Maersk Olie og Gas $900 million acquisition of 50% stake in Africa Oil Corp's Kenya and Ethiopia blocks

Overview:

• Maersk Olie og Gas has acquired 50% stakes in three Kenyan and two Ethiopian onshore oil and gas exploration licenses by entering into a farm-out agreement with Africa Oil Corporation.
• The licences cover an area of 100,000 square km in the Turkana region, specifically Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and the South Omo Blocks in Ethiopia.
• Maersk will reimburse part of Africa Oil's previous costs and will finance part of the future development cost.
• Africa Oil is a Canadian oil and gas company with assets in Kenya and Ethiopia listed on the Toronto Stock Exchange.
• Maersk Olie og Gas is a subsidiary of the AP Moller-Maersk Group.

Sam Duke - Editor