Africa Oil Completes Ethiopia Farm-out Deal with Maersk Oil

Africa Oil Corp. announced Tuesday that it has completed a farm-out deal with Maersk Olie og Gas A/S in relation to the South Omo and Rift Basin Blocks in Ethiopia.

The transaction, which was previously announced November 9, 2015, saw Africa Oil receive a payment of $12.8 million from Maersk Oil. Following the deal, Africa Oil and Maersk Oil each hold a 25 percent interest in the Ethiopia Rift Basin and a 15 percent interest in Ethiopia South Omo.

Africa Oil CEO Keith Hill commented in a company statement:

"We are very pleased to have completed our farm-out to Maersk Oil. We feel Maersk Oil will be an excellent partner in terms of technical and financial strength.”



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