Africa Oil Corp. announced unaudited consolidated earnings results for the full year ended December 31, 2015. For the year, the company reported cash used in operating activities of $11,023,000 compared with $9,860,000 for the same period a year ago. Property and equipment expenditures were $2,000 compared with $14,000 for the same period a year ago. Intangible exploration expenditures were $219,786,000 compared with $437,876,000 for the same period a year ago. Net loss and comprehensive loss was $87,439,000 against $155,710,000 a year ago. Net loss and comprehensive loss attributable to common shareholders was $87,190,000 or 0.21 cents per basic and diluted share against $106,937,000 or 0.34 cents per basic and diluted share a year ago.

The company recorded an impairment of intangible exploration assets of $70,670,000 for the fourth quarter of 2015 compared with $96,878,000 for the same period a year ago.