Africa Oil Clinches Acquisition of Turkana Energy, Kenyan Asset

Africa Oil has closed the acquisition of all of the issued and outstanding shares of Turkana Energy Inc. ("Turkana") pursuant to a plan of arrangement. Pursuant to the plan of arrangement, the shares of Turkana were acquired in consideration for 7.5 million common shares of Africa Oil, with each share of Turkana being exchanged for 0.20647 of an Africa Oil share. In addition, Turkana convertible loans of Cdn $1 million were exchanged into common shares of Africa Oil at Cdn $1.27 per share.

Turkana's principal asset is a 100% interest in Block 10BB, a highly prospective oil exploration block in northwestern Kenya. The block is within the Tertiary rift trend of East Africa which has recently yielded major oil discoveries by operators such as Heritage and Tullow. Block 10BB is located immediately west of Africa Oil's Kenyan Block 10A and Block 9 and further consolidates the Company's holdings in the rich East African rift basin petroleum system.
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Tax Manager - Global Tax Planning
Expertise: Legal
Location: The Woodlands, TX
 
Project Manager
Expertise: Project Management
Location: Houston, TX
 
Site Manager / Project Manager Fuels
Expertise: Project Management|Site Engineer
Location: Kennesaw, GA
 
search for more jobs

Brent Crude Oil : $55.93/BBL 0.10%
Light Crude Oil : $54.05/BBL 0.11%
Natural Gas : $2.69/MMBtu 2.28%
Updated in last 24 hours