Maersk Oil has completed the acquisition of 50% of Africa Oil Corp share in three onshore exploration licences in the Turkana region of northern Kenya and two contiguous licences in Southern Ethiopia. The completion of the transaction between the two companies follows the recent approval by the Kenyan and Ethiopian governments.
The licences cover an area of ca. 100,000 square kilometers and include nine recent oil discoveries, with ongoing exploration and appraisal activities. Four of the blocks are operated by Tullow Oil and one by Africa Oil.
“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.
The five East African licences are:
- 25% interest in exploration licence 10BB in Kenya, partnered with Tullow Oil (operator, 50%) and Africa Oil (25%)
- 25% interest in exploration licence 10BA in Kenya partnered with Tullow Oil (operator, 50%) and Africa Oil (25%)
- 25% interest in exploration licence 13T in Kenya partnered with Tullow Oil (operator, 50%) and Africa Oil (25%)
- 25% interest in exploration licence Rift Basin in Ethiopia partnered with Africa Oil (operator, 25%) and Marathon (50%)
- 15% interest in exploration licence South Omo in Ethiopia partnered with Tullow Oil (operator, 50%), Marathon (20%) and Africa Oil (15%)
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