Africa Oil Corp. announced Monday that it has received approval from the government of Kenya for a farm-out deal with Maersk Olie og Gas A/S concerning Kenya’s blocks 10BB, 13T and 10BA.
Following the completion of the deal, Africa Oil and Maersk will each hold a 25 percent interest in blocks 10BB, 13T and 10BA, with the remaining 50 percent operated interest in the blocks being held by Tullow. Africa Oil also holds interests in the Ethiopia Rift Basin, Ethiopia South Omo, Kenya Block 12A and Kenya Block 9.
Keith Hill, Africa Oil's President and CEO, commented in a company statement:
"We are very pleased to have received approval from the government of Kenya. We feel Maersk will be an excellent partner, in terms of technical and financial strength and experience, critical to moving the development project forward. This transaction puts Africa Oil in the enviable position of not requiring any additional equity financing prior to first oil and will allow us to weather the current difficult oil price environment should it continue into 2016."
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