Africa Oil Corp. announced consolidated earnings results for the year ended December 31, 2011. For the year, net and comprehensive loss was $8,952,535 or $0.08 diluted loss per share against net and comprehensive loss of $19,494,333 or $0.23 diluted loss per share for the previous year. Finance income was $12,079,274 against $2,075,089 of prior year. Interest income was higher in the year ended December 31, 2011 due to a significant increase in the average cash balance versus the year ended December 31, 2010. Cash flows used in operating activities were $6,983,734 against $4,532,120 of prior year. Property and equipment expenditures were $39,446 against $8,885 of prior year. Intangible exploration expenditures were $41,285,520 against $15,424,461 of prior year. The company announced that 2012 year will be a pivotal year for the AOC, as it expects to drill five exploration wells in the year. The exploration wells anticipated for 2012 include Ngamia (Block 10BB - Kenya) and Shabeel-1 (Dharoor Valley - Puntland) which are currently in progress as well as an additional well in each of Block 10A (Kenya), South Omo (Ethiopia), and Dharoor (Puntland, Somalia). The company also expects to complete its initial seismic programs covering all existing blocks under PSA with the completion of an additional 2,100 kilometers of 2D seismic covering the remainder of the South Omo Block, as well as Blocks 10BA and 12A. The Company believes that it has sufficient working capital available to fund the entire 2012 work program.