Africa Oil Completes Kenyan Farm-out Deal With Maersk Oil
Africa Oil Corp. farm-out with Maersk Oli and Gas received approval from the Government of Kenya. This amount represents US$344 million of reimbursed past costs incurred by Africa Oil prior to the agreed March 31, 2015 effective date of the farm-out and US$83 million representing Maersk’s share of costs incurred between the effective date and December 31, 2015, including a carry reimbursement of US$15MM of exploration expenditures. An additional US$75 million development carr