Africa Oil Corp. announced consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, net loss and comprehensive loss attributable to common shareholders was $13,641,964 or $0.06 basic and diluted loss per share against net income and comprehensive income attributable to common shareholders of $1,338,232 or $0.01 basic and diluted per share for the previous year. Finance income was $1,419,501 against $4,327,574 of prior year. Cash flows used in operating activities were $1,222,922 against $1,239,685 of prior year. Property and equipment expenditures were $63,552 against $1,484 of prior year. Intangible exploration expenditures were $21,895,648 against $4,973,882 of prior year. The company is anticipated that two additional drilling rigs will be secured and mobilized into the company's areas of operation during the second half of 2012, bringing the total number of rigs in operation to four before the end of the year. It is anticipated that one additional rig will be utilized in Ethiopia and one additional rig will be utilized in Kenya. In addition to the Shabeel-1 and Ngamia-1 wells, which have completed drilling or are in the process of being drilled, four additional wells are currently planned: the Twiga-1well in Block 13T (Kenya), the Paipai- 1 well in Block 10A (Kenya), the Shabeel North well in the Dharoor Block (Puntland (Somalia)), and an additional exploration well in the South Omo Block (Ethiopia). The company will also continue to actively acquire, process and interpret 2D seismic over Blocks 10BA, 10BB, 12A, 13T and South Omo.