correction - "The knowledge that AOI will be commencing drilling mobilisation in this quarter, has been in the marketplace for months now, and the quarterly simply reiterated this fact"
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Africa Oil
Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI) reports that
it has granted 250,000 incentive stock options to a director of the
Company. The stock options are exercisable at a price of $5.26 per
share over a period of three years and are subject to vesting
provisions.
The Company holds an 80% interest in two licenses encompassing the
highly prospective Dharoor and Nogal Valleys in the state of Puntland
in northern Somalia. Both blocks are considered world-class
exploration plays with petroleum systems geologically similar to and
formerly contiguous with those in the prolific oil producing Republic
of Yemen.
A comprehensive seismic reprocessing program, including review and
integration of all geophysical and geological data, has been
successfully completed on the Nogal Block. The Company expects to
mobilize a drill rig into the area in late 2007/early 2008 with the
anticipation of spudding the first of two back-to-backs wells in the
first quarter of 2008.
A drill program is also being planned for the Dharoor Block to follow
the drill campaign at Nogal. The Company is scheduling a major seismic
acquisition program over the Dharoor area and expects a seismic crew
to be mobilized in early 2008.
The Company has added another key member to its technical team. Mr.
Paul Colyer has joined the Company as Drilling Manager. Mr. Colyer,
considered one of the top drilling managers in the industry, brings
over 35 years of experience to the Company. Mr. Colyer has spent the
greater part of his career at Occidental Petroleum and has drilled and
managed drill programs in both Yemen and Somalia.
Forward-looking statements: This press release 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 political risk, 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, 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.
ON BEHALF OF THE BOARD
Rick Schmitt, President
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