Africa Oil Corp.’s $519.5 Million Acquisition of Petrobras Oil and Gas B.V.

Vinson & Elkins and Torys LLP acted as legal counsel to Africa Oil in relation to the Acquisition and the Loan.

Africa Oil Corp. (AOI–TSX, AOI–Nasdaq-Stockholm) announced the closing of the acquisition of a 50% ownership interest in Petrobras Oil and Gas B.V. (“POGBV”). BTG Pactual E&P B.V. will continue to own the remaining 50% of POGBV.

The total cash payment by AOI to close the Acquisition, including the Nigerian Government’s consent fee, amounts to $519.5 million and it is funded from cash on hand and a loan for $250 million provided by Banco BTG Pactual S.A.

Standard Bank acted as financial advisor to Africa Oil in connection with the Acquisition. PillarFour Capital has provided the board of Africa Oil with a fairness opinion that, subject to the various factors, assumptions, qualifications and limitations upon which the opinion is based, the consideration to be paid by Africa Oil pursuant to the Acquisition is fair, from a financial point of view, to Africa Oil.

The V&E team was led by London partner Alex Msimang (Picture) and senior associate Nadine Amr, with assistance from partner Chris Strong, partner John Dawson and senior associate Emilie Stewart, and counsel David Smith and associate Ryan Will.

Involved fees earner: Nadine Amr – Vinson & Elkins LLP; John Dawson – Vinson & Elkins LLP; Alexander Msimang – Vinson & Elkins LLP; David Smith – Vinson & Elkins LLP; Emilie Stewart – Vinson & Elkins LLP; Christopher Strong – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Africa Oil Corp;