Petroleum Africa
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Thursday, May 25, 2017
Africa Oil Corp. and Maersk Oil & Gas, further to their farm-out agreement of February 2016, have agreed to payment terms related to the $75 million advance development carry.
Africa Oil is due to receive equal quarterly payments of $18.75 million at the end of each calendar quarter during 2018. Upon FID of the South Lokichar development project, Maersk may be obligated to carry Africa Oil for an additional amount of up to $405 million dependent upon meeting certain thresholds of resource growth and timing of first oil.
Africa Oil CEO, Keith Hill, commented, “We are very pleased to reach payment terms with Maersk. This agreement further strengthens our balance sheet as we move towards project sanction at the end of 2018.”
The joint venture partners in the South Lokichar Basin are Tullow Oil (50% and operator), Maersk 25% and Africa Oil 25%.
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