Africa Oil Corp. (TSX:AOI)(OMX:AOI) has announced that it has completed the previously announced farmout deal with Maersk Olie og Gas A/S 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, a statement said.
The resulting interests in each of Africa Oil’s Ethiopian blocks are as follows: Ethiopia Rift Basin: Africa Oil – 25%, Maersk Oil – 25%, Marathon – 50%; Ethiopia South Omo: Africa Oil – 15%, Maersk Oil – 15%, Tullow – 50%, Marathon – 20%.
Keith Hill, Africa Oil’s CEO is quoted by the statement as saying: “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.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.