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Africa Oil Completes Ethiopia Farm Out Deal with Maersk Oil

Africa Oil Corp. has report that it has completed the previously announced farmout with Maersk Olie og Gas A/S (Maersk Oil) related to the South Omo and Rift Basin Blocks in Ethiopia.

At completion of the Ethiopian farmout, Africa Oil received a payment of US$12.8 million from Maersk Oil.

The resulting interests in each of Africa Oil’s Ethiopian blocks are as follows:

Ethiopia Rift BasinAfrica Oil – 25%*Maersk Oil – 25%Marathon – 50%

Ethiopia South OmoAfrica Oil – 15%Maersk Oil – 15%Tullow – 50%*Marathon – 20%

*denotes Operator

Keith Hill, Africa Oil’s CEO commented, “We are very pleased to have completed our farmout to Maersk Oil. We feel Maersk Oil will be an excellent partner in terms of technical and financial strength.

“We are pleased to announce that we are now officially a partner in the five East African exploration licences and look forward to adding value to the partnership. The entry into Kenya is part of our commitment to pursuing profitable growth and takes advantage of the opportunities arising in the current market. By building the exploration business with new acreage positions and pre-development discoveries, we can balance the risk profile of our portfolio,” said Maersk Oil’s Chief Growth Officer Ebbie Haan.

Earlier in the month Africa Oil reported that it has completed the November 2015 farmout with Maersk oil and gas related to Kenyan Blocks 10BB, 13T and 10BA having received $427 million after approval from the Government of Kenya in January.

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