That was a bit Outh there huh. I dont know the guy, but he seems tiny bit ***** that is what happens when you isolate yourself and all you see is nice reflection on the mirror.

Xiin, Bokero is a NGO Capatalist

For Lily and others- this is from today Timesonlie: http://www.timesonline.co.uk/tol/comment/article4333479.ece A career woman? No, a mother who works The dream of being a corporate high-flyer is losing its appeal for women with children. There are more satisfying optionsAlice Thomson Women can be impossible. For years they fought for the right to have their home-made cupcakes with the children and go out to work. They not only wanted to be treated in the same way as their male colleagues in the office, they wanted to have more time to bond with their babies at home. Finally the Government complied. While in America mothers still only get three months unpaid maternity leave, British mothers will soon receive a year's paid leave. What a coup. Not only that, mothers can ask for flexible hours until their children are 16 so that they can be back in time to burn the fishfingers and still expect the same promotion as their male counterparts. So why are women complaining? According to Nicola Brewer, chief executive of the Equalities and Human Rights Commission, these new maternity benefits have actually been a disaster. Companies are never going to employ a plump 30-year-old woman wearing a baggy jumper just in case she might be about to announce the happy news of her impending twins. Sir Alan Sugar was blunt about it in an interview he gave to Rachel Sylvester and me this year. “If someone comes to an interview and you think to yourself that there is a possibility that she might have a child and therefore take time off, it is a psychological negative thought,” he told us. The evidence seems to bear this out; women have started swapping their pinstripes for their pinnies. According to Pricewaterhouse- Coopers, there has been a 40 per cent drop in women in senior management roles at UK FTSE 350 companies between 2002 and 2007. A Grant Thornton study showed that only 64 per cent of UK firms now have at least one woman in a top-level role, compared with 91 per cent in China. Girls may be higher achievers at school and more driven in their twenties but by the time they reach their forties they are being judged more on risotto than results. A century of women's lib appears to have been negated; maybe it would be kinder to teach our daughters to sew, play the piano and cook, to help them to enjoy their home-making careers. Or maybe the concept of a glass ceiling is as old-fashioned as a chastity belt. Some employers may not be employing “women of a certain age” any more, but increasingly it is women who are deciding they don't want to work flat out once they have had children. They are redefining themselves as mothers who work rather than career women who happen to have children. The British Household Panel Survey, which involved 3,800 couples over eight years, found that women with part-time jobs were the happiest. They reported greater job satisfaction than those in full-time work and appeared more content than those with no job. By contrast, 78 per cent of fathers said that they were happiest working full-time. Those shoulder-padded woman who used their stilettos to become prime ministers, QCs and consultants in the 1980s and dictated their briefs while they were giving birth now seem as old-fashioned as their big hair. The number of women in full-time professional and managerial roles peaked in 2001 in Britain. The number of married mothers working full time and with infant-age children has fallen by 6 per cent in five years across all educational levels. The commission's answer is to demand more leave for men so that they can bear more of the domestic load. But a quarter of fathers already take less than half of their paternity leave. According to a study by Cambridge University the average man spends eight hours on cleaning, cooking and childcare per week while women spend 23 hours on domestic work. But when women were asked if they wanted their partner to take over more of the childcare, 70 per cent said no. This doesn't mean that women have given up on their ambitions in favour of puréeing baby food. For many women, setting up their own company or going freelance so they can manage their own time has been the answer. The number of women setting up companies increased by 10 per cent in the past six months. As Sahar Hashemi, co-founder of the Coffee Republic chain, says: “A lot of women are walking away from corporations because they want to live and work differently, not because anyone is forcing them out.” It is the old-fashioned businesses that will suffer. Good companies know that it makes sense to woo older women, even if it means creating new posts for them or allowing them to work flexitime. Women need to understand that if they take a year's maternity leave they cannot automatically expect to have received a career promotion in their absence or be able to take off every half term, school outing and holiday. Both companies and women have to realise they can't have it all - but with a bit more flexibility they can have a bigger slice of it. Check the stats on the website http://www.timesonline.co.uk/tol/comment/article4333479.ece

Adulterated sh*te

Paragon, "imagination is a powerful weapon; in times of difficulty it is the thin line between being stale or deleriously happy"

^Sacu maradacun anyone?

How dare she; how double dare she indeed! This girl must be gagged for such a sacrilegious utterings. How dare she suggest that women should cleverly use men to their ends? That is just not the done thing. It goes against the grain of egalitarianism which women had so deservedly earned through sheer hard work audacity. I mean, what happens to all the education you have received? You seem educated and articulate- all these years of hard labour and waking in the middle of the night for that exam you had to revise; all that down in the toilet because you want to have a successful marriage? What a blasphemy. Lily, Good luck for the Rich Farah or more to the point, welcome to the greeze pol that is career.

If you try to explain irony then it has failed it's purpose! this is a classic example of this failure. These guys had to issue a press release in order to explain the cartoon! It has began; I hope he can handle it.

He looks like a thug brother! no bun intended.

There is one today 5.30pm; got the invite last night from Chatham house. I will see how the maryooley behaves amidnst the spooks.

I will be there. NGone, students and those of us whom you pay for through the tax ceydh system.

The guy in the Grey suite with the hat! he just typical SL politican! nice outfit mate.

C/raxmaan dheere representing the ICU; if this isnt this ironic!!. The man is an *&*&*&** per excellence-- he has once asked someone absentmindedly "is there is a man more intelligent than I". PS: Peace is what we all want but not one that will serve our enemies and will make us all look sheepish in the times ahead.

Lazie G has told you the tric old; get hooked on your personality and wit then we she is in the middle of the ocean and she cant turn around swimming to the shore then reveal all the the "negative" stuff you have mentioned.

AFRICA OIL CORP. (formerly Canmex Minerals Corporation) CONSOLIDATED FINANCIAL STATEMENTS December 31, 2007 and 2006 Africa Oil Corp. Annual Report For the Year Ended December 31, 2007 To our Shareholders, Africa Oil Corp. holds an 80% interest in two large oil exploration licenses encompassing the Dharoor and Nogal Valleys in the state of Puntland in northern Somalia. Both blocks are considered world-class exploration plays with petroleum systems geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen. During the year, the Company made excellent progress advancing its exploration efforts on these two highly prospective concessions. Dharoor and Nogal Oil Exploration Projects, Puntland A comprehensive seismic reprocessing program, including review and integration of all geophysical and geological data, was successfully completed on the Nogal block. The data from the Nogal block were more than sufficient to enable mapping of the block and prospect generation. At the Dharoor block, previous seismic coverage was insufficient and, therefore, the Company designed a comprehensive survey of approximately 2,600 kilometres of 2D data to cover the prospective area of the concession. Invitations to bid were issued and the successful bidder was IMC/Tesla of the UK and Canada. The contract was executed and the crew is currently mobilizing to Puntland with recording scheduled to begin in May 2008. A drill location was chosen on the Nogal block as the Company’s first exploration well. A drill rig was sourced and signed with ETP of Indonesia to commence drilling in July, 2008. The contract is for 2 firm wells and 2 contingent wells. However, during the last few weeks, the security situation in Somalia has deteriorated and there has been a corresponding decrease in stability. While this situation is not directly affecting operations in the Nogal area, the Company considers it prudent to delay the start of the drilling program and give the Puntland Government freedom to deal with the situation effectively. We are continuing to work closely with the Puntland Government and will reinstate the drilling campaign as soon as possible. In the meantime, operations in the Dharoor region are unaffected and recording of the seismic program will commence in May as planned. While we are disappointed in having to delay our drilling program, it is a minor setback and should not prevent us from satisfying our commitments and fulfilling our obligations under the Production Sharing Agreements. The first exploration period lasts until January, 2010 and, as a result, we have ample time to drill the two wells committed during that initial period. We remain very excited at the prospect of applying lessons learned in Yemen to these world class basins and optimistic that our program will be successful. Corporate The Company’s name change to Africa Oil Corp. became effective August 20, 2007. The Company now trades on the TSX Venture Exchange under the symbol “AOI”. The Company has added another key member to its technical team. Mr. Paul Colyer has joined the Company as Drilling Manager. Mr. Colyer, considered one of the top drilling managers in the industry, brings over 35 years of experience to the Company. Mr. Colyer has spent the greater part of his career at Occidental Petroleum and has drilled and managed drill programs in both Yemen and Somalia. In addition, Mr. Darren Moulds was appointed Chief Financial Officer of the Company effective March 31, 2008. Mr. Moulds brings to Africa Oil nine years of financial experience in the oil and gas sector. He is a United States Certified Public Accountant (Illinois) and a graduate of the University of Saskatchewan where he obtained a bachelor of commerce degree. Mr. Moulds replaces Ian Gibbs, who has resigned to focus on his full-time role as CFO of Tanganyika Oil Company Ltd. The Company looks forward to a successful venture in Puntland and will continue as well to review other opportunities in Africa and beyond as part of an aggressive growth strategy. On Behalf of the Board Richard Schmitt President and CEO April 25, 2008 - 2 - AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) MANAGEMENT’S DISCUSSION AND ANALYSIS (Amounts expressed in United States dollars unless otherwise indicated) For the YEARS ENDED December 31, 2007 AND 2006 On August 20, 2007, the Company changed its name from Canmex Minerals Corporation to Africa Oil Corp. Management’s discussion and analysis (“MD&A”) focuses on significant factors that have affected Africa Oil Corp. and its subsidiaries (the “Company” or “AOC”) and such factors that may affect its future performance. In order to better understand the MD&A, it should be read in conjunction with the Company’s audited consolidated financial statements for the years ended December 31, 2007 and 2006 and related notes thereto. The financial information in this MD&A is derived from the Company’s consolidated financial statements which are prepared in accordance with Canadian generally accepted accounting principles. The significant accounting policies are outlined within Note 3 to the consolidated financial statements of the Company. The effective date of this MD&A is April 28, 2008. Additional information about the Company and its business activities is available on SEDAR at www.sedar.com. GENERAL Africa Oil Corp. (“AOC”) is a Canadian-based company whose common shares are traded on the TSX Venture Exchange under the symbol “AOI”. The Company is an international oil and gas exploration and development company based in Canada with oil and gas interests in Somalia. During the first quarter of 2007, AOC entered into Production Sharing Agreements (“PSAs”) and Joint Venture Agreements acquiring an 80% interest in licenses covering an area of 81,000 square kilometers in the highly prospective Dharoor Valley and Nogal Valley Blocks in the state of Puntland in northern Somalia. These blocks are considered world-class exploration plays with a petroleum system identical to and formerly contiguous with those within the Republic of Yemen. AOC acquired its 80% participating interest in the blocks from Range Resources Ltd. (“Range”), a public company listed on the Australian Stock Exchange. As consideration for its participating interest, the Company paid Range $5,000,000 and assumed the obligation to solely fund $22,750,000 of joint venture costs on each of the blocks ($45,500,000 in total for both blocks) during the exploration period. In the event that a commercial discovery is declared on a block prior to AOC spending $22,750,000, AOC shall be deemed to have earned its interest in the block and the Company and Range will be responsible for future expenditures on the block in proportion to their respective working interests. In the event that AOC does not fund the required $22,750,000 during the two three-year exploration periods, the Company’s interest in the block would be forfeited. An additional $3,500,000 will be payable to Range upon commencement of commercial production. - 3 - OPERATIONS UPDATE Drilling Rig Contract Subsequent to year end, AOC entered into a contract for a drilling rig to begin drilling in its Puntland concessions in 2008. The contract covers the drilling of two wells with an option to drill two additional wells. The contracted 2,000 Horse-power rig is a new package being constructed in the Shengli fabrication plant in Dongying, China. The rig is scheduled for shipment in mid May, 2008 and will mobilize in Jebel Ali, Dubai. AOC has decided to delay the start of its 2008 drilling programme due to the deteriorating security situation in Somalia and as a result is working with the contractor to delay the delivery of the contracted drilling rig. Seismic Program In the Nogal Block, AOC has acquired all of the more than 4,000 kilometres of good quality 2D data which was recorded in the late 1980's. This has enabled the Company to work up an inventory of drilling prospects from which the first two well locations will be selected. At the Dharoor Block, existing seismic data is believed to be insufficient and as such, the Company has finalised a contract for shooting approximately 2,600 kilometres of 2D seismic. The seismic crew is expected to commence acquisition in Puntland in early May 2008. Selected Annual Information Year ended Year ended Year ended December 31 December 31 December 31 2007 2006 2005 Statement of Operations Data Interest income 3 54,134 1 74,698 27,020 Net earnings (loss) 1,163,590 (782,915) (433,868) Data per Common Share Basic and diluted earnings (loss) per share ($/share) 0.07 ( 0.06) ( 0.07) Balance Sheet Data Net working capital 17,807,961 5,786,342 2,478,036 Total assets 25,035,587 5,823,228 2,825,159 Long term liabilities - - - - 4 - Selected Quarterly Information Financial Data for 8 Quarters Three months ended Dec 31 Sept 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2007 2007 2007 2007 2006 2006 2006 2006 Interest Income ($'000) 9 6 121 112 2 5 49 50 63 1 3 Net earnings (loss) ($'000) (241) 656 783 (34) (767) 33 ( 19) (30) Basic and diluted earnings (loss) per share ($) (0.02) 0.04 0.05 0 .00 (0.06) 0.00 0.00 0 .00 The Company recorded a net loss of $241,000 during the fourth quarter of 2007 as a result of increased expenditures for additional staff costs, consulting and travel costs in connection with the Company’s progress on the 2008 exploration plan. Expenses will continue to increase through 2008 as the Company employ’s additional staff following the first quarter 2007 signing of the Dharoor Valley and Nogal Valley Production Sharing Agreements and the gearing up for planned exploration activities during 2008. Positive earnings during the second and third quarter of 2007 were due to recognized exchange gains, mostly attributable to the Company’s large Canadian dollar cash position during these periods and the strengthening of the Canadian dollar versus the US dollar. The $767,000 loss incurred during the fourth quarter of 2006 was mainly due to $671,531 of stock based compensation charges during the quarter combined with increased employment related costs due to increased head count. RESULTS OF OPERATIONS Year ended Year ended December 31, 2007 December 31, 2006 Profit (loss) for the period 1,163,590 (782,915) Less: exchange gain 2,546,989 3,915 Profit (loss) before foreign exchange (1,383,399) (786,830) Before exchange gains and losses the Company incurred a $1,383,399 loss during the year ended December 31, 2007. Total expenses were $1,737,533 during 2007, compared to $961,528 during the 2006. The increase in expenses relates primarily to increased salary, stock based compensation and travel expenses. Expenses are expected to increase during 2008 as the Company begins actively exploring for oil in Somalia. The Company is currently a non-revenue generating international oil and gas company with interests in exploration stage oil properties. Accordingly, losses are expected to continue. - 5 - OIL AND GAS INTEREST December 31, 2006 Acquisition Geological and Geophysical Total Total Somalia 5,500,000 1,369,106 6,869,106 - December 31, 2007 AOC incurred geological and geophysical expenses relating to purchasing and reinterpreting previously acquired seismic data on the Dharoor Valley and Nogal Valley blocks. LIQUIDITY AND CAPITAL RESOURCES As at December 31, 2007, the Company had cash of $18.1 million and working capital of $17.8 million as compared to cash of $2.9 million and working capital of $5.8 million at December 31, 2006. The increase of $12.0 million in working capital during the year is primarily due to $17 million net private placement proceeds being offset by the $5.0 million payment to Range as consideration for the Company’s participating interest in the Dharoor Valley and Nogal Valley Blocks and $500,000 paid to the Somalia government for annual bonuses as required under the Production Sharing Agreements. On April 3, 2007 and April 5, 2007, AOC closed two tranches of a private placement consisting of an aggregate 4.0 million common shares of the Company at a price of CAD$5.00 per share, for gross proceeds of CAD$20.0 million. These funds will be used to explore the Dharoor Valley and Nogal Valley Blocks in the state of Puntland in northern Somalia under the terms of the PSAs and for general corporate purposes. The Company’s current working capital position may not provide it with sufficient capital resources to meet its minimum work obligations for the initial three year exploration period under the PSAs, participation agreement and for general corporate purposes. To finance its future acquisition, exploration, development and operating costs, AOC may require financing from external sources, including from the sale of equity and debt securities. There can be no assurance that such financing will be available to the Company or, if available, that it will be offered on terms acceptable to AOC. FINANCIAL INSTRUMENTS The carrying amount of financial instruments comprising cash and cash equivalents, term deposits, accounts receivable and accounts payable and accrued liabilities approximate their fair value due to the immediate or short-term nature of these items. RELATED PARTY TRANSACTIONS The Company has entered into transactions with a related party, which were measured at the exchange amounts. The Company paid $153,962 (2006 - $58,196) to a private corporation owned by the former President and Director of the Company, pursuant to a services agreement. DISCUSSION OF PROPOSED TRANSACTIONS The Company is currently evaluating new business opportunities but none that are considered to be probable to close in the immediate future. - 6 - OUTSTANDING SHARE DATA As at April 25, 2008, the Company had 17,542,812 common shares outstanding and 857,100 stock options outstanding under its stock based compensation plan. OFF-BALANCE SHEET ARRANGEMENTS The Company does not have any off-balance sheet arrangements. Changes in Functional Currency and Accounting Policies As a result of its increased focus on international oil and gas operations, the Company adopted the US dollar as its reporting currency during the year ended December 31, 2006. All opening assets and liabilities were translated into US dollars using the exchange rate in effect on January 1, 2006. For comparative purposes, historical financial statements and notes thereto up to and including December 31, 2006 have been restated into US dollars as if the Company had adopted the US dollar as its reporting currency for those periods. The change in the reporting currency for the prior periods resulted in a currency translation adjustment of $183,266 as at December 31, 2006, which is reflected in accumulated other comprehensive income, a separate component of shareholders’ equity. Prior to January 1, 2007, the Company’s functional currency was Canadian dollars. Due to the Company’s participating interest in the Dharoor Valley and Nogal Valley PSAs, and the associated increase in United States dollar denominated expenditures, the United States dollar was adopted as the functional currency of the Company effective January 1, 2007. New Accounting Pronouncements The Company adopted the full cost method of accounting for its oil and gas interests during 2006. In accordance with Accounting Guideline 16 (AcG 16) issued by the CICA, all costs relating to the exploration for and development of oil and gas reserves are capitalized in country-by-country cost centres and charged against income as set out below. Capitalized costs include expenditures for geological and geophysical surveys, concession acquisition, drilling exploration and development wells, gathering and production facilities and other development expenditures. Capitalized costs along with estimated future capital costs to develop proved reserves are depleted on a unit-of-production basis using estimated proved oil and gas reserves. Costs of acquiring and evaluating unproved properties are excluded from costs subject to depletion until it is determined whether proved reserves are attributable to the properties or impairment occurs. Unproved properties are evaluated for impairment on at least an annual basis. If an unproved property is considered to be impaired, the amount of the impairment is added to costs subject to depletion. The Company engages independent reservoir engineers in order to determine its share of reserves. Proceeds from the sale or farm-out of oil and gas interests are offset against the related capitalized costs and any excess of net proceeds over capitalized costs is included in operations. Gains or losses from the sale or farm-out of oil and gas interests in the producing stage are recognized only when the effect of crediting the proceeds to capitalized costs would result in a change of 20 percent or more in the depletion rate. - 7 - The net amount at which oil and gas interests are carried is subject to a cost recovery test (the “ceiling test”). The ceiling test is a two-stage process which is performed at least annually. The first stage is a recovery test whereby undiscounted estimated future cash flows from proved reserves at oil and gas prices in effect at the balance sheet date (“forecast prices”) plus the cost of unproved properties less any impairment is compared to the net book value of the oil and gas interests to determine if the assets are impaired. An impairment loss exists if the net book value of the oil and gas interests exceeds such undiscounted estimated cash flows. The second stage determines the amount of the impairment loss to be recorded. The impairment is measured as the amount by which the net book value of the oil and gas interests exceeds the future estimated discounted cash flows from proved plus probable reserves at the forecast prices. Any impairment is recorded as additional depletion cost. The following summarizes recent accounting pronouncements and the potential impact on the Company: Financial Instrument - Recognition and Measurement, Hedging and Comprehensive Income In January 2005, the Canadian Institute of Chartered Accountants (“CICA”) released the new Handbook Section 3855, “Financial Instruments –Recognition and Measurement” and Section 1530, “Comprehensive Income”, effective for the interim periods and year ends for fiscal years commencing on or after January 1, 2007 on a prospective basis. The Company adopted these standards starting on January 1, 2007 on a prospective basis. As required by the new standards, prior periods have not been restated, except to reclassify the foreign currency translation adjustment balance as described under Comprehensive Income. Section 3855 establishes standards for the recognition and measurement of all financial instruments, provides a characteristics-based definition of a derivative financial instrument, provides criteria to be used to determine when a financial instrument should be recognized, and provides criteria to be used when a financial instrument is to be extinguished. Section 1530 establishes standards for reporting comprehensive income. These standards require that an enterprise present comprehensive income and its components in a separate financial statement that is displayed with the same prominence as other financial statements. The Company is not a counter-party to any derivative contracts nor does it believe that it has any embedded derivatives. Should the Company enter into any such contracts in the future it will account for them under these new standards. Financial Instruments - Disclosure In December 2006, the AcSB issued Section 3862 as a new accounting standard on disclosures about financial instruments. Section 3862 must be implemented no later than the first reporting period in the first fiscal year beginning on or after October 1, 2007. Section 3862 places an increased emphasis on disclosures about the risks associated with both recognized and unrecognized financial instruments and how those risks are managed. The additional disclosures will be evaluated by the Company. - 8 - Accounting Changes In July 2006 the CICA issued revised Section 1506, Accounting Changes. The main features are as follows: Voluntary changes in accounting policy are made only if they result in the financial statements providing reliable and more relevant information. · Changes in accounting policy are applied retrospectively unless doing so is impracticable. · Prior period errors are corrected retrospectively. · New disclosures are required in respect of changes in accounting policies, changes in accounting estimates and correction of errors. The revised Section applies to interim and annual financial statements relating to fiscal years beginning on or after January 1, 2007. The requirements of this new section are being addressed as circumstances dictate. Capital Disclosures In December 2006, the CICA issued a new accounting standard on disclosures about capital. Section 1535, Capital Disclosures, must be implemented no later than the first reporting period in the first fiscal year beginning on or after October 1, 2007. Section 1535 requires an entity to disclose information about its objectives; policies and processes for managing capital, as well as its compliance with any externally imposed capital requirements. The Section requires entities to describe and provide quantitative data about what they manage as capital. The Company is analyzing the additional disclosure requirements and will address these issues at or on October 1, 2007. International Financial Reporting Standards Canadian generally accepted accounting principles for publicly accountable enterprises are expected to be replaced with International Financial Reporting Standards (IFRSs) for periods commencing January 1, 2011. The Company will address the impact of the adoption of IFRSs as and when the transition requirements become more clearly defined. It is possible that the adoption of IFRS will have a material impact on the Company’s financial statements. Assessing Going Concern In June 2007, CICA Section 1400 was amended to include requirements for management to assess and disclose an entity’s ability to continue as a going concern. This section applies to interim and annual periods beginning on or after January 1, 2008 RISK FACTORS The Company is subject to various risks and uncertainties, including, but not limited to, those listed below. International Operations AOC participates in oil and gas projects located in emerging markets, including Somalia. Oil and gas exploration, development and production activities in these emerging markets, including Somalia, are subject to significant political and economic uncertainties which may adversely affect the Company's operations. Uncertainties include, but are not limited to, the risk of war, terrorism, expropriation, nationalization, renegotiation or nullification of existing or future concessions and contracts, the imposition of international sanctions, a change in crude oil or natural gas pricing policies, a change in taxation policies, and the imposition of currency controls. These uncertainties, all of which are beyond the Company’s control, could have a material adverse effect on AOC’s business, prospects and results of operations. In addition, if legal disputes arise related to oil and gas concessions acquired by the Company, AOC could be subject to the jurisdiction of courts other than those of Canada. The Company’s recourse may be very limited in the event of a breach by a government or government - 9 - authority of an agreement governing a concession in which AOC acquires an interest. The Company may require licenses or permits from various governmental authorities to carry out future exploration, development and production activities. There can be no assurance that AOC will be able to obtain all necessary licenses and permits when required. Uncertainty of Title Although the Company conducts title reviews prior to acquiring an interest in a concession, such reviews do not guarantee or certify that an unforeseen defect in the chain of title will not arise that may call into question AOC’s interest in the concession. Any uncertainty with respect to one or more of AOC’s concession interests could have a material adverse effect on the Company’s business, prospects and results of operations. The Company has been made aware that other entities have made claims concerning areas covered by the Company's concessions. The Company believes that there is no merit to any of these claims. Accordingly, the Company proposes to proceed with its exploration and development program as previously disclosed Competition The petroleum industry is intensely competitive in all aspects including the acquisition of oil and gas interests, the marketing of oil and natural gas, and acquiring or gaining access to necessary drilling and other equipment and supplies. AOC competes with numerous other companies in the search for and acquisition of prospects. Risks Inherent in Oil and Gas Exploration and Development AOC’s business is subject to all of the risks and hazards inherent in businesses involved in the exploration for, and the acquisition, development, production and marketing of, oil and natural gas, many of which cannot be overcome even with a combination of experience and knowledge and careful evaluation. The risks and hazards typically associated with oil and gas operations include fire, explosion, blowouts, sour gas releases, pipeline ruptures and oil spills, each of which could result in substantial damage to oil and natural gas wells, production facilities, other property, the environment or personal injury. Capital Requirements To finance its future acquisition, exploration, development and operating costs, AOC may require financing from external sources, including from the sale of equity and debt securities. There can be no assurance that such financing will be available to the Company or, if available, that it will be offered on terms acceptable to AOC. If additional financing is raised through the issuance of equity or convertible debt securities, control of the Company may change and the interests of shareholders in the net assets of AOC may be diluted. If unable to secure financing on acceptable terms, AOC may have to cancel or postpone certain of its planned exploration and development activities and may not be able to take advantage of acquisition opportunities. OUTLOOK AOC continues to invest in exploration activities related to the Dharoor Valley and Nogal Valley Blocks in Puntland, Somalia. Reprocessing of seismic data from the Nogal Valley block has commenced and acquisition of 2D data in the Dharoor Valley block will begin over the next few months. Soon after completion of the seismic program, a drilling rig is expected to be mobilized into the area to commence exploration drilling. The timing of the Company’s exploration activities will be dependant upon security considerations in Puntland, Somalia. We are very excited at the prospect of applying lessons learned in Yemen to these world class basins and optimistic that our program will be successful. - 10 - Forward Looking Statements This MD&A may contain forward-looking statements and information. Forward-looking statements are statements that are not historical fact and are generally identified by words such as believes, anticipates, expects, estimates or similar words suggesting future outcomes. By their nature, forwardlooking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Risks and uncertainties include, but are not limited to, risk with respect to general economic conditions, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating expenses, pricing and availability of financing and currency exchange rate fluctuations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update or re-issue the forward-looking statements and information that may be contained herein, whether as a result of new information, future events or otherwise. KPMG LLP Chartered Accountants PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca KPMG LLP, a Canadian limited liability partnership is the Canadian member firm of KPMG International, a Swiss cooperative. AUDITORS' REPORT TO THE SHAREHOLDERS We have audited the consolidated balance sheets of Africa Oil Corp. (formerly Canmex Minerals Corporation) as at December 31, 2007 and 2006 and the consolidated statements of operations and deficit, comprehensive income, shareholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2007 and 2006 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. KPMG LLP (signed) Chartered Accountants Vancouver, Canada April 16, 2008 1 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Consolidated Balance Sheets (Expressed in United States dollars) December 31, 2007 and 2006 2007 2006 (Restated - note 2) Assets Current assets: Cash and cash equivalents $ 18,141,474 $ 2,949,333 Term deposits - 2,831,889 Accounts receivable 25,007 35,929 Due from related parties (note 9) - 2,554 Prepaid expenses - 3,523 18,166,481 5,823,228 Oil and gas interest 6,869,106 - $ 25,035,587 $ 5,823,228 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 358,520 $ 27,579 Due to related party (note 9) - 9,307 358,520 36,886 Shareholders’ equity: Share capital (note 6) 28,496,473 11,492,546 Contributed surplus 1,394,497 671,289 Deficit (5,030,637) (6,194,227) Accumulated other comprehensive income (183,266) (183,266) 24,677,067 5,786,342 Nature of operations (note 1) Commitments and contingencies (note 5) Subsequent event (note 5) $ 25,035,587 $ 5,823,228 See accompanying notes to consolidated financial statements. Approved on behalf of the Board: “Richard Schmitt” Director “Cameron Bailey” Director 2 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Consolidated Statements of Operations and Deficit (Expressed in United States dollars) Years ended December 31, 2007 and 2006 2007 2006 Expenses: Project investigation $ - $ 64,854 Salaries and benefits 333,250 - Stock-based compensation 761,300 671,531 Travel 252,853 - Management fees 153,962 58,196 Office and general 108,373 108,200 Professional fees 64,576 46,999 Stock exchange and filing fees 63,219 11,748 1,737,533 961,528 Other income: Interest and other income (354,134) (174,698) Foreign exchange gain (2,546,989) (3,915) (2,901,123) (178,613) Earnings (loss) for the year 1,163,590 (782,915) Deficit, beginning of year (6,194,227) (5,411,312) Deficit, end of year $ (5,030,637) $ (6,194,227) Earnings (loss) per share: Basic $ 0.07 $ (0.06) Diluted 0.07 (0.06) Weighted average number of shares outstanding: Basic 16,219,097 12,945,775 Weighted 16,503,559 12,945,775 See accompanying notes to consolidated financial statements. Consolidated Statements of Comprehensive Income (Expressed in United States dollars) Years ended December 31, 2007 and 2006 2007 2006 Other comprehensive income: Impact of reporting currency change $ - $ (5,905) Earnings (loss) for the year 1,163,590 (782,915) Comprehensive income for the year $ 1,163,590 $ (788,820) See accompanying notes to consolidated financial statements. 3 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Consolidated Statements of Shareholders’ Equity (Expressed in United States dollars) Years ended December 31, 2007 and 2006 2007 2006 Share capital: Balance, beginning of year $ 11,492,546 $ 8,066,951 Exercise of warrants (note 6(a)) - 3,425,595 Private placement, net (note 6(a)) 16,872,350 - Exercise of options 131,577 - Balance, end of year 28,496,473 11,492,546 Contributed surplus: Balance, beginning of year 671,289 (242) Stock-based compensation (note 6(b)) 761,300 671,531 Exercise of options (38,092) - Balance, end of year 1,394,497 671,289 Accumulated other comprehensive income Balance, beginning of year (183,266) (177,361) Impact of reporting currency change (note 2) - (5,905) Balance, end of year (183,266) (183,266) Deficit: Balance, beginning of year (6,194,227) (5,411,312) Earnings (loss) for the year 1,163,590 (782,915) Balance, end of year (5,030,637) (6,194,227) Total shareholders’ equity $ 24,677,067 $ 5,786,342 See accompanying notes to consolidated financial statements. 4 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Consolidated Statements of Cash Flows (Expressed in United States dollars) Years ended December 31, 2007 and 2006 2007 2006 Cash provided by (used in): Operations: Earnings (loss) for the year $ 1,163,590 $ (782,915) Stock-based compensation, an item not affecting cash 761,300 671,531 Unrealized foreign exchange gain (2,546,989) - Changes in non-cash operating working capital: Accounts receivable and prepaid expenses 14,445 (12,005) Due from related parties 2,554 (1,127) Accounts payable and accrued liabilities 330,941 (323,056) Due to related parties (9,307) 4,101 (283,466) (443,471) Investments: Investment in oil and gas interests (6,869,106) - Term deposit 2,831,889 (88,176) (4,037,217) (88,176) Financing: Common shares issued, net of issuance costs of $476,037 16,965,835 3,425,595 Effect of exchange rate changes on cash and cash equivalents denominated in foreign currency 2,546,989 4,096 Increase in cash and cash equivalents 15,192,141 2,898,044 Cash and cash equivalents, beginning of year 2,949,333 51,289 Cash and cash equivalents, end of year $ 18,141,474 $ 2,949,333 Supplementary information: Interest paid $ - $ - Income taxes paid - - See accompanying notes to consolidated financial statements. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 5 1. Nature of operations: The Company changed its name from Canmex Minerals Corporation to Africa Oil Corp. on August 20, 2007. Africa Oil Corp. (collectively with its subsidiaries, AOC or the Company), was incorporated on March 29, 1993 under the laws of British Columbia and is an international oil and gas exploration and development company based in Canada with oil interests in Somalia. AOC participates in oil and gas projects located in emerging markets, including Somalia. Oil and gas exploration, development and production activities in these emerging markets, including Somalia, are subject to significant uncertainties which may adversely affect the Company’s operations. Uncertainties include, but are not limited to, the risk of war, terrorism, expropriation, nationalization, renegotiation or nullification of existing or future concessions and contracts, the imposition of international sanctions, a change in crude oil or natural gas pricing policies, a change in taxation policies, and the imposition of currency controls. These uncertainties, all of which are beyond the Company’s control, could have a material adverse effect on AOC’s business, prospects and results of operations. In addition, if legal disputes arise related to oil and gas concessions acquired by the Company, AOC could be subject to the jurisdiction of courts other than those of Canada. The Company’s recourse may be very limited in the event of a breach by a government or government authority of an agreement governing a concession in which AOC acquires an interest. The Company may require licenses or permits from various governmental authorities to carry out future exploration, development and production activities. There can be no assurance that AOC will be able to obtain all necessary licenses and permits when required. These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern and thereby realize its assets and discharge its liabilities in the normal course of business. The Company incurred losses before exchange gains and losses of $1,383,399 and $786,830, respectively from continuing operations during the years ended December 31, 2007 and 2006 and currently does not have any operating assets that generate revenues. Consequently, the Company’s ability to continue as a going concern is dependent on the Company’s ability to discover economically recoverable resources and obtain additional financing if, as and when required, and, ultimately, the attainment of profitable operations. These consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern. 2. Change in functional and reporting currency: During the year ended December 31, 2006, the Company changed its reporting currency from Canadian dollars to United States dollars as this reporting currency is more suitable for the Company’s investors and other users of the financial statements as a result of the Company’s increased focus on international oil and gas operations. In making this change in reporting currency, the Company has followed the recommendations of the Emerging Issues Committee (EIC) of the Canadian Institute of Chartered Accountants (CICA), set out in EIC-130, Translation Method when the Reporting Currency Differs from the Measurement Currency or there is a Change in the Reporting Currency. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 6 2. Change in functional and reporting currency (continued): Using this method, all consolidated assets and liabilities have been translated using the exchange rate at the balance sheet dates, while shareholders’ equity has been translated using the historical rates of exchange in effect on the dates of the corresponding transactions. The consolidated statements of operations and deficit and cash flows have been translated using the prevailing average exchange rates for the periods. Any resulting exchange differences due to this translation were included in shareholders’ equity as cumulative translation adjustments. On adoption of Handbook Section 1530, Comprehensive Income (see note 4), the comparative financial statements have been restated to classify the cumulative translation adjustment within accumulated other comprehensive income. Prior to January 1, 2007, the Company’s functional currency was Canadian dollars. Due to the Company’s participating interest in the Dharoor Valley and Nogal Valley PSAs, and the associated increase in United States dollar denominated expenditures, the United States dollar was adopted as the functional currency of the Company effective January 1, 2007. At December 31, 2007 the Company’s cash balance includes $13.2 million (Canadian dollars) with the remainder of the aggregate held in United States dollars 3. Significant accounting policies: These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Canada, which include the following: (a) Basis of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. (b) Term deposits: Term deposits consist of highly liquid investments, having maturity dates of three to twelve months when purchased and are recorded at the lower of cost and quoted market value. © Foreign currency translation: The Company’s functional and reporting currency is United States dollars. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date and non-monetary assets and liabilities are translated at rates in effect on the date of the transaction. Revenues and expenses are translated at the average rate of exchange in effect during the period other than depreciation which is translated at historical rates. Exchange gains or losses arising from translation are included in operations. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 7 3. Significant accounting policies (continued): (d) Oil and gas interests: The Company follows the full cost method of accounting for its oil and gas interests. In accordance with Accounting Guideline 16 (AcG 16) issued by the CICA, all costs relating to the exploration for and development of oil and gas reserves are capitalized in country-by-country cost centres and charged against income as set out below. Capitalized costs include expenditures for geological and geophysical surveys, concession acquisition, drilling exploration and development wells, gathering and production facilities and other development expenditures. Capitalized costs along with estimated future capital costs to develop proved reserves are depleted on a unit-of-production basis using estimated proved oil and gas reserves. Costs of acquiring and evaluating unproved properties are excluded from costs subject to depletion until it is determined whether proved reserves are attributable to the properties or impairment occurs. Unproved properties are evaluated for impairment on at least an annual basis. If an unproved property is considered to be impaired, the amount of the impairment is added to costs subject to depletion. The Company engages independent reservoir engineers in order to determine its share of reserves and resources. Proceeds from the sale or farm-out of oil and gas interests are offset against the related capitalized costs and any excess of net proceeds over capitalized costs is recorded in the statement of operations. Gains or losses from the sale or farm-out of oil and gas interests in the producing stage are recognized only when the effect of crediting the proceeds to capitalized costs would result in a change of 20 percent or more in the depletion rate. The net amount at which oil and gas interests are carried is subject to a cost recovery test (the ceiling test). The ceiling test is a two-stage process which is performed at least annually. The first stage is a recovery test whereby undiscounted estimated future cash flows from proved reserves at oil and gas prices in effect at the balance sheet date (forecast prices) plus the cost of unproved properties less any impairment is compared to the net book value of the oil and gas interests to determine if the assets are impaired. An impairment loss exists if the net book value of the oil and gas interests exceeds such undiscounted estimated cash flows. The second stage determines the amount of the impairment loss to be recorded. The impairment is measured as the amount by which the net book value of the oil and gas interests exceeds the future estimated discounted cash flows from proved plus probable reserves at the forecast prices. Any impairment is recorded as additional depletion cost. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 8 3. Significant accounting policies (continued): (e) Stock-based compensation: The Company has a stock option plan as described in note 6(b). The Company uses the fair value method, utilizing the Black-Scholes option pricing model, for valuing stock options granted to directors, officers, consultants and employees. The estimated fair value is recognized over the applicable vesting period, except for stock options granted to consultants which are expensed immediately, as stockbased compensation expense and an increase to contributed surplus. When the stock options are exercised, the proceeds received and the applicable amounts recorded in contributed surplus are credited to share capital. (f) Income taxes: The Company accounts for income taxes using the asset and liability method. Under this method, future income tax assets and liabilities are determined based on differences between the financial statement carrying values of assets and liabilities and their respective income tax bases (temporary differences), and losses carried forward. Future income tax assets and liabilities are measured using the tax rates expected to be in effect when the temporary differences are likely to reverse. The effect on future income tax assets and liabilities of a change in tax rates is included in operations in the period in which the change is substantively enacted. The amount of future income tax assets recognized is limited to the amount of the benefit that is more likely than not to be realized. (g) Earnings (loss) per share: Earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the year. For all periods presented, loss attributable to common shareholders are the same as reported net earnings (loss). For calculating diluted earnings (loss) per share, the treasury stock method is used for the purposes of determining the common share equivalents with respect to outstanding stock options and warrants to be included in the weighted average number of common shares outstanding, if dilutive. For the year ended December 31, 2006, dilutive loss per share is the same as basic loss per share, as the effect of the outstanding share options would be anti-dilutive. (h) Use of estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. In the accounting for oil and gas interests, amounts recorded for depletion and amounts used for impairment test calculations are based on estimates of oil and gas reserves and future cash flows, including development costs. By their nature, the estimates of reserves and the related future cash flows are subject to measurement uncertainty and the impact on the consolidated financial statements of future periods could be material. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 9 3. Significant accounting policies (continued): (i) Future accounting standard changes: The following is an overview of accounting standard changes that the Company will be required to adopt in future years. Capital Disclosures and Financial Instruments - Presentation and Disclosure The CICA issued three new accounting standards: section 1535, Capital Disclosures, section 3862, Financial Instruments - Disclosures, and section 3863, Financial Instruments - Presentation. These new standards will be effective for fiscal years beginning on or after October 1, 2007 and the Company will adopt them on January 1, 2008. The Company is in the process of evaluating the disclosure and presentation requirements of the new standards. Section 1535 establishes disclosure requirements about an entity’s capital and how it is managed. The purpose will be to enable users of the financial statements to evaluate the entity’s objectives, policies and processes for managing capital. Sections 3862 and 3863 will replace section 3861, Financial Instruments - Disclosure and Presentation, revising and enhancing its disclosure requirements, and carrying forward unchanged its presentation requirements. These new sections will place increased emphasis on disclosures about the nature and extent of risks arising from financial instruments and how the entity manages those risks. Assessing going concern In June 2007, CICA Section 1400 was amended to include requirements for management to assess and disclose an entity’s ability to continue as a going concern. This section applies to interim and annual periods beginning on or after January 1, 2008. 4. Adoption of new accounting standards: On January 1, 2007, the Company adopted three new accounting standards that were issued by the Canadian Institute of Chartered Accountants: Handbook Section 1530, Comprehensive Income, Handbook Section 3861, Financial Instruments - Presentation and Disclosure and Handbook Section 3855, Financial Instruments - Recognition and Measurement. These standards have been applied prospectively; accordingly, comparative amounts for prior periods have not been restated with the exception of the impact of the change in the Company’s reporting currency which has been reclassified from a cumulative translation amount to other comprehensive income within equity. (a) Comprehensive income: Section 1530 introduces comprehensive income, which consists of net income and other comprehensive income. Other comprehensive income represents changes in shareholders’ equity during a period arising from transactions and other events and circumstances from non-owner sources and includes unrealized gains and losses on financial assets classified as available-for-sale. The components of other comprehensive income are disclosed in the consolidated statement of shareholders’ equity. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 10 4. Adoption of new accounting standards (continued): (b) Financial instruments - presentation and disclosure; recognition and measurement: Section 3861 establishes standards for the presentation and disclosure of financial instruments. Section 3855 establishes standards for recognizing and measuring financial assets, financial liabilities and non-financial derivatives. It requires that financial assets and financial liabilities, including derivatives, be measured at fair value on initial recognition and recorded on the balance sheet. Measurement in subsequent period depends on whether the financial instrument has been classified as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities. Financial assets and liabilities held-for-trading are measured at fair value with changes in those fair values recognized in net income. Financial assets and financial liabilities considered held-to-maturity, loans and receivables, and other financial liabilities are measured at amortized cost using the effective interest method of amortization. Available-for-sale financial assets are measured at fair value with unrealized gains and losses recognized in other comprehensive income. Investments in equity instruments classified as available-for-sale that do not have a quoted market price in an active market are measured at cost. Derivative instruments, including embedded derivatives, are recorded on the balance sheet at fair value. Changes in the fair values of derivative instruments are recognized in net income with the exception of derivatives designated as effective cash flow hedges. The Company has no such designated hedges. 5. Oil and gas interest: 2007 2006 Geological and Acquisition geophysical Total Total Somalia $ 5,500,000 $ 1,369,106 $ 6,869,106 $ - During the first quarter of 2007, the Company entered into Production Sharing Agreements (PSAs) and Joint Operating Agreements acquiring an 80% interest in licenses covering the Dharoor Valley and Nogal Valley Blocks in the state of Puntland in northern Somalia. The Company acquired its 80% participating interest in the blocks from Range Resources Ltd. (Range), a public company listed on the Australian Stock Exchange. As consideration for its participating interest, the Company paid Range $5.0 million and assumed the obligation to solely fund $22.8 million of joint venture costs on each of the blocks ($45.5 million in total for both blocks) during the exploration period. In the event that a commercial discovery is declared on a block prior to the Company spending $22.8 million, the Company shall be deemed to have earned its interest in the block and the Company and Range will be responsible for future expenditures on the block in proportion to their respective working interests. In the event that the Company does not fund the required $22.8 million during the two three-year exploration periods, the Company’s interest in the block would be forfeited. An additional $3.5 million will be payable to Range upon commencement of commercial production. The Company entered into a drilling contract and a seismic study contract in February 2008, incurring related costs of $4.1 million. AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 11 6. Share capital: (a) The authorized and issued share capital is as follows: Authorized: 100,000,000 common shares without par value 2007 2006 Shares Amount Shares Amount Balance, beginning of year 13,229,912 $ 11,492,546 9,249,912 $ 8,066,951 Exercise of warrants - - 3,980,000 3,425,595 Private placements, net 4,000,000 16,872,350 - - Exercise of options 27,500 131,577 - - Balance, end of year 17,257,412 $ 28,496,473 13,229,912 $ 11,492,546 (i) During the year ended December 31, 2006, 3,980,000 share purchase warrants were exercised at a price of CAD$1.00 per share for total proceeds of $3,425,595 (CAD$3,980,000). There are no further warrants outstanding. (ii) During the second quarter ended June 30, 2007, the Company completed a private placement consisting of 4,000,000 common shares at CAD$5.00 per share less share issuance costs of CAD$500,000 for net proceeds of $16.9 million (CAD$19.5 million). (b) Stock options: The Company has a stock option plan (the Plan) in which 1,300,000 common shares have been made available for the Company to grant incentive stock options to certain directors, officers, employees and consultants of the Company. Option exercise prices, when granted, reflect current trading values of the Company’s shares and all options are subject to a four-month “hold” period from the date of grant. The term of any option granted under the Plan will be fixed by the Board of Directors and may not exceed five years from the date of grant; vesting periods are determined by the Board of Directors. No optionee is entitled to a grant of more than 5% of the Company’s outstanding issued shares. Share purchase options outstanding at December 31, 2007 and 2006, all of which are exercisable, are as follows: 2007 2006 Weighted average Weighted average Number exercise price Number exercise price of shares (CAD$) of shares (CAD$) Outstanding, beginning of year 500,000 3.43 - - Granted 595,000 4.33 500,000 3.43 Expired - - - - Exercised (27,500) 3.43 - - Outstanding, end of year 1,067,500 3.93 500,000 3.43 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 12 6. Share capital (continued): (b) Stock options (continued): An additional 295,000 stock options were granted during 2006 and were subject to shareholder approval. The fair value of these options has been recognized in the statement of operations for the year ended December 31, 2007 as shareholder approval was received at the Annual General Meeting held on June 21, 2007. The fair value of each option granted during the period ended December 31, 2007 is estimated on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: 2007 2006 Fair value of options granted (CAD$/share) 1.52 - 2.09 1.52 Risk-free interest rate (%) 4.29 - 4.83 4.29 Expected life (years) 2 - 3 3 Expected volatility (%) 55 - 63 62 Expected dividend yield - - The following table summarizes information regarding stock options outstanding at December 31, 2007. Exercise price Weighted average (CAD$/share) Number outstanding remaining contractual life 3.43 767,500 1.75 5.00 50,000 2.50 5.26 250,000 2.75 3.93 1,067,500 2.02 AFRICA OIL CORP. (Formerly Canmex Minerals Corporation) Notes to Consolidated Financial Statements (Expressed in United States dollars unless otherwise indicated) Years ended December 31, 2007 and 2006 13 7. Income taxes: Substantially all of the difference between the actual income tax expense (recovery) of nil and the expected federal and BC statutory corporate income tax recovery relates to losses not recognized. The significant components of the Company’s future income tax assets and liabilities at December 31, 2007 and 2006 are as follows: 2007 2006 Combined federal and provincial statutory income tax rate 34.12% 34.12% Future income tax assets: Mineral properties $ 238,152 $ 261,432 Capital losses carried forward 644,376 707,206 Non-capital losses carried forward 383,884 268,264 Share issuance costs 119,560 - Total future income tax assets 1,385,972 1,236,902 Valuation allowance (1,385,972) (1,236,902) Future income tax assets, net of allowance $ - $ - 8. Financial instruments: At December 31, 2007 and 2006, the fair values of the Company’s cash, term deposits, amounts receivable and accounts payable and accrued liabilities approximate their carrying amounts due to the immediate or short term to nature of these items. 9. Related party transactions: During the year ended December 31, 2007 the Company incurred $153,962 (December 31, 2006 - $58,196) for rent and administrative services from a company owned by the former president of the Company. At December 31, 2007, there were no amounts due to this company (2006 - $9,307) included due to related parties. All amounts are non-interest bearing. These services are provided pursuant to a service agreement and are measured at the exchange amounts. During the year ended December 31, 2006, the Company earned $6,429 of other income from companies with a common director for use of certain of the Company’s equipment, of which $2,554 was included in due from related parties as at December 31, 2006. These transactions did not occur in 2007. AFRICA OIL CORP. CORPORATE DIRECTORY APRIL 25, 2008 OFFICERS Richard Schmitt President and CEO Darren Moulds Chief Financial Officer Kathy Love Corporate Secretary DIRECTORS Richard Schmitt Corporate Governance and Nominating Committee J. Cameron Bailey Audit Committee Compensation Committee Corporate Governance and Nominating Committee Paul Conibear Audit Committee Compensation Committee Corporate Governance and Nominating Committee Keith Hill Audit Committee Compensation Committee AUDITORS KPMG LLP Vancouver, BC, Canada BANKERS Bank of Montreal Vancouver, BC. Canada SUBSIDIARIES Africa Oil Holdings (Bermuda) I Ltd. Canmex Holdings (Bermuda) I Ltd. Canmex Holdings (Bermuda) II Ltd. COMPANY HEAD OFFICE #2101 - 885 West Georgia St. Vancouver, BC, Canada V6C 3E8 Telephone: (604) 689-7842 Facsimile: (604) 689-4250 REGISTERED AND RECORDS OFFICE #1100 - 888 Dunsmuir St. Vancouver, BC, Canada V6C 3K4 SOLICITOR McCullough, O’Connor, Irwin Vancouver, BC, Canada SHARE CAPITAL Authorized: 100,000,000 common shares Issued and outstanding 17,542,812 shares REGISTRAR AND TRANSFER AGENT Computershare Trust Company of Canada Vancouver, BC, Canada SHARE LISTING TSX Venture Exchange Trading Symbol AOI

All the: dear, beautiful voice and describing men striking beautiful! bit bent wouldnt you says guys? PS: need to change the style mate! this is a case of "substance" lost because of poor presentation!.

JB; Qansax dheere waa tuuro jirta ina eedoow.

Good to see my old sheekh Abyad (the first guy) so eloquent; still looks boyish!. Now back to the topic; this is one of the most honest somali discussions I have seen for a long time. I think Mustafe and Abyad hit the nail on the head. Good on the IT boys.

Apr 20, 2008 By:jidbaale Washington(jidbaale)Musharaxa da,da yar ee dawlad goboleedka Puntland Dr Suleimen Isse Ahmed kaar iyo madaxweynaha dawladda fadaraalka ah mudane Cabdillaahi yusuf Ahmed ku kulmay washinton ayaa soo dhaweeyey musharaxnimada Dr suleyman isse Arimaha iyagoo ka wada hadlay siyaasadda Dawlad goboleedka puntland iyo sidii ay isula jaan qaadi lahaaayeen Dawladda Fadaraalka ah,isadoo uu madaxwaynuhu siiyey talooyin badan maadaama uu ahaa madaxweynihii ugu horeeyey ee maamulka puntlnad Hadana yahay madaxweynaha dawladda fadaraalka ah. madaxweyne cabdulaahi yuusuf oo soo dhaweeyey masharaxa reer puntland ee suleiman ayaa waxay wada hadlayeen muddo 1sacaac iyo badh ah iyago ka wada hadlay arimo badan oo xaasaasi ah musharaxa ayaa markuu la kulmayay cabdulaahi yusuf waxaa ku weheliyey lix xubnood oo ka soo jeeda beelaha sscda iyagoo ay ka wada hadleen Arinta laascaanood,soomaliland iyo siyaasadda dawladda . warbixin ku saabsan qoraalo aan idiinka diyaarino lasoco qoraaladayada danbe ee boocame, iyo qoraalo muhiim ah oo kulankii cabdulaahi yuusuf,cali jangali,iyo safiirka UN ee NewYORK ballanta mushraxa iyo siyaasiyiinta reer puntland sida ay u majara ha baabiyeen siyaasadda puntland. waxaa kaloo iyadana ay kulmeen musharaxa DR suleimanisse wasiirka arimaha dibadadda iyo xidhiidhka caalamiga ah mudane cali axmed jama jangali iyo wafuudkale oo ka soo jeeda beelaha sscda oo ka yimi gobolada maraykanka iyo canada,iyadoo caawa oo ay axad tahayna ay la kulmayaan madaxweynaha dawladda fadaraalka saraakiil sar sare oo ka soo jeeda beelaha sscda kuwaaasoo dhawaan u socdaali doona deegaanka gobolada sscda iyo puntland. Full pictures: http://jidbaale.com/fullpage.php?sscid=6361

This is an isult to ladies in all levels!

Haneefa’s attraction towards these white men stems from her intense admiration all things “refined” ; these men ooze intellect; worldliness and all things erudite whereas our average Farah is complete contrast to this. This is how I felt at my University years; the lady who taught us calculus though tiny bit on the oldish side; she was nevertheless inviting—her intellect was hotter than anything I have known; of course I havent succumbed Back to the question: Would I marry a white lady; the answer to that is emphatic yes. But I should add she must come from a good stock; Sloaney type with that effortless intellect and beauty without the horseish look.

What is Face book? book with a face?

And tasho they did mate: That picture sends a right msg!

"taasi waxay u taalaa waxgaradka iyo umada aanu kasoo jeedno iyaagaanu wada tashanaynaa waxay yihiin baanuna la noqonaynaa" Waxa ay yihiin is with the buluugle-- that answer was given matey. Puntlans is dead; there is only a tolnimo is what holds the H people together.