First Quarter Update

Seismic Program

In Somalia, in the Nogal Block, AOC has acquired all of the more than 4,000 kilometres of existing good quality 2D data which was recorded in the late 1980's. This has enabled the Company to work up an inventory of drilling prospects from which the first two well locations will be selected.

At the Dharoor Block, the acquisition of 2D seismic commenced on July 9, 2008. A total of 782 kilometers of good quality data has been acquired, comprised of 15 grid lines. The Company has combined 555 kilometers of previously acquired data into the seismic database.

In Ethiopia, in Blocks 7/8, AOC plans to acquire approximately 200 kilometres of 2D seismic data. It is anticipated that during Q2 2009, the seismic crew and equipment will mobilize. In Blocks 2/6, the Company plans to acquire 300 kilometres with plans to commence after the completion of Blocks 7/8. Finally, in the Adigala Block, AOC is expected to acquire approximately 500 kilometres of 2D seismic beginning in late Q2 2009.

In Kenya, in Block 10A, the Company plans to acquire 750 kilometres of 2D seismic data which is expected to commence in Q4 2009. Seismic data related to Block 9 was previously acquired and has led to identification of various leads and prospects.

Exploration Drilling

In Somalia, AOC has identified numerous potentially large prospects in both the Dharoor and Nogal Blocks on seismic and will select future drilling locations in late Q4 2009. In addition, the Company will start its efforts to procure and mobilize a drilling rig.

In the Kenyan non-operated Block 9, the operator has plans to spud a well during Q4 2009.

Additional drilling activity in Kenya Block 10A and the Ethiopian Blocks will await completion of seismic acquisition, processing, and interpretation.