Africa Oil Corp. ("Africa Oil" or the "Company") is pleased to report that the previously announced (November 9, 2015) farmout with Maersk Olie og Gas A/S ("Maersk") has received approval from the Government of Kenya. Accordingly, completion of the farmout of Blocks 10BB, 13T and 10BA may proceed.
At completion of the Maersk farmout, the new respective interests in each of Africa Oil's blocks will be:
|Kenya Block 10BB||Africa Oil - 25%||Maersk - 25%||Tullow - 50%*|
|Kenya Block 13T||Africa Oil - 25%||Maersk - 25%||Tullow - 50%*|
|Kenya Block 10BA||Africa Oil - 25%||Maersk - 25%||Tullow - 50%*|
|Ethiopia Rift Basin||Africa Oil - 25%*||Maersk - 25%||Marathon - 50%|
|Ethiopia South Omo||Africa Oil - 15%||Maersk - 15%||Tullow - 50%*||Marathon - 20%|
|Kenya Block 12A||Africa Oil - 20%||Tullow - 65%*||Marathon - 15%|
|Kenya Block 9||Africa Oil - 50%*||Marathon - 50%|
Keith Hill, Africa Oil's President and CEO, commented, "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."