimate

AOC Working Interest

Net Best Estimate

Current Working InterestsPro‐forma Working Interests 

(Lion Energy Corp. Acquisition)4

Region Estimate(MMBbl)

Working Interest

Estimate(MMBbl)

Interest Estimate(MMBbl)

Puntland (Somalia)2  Nugaal AOI 3,102            45.0% 1,396           60.0% 1,861                  

Puntland (Somalia)2  Dharoor AOI 1,451            45.0% 653             60.0% 871                     

Kenya2 10BB Tullow 2,066 40.0% 826 50.0% 1,033Kenya 10BB Tullow 2,066            40.0% 826             50.0% 1,033                  

Kenya2 9 AOI 1,399            66.7% 933             100.0% 1,399                  

Kenya2 10A Tullow 423               30.0% 127             30.0% 127                     

Ethiopia2 2&6 7&8 AOI 155               55.0% 85               55.0% 85                       8,596            4,020           5,376                  

Kenya3 10BA Tullow 2,188            50.0% 1,094           50.0% 1,094                  10,784            5,114           6,470                    

1 This summary table was prepared by Company management for the convenience of readers.2Please refer to the Company's press release dated March 29, 2011 for details of the prospective resources by prospect and lead, including the geologic chance of success3Please refer to independent resource evaluation report, dated January 1, 2010 posted on February 11, 2010 at www.sedar.com under Centric Energy Corp.4 The Company has announced a letter of intent, whereby it intends to acquire Lion Energy Corp. who hold working interests in Blocks 9, 10BB Dharoor and Nugaal

6Net Prospective Resources are stated herein in terms of the Company's net working interest in the properties. Due to the very immature nature of these Prospective Resources, have not been computed as net entitlement volumes under the PSAs/PSCs. In this regard the 

10BB, Dharoor and Nugaal5There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources

29

Size of the PrizeSize of the Prize

Indicative Risk

Factor

Potential Value($MM)

Risked Potential Prospective Resources

Prospective Resources Net Best

Estimate (MMbbl) Factor ($MM)20% 1,294 5,474 10% 647 2,737 1% 65 274

Resources Estimate (MMbbl)

6,470 1% 65 274

• Recently completed East African sale transaction:– Heritage sale of interest in Uganda Lake Albert (Blocks 1 & 3A) to Tullow

355 Mmboe mean working interest contingent resource sold– 355 Mmboe mean working interest contingent resource sold– $1.5 billion transaction value– $4.23/boe

The above summary table was prepared by the Company for the convenience of readers.

There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources.

Net Prospective Resources are stated herein in terms of the Company’s Working Interest (WI) in the properties and, due to thevery immature nature of these resources, have not been computed as net entitlement volumes under the PSAs. In this regard, the volumes stated herein will exceed the volumes which will arise to AOC under the PSA terms. The net best estimate includes pro-forma volumes assuming completion of the recently announced Lion Energy Corp. acquisition. This acquisition has not closed.

30

A history of value creationA history of value creation

Company 2002 Present Notes

Tanganyika $0.55 / share$13 5 illi MC

$31.50 / share$1 9 billi MC

Sold to Sinopec 2008$13.5 million MC $1.9 billion MC

Valkyries $0.45 / share$4 million MC

$16.00 / share$750 million MC

Sold to Lundin Petroleum 2006

Red Back $1 35/share (2000) $30 50/share Sold to Kinross in 2010Red Back $1.35/share (2000)$45.4 million MC

$30.50/share$8.98 billion MC

Sold to Kinross in 2010

Lundin Petroleum U $0.41 / shareU $101 million MC

U $10.94 / shareU $3.2 billion MC

Active

+ Enquest spin off US $1.7 billion MC

BlackPearl $0.25 / share$2.1 million MC

$8.50/ share$2.4 billion MC

Active$2.1 million MC $2.4 billion MC

NGEx Resources $0.40/share$33.8 million MC

$3.69/share$547 million MC

Active

Lundin Mining $0.60/share $9.30/share Activeg $ /$4.6 million MC

$ /$5.4 billion MC

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Summary Summary

AOC has assembled a robust highly prospective East African portfolio that spans 4 different proven petroleum provinces with multi-billion barrel potentialAOC has experienced management and staff with offices in Vancouver, Calgary, Addis Ababa, Nairobi, and BosassoAOC has secured excellent partners, such as Tullow, to help fund exploration

d id / l t ti l ti itiprograms and guide/accelerate operational activitiesAn aggressive drilling campaign will begin in September-2011: two rigs operating continuously to drill 7 to 10 wells by end of 2012AOC balance sheet is strong with plenty of dry powder for either new ventures, acquisitions, or appraisal/testing of successful wells

196 million shares outstanding209 million shares fully dilutedMarket Cap: $353 millionpAOI – TSXV AOI – OMX Stockholmwww.africaoilcorp.com

32

AOI has a strong management teamAOI has a strong management teamKeith Hill,  President and CEOMr. Hill has over 25 years experience in the oil industry including international new venture management and senior exploration positions at Occidental Petroleum and Shell Oil Company. His education includes a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as an MBA from the University of St. Thomas in Houston.  Prior to his involvement with Africa Oil, Mr. Hill was President and CEO of Valkyries where he led the company through rapid growth and ultimately a highly successful $700 million takeover by Lundin Petroleum.  In addition, Mr. Hill was one of the founding directors of Tanganyika Oil which was recently the subject of a $2 billion takeover by Sinopec International Petroleum.p

James Phillips, COOBefore joining Africa Oil, Mr. Phillips was Vice President Exploration‐Africa and Middle East for Lundin Petroleum AB where he played a pivotal role in securing the  majority of Africa Oil’s  current portfolio.  Mr. Phillips is a graduate of the University of California, Berkeley and San Diego State University where he obtained BS and MS degrees, both in Geology. He has over 25 years of experience in the oil industry including senior positions with Shell Oil company and Occidental including heading up Oxy’s African exploration ventures.

Paul Martinez, VP ExplorationDr. Martinez, most recently Director of International Business Development with Occidental Petroleum Corporation, has over 20 years of domestic US and international senior management experience in oil and gas exploration and development, including projects in the Texas Gulf Coast, Permian Basin, Rockies, Latin America, Africa, Middle East, and Russia. He has held overseas management positions for Oxy in Libya, Oman and Peru. Dr. Martinez holds a doctorate in petroleum geology from Stanford University and a Bachelor of Science degree in geology from the University of Texas at Austin. Dr. Martinez will be based in the Africa Oil Calgary technical office and will be responsible for all geological and geophysical activities of the Company.the Company.

Ian Gibbs, CFOIan Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. Ian Gibbs has held a variety of prominent positions within the Lundin Group of Companies; most recently as CFO of Tanganyika Oil Company Ltd. where he played a pivotal role in the recent $2 billion acquisition by Sinopec International Petroleum . Prior to Tanganyika, Mr. Gibbs was CFO of Valkyries Petroleum Corp which was the subject of a $700 million takeover.

David Grellman, VP OperationsMr. Grellman  is General Management/Operations professional with a unique blend of technical and management skills combined with extensive operations experience in the upstream global oil and gas industry. Mr. Grellman spent the majority of his career at Occidental Oil and Gas Corporation as Exploration Manager or General Manager in numerous countries including the Philippines, Sri Lanka, China, Syria Albania and Pakistan.

Gary Guidry, DirectorMr. Guidry brings to the Board of Africa Oil Corp. an extensive background and proven track record in international petroleum development and project execution. A Petroleum Engineer by training, he is an Alberta‐registered Professional Engineer with expertise in diverse environments ranging from deep‐water West Africa and the Gulf of Mexico, South American rainforests to the deserts of the Middle East.  Most recently, Mr. Guidry was President of Tanganyika Oil Company Ltd. where he led the company from an early stage oil development project in Syria to a $2 billion takeover by Sinopec International Petroleum in late 2008.

33

Cautionary StatementsCautionary Statements

This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions the uncertainties resulting from potential delays or changes in plans theconditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.

Resource and reserve references on other companies have been sourced from websites and other public information and may not be accurate.