Petroleum Africa
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Monday, February 8, 2016
Africa Oil Corp. and Maersk Oil & Gas have completed Maersk’s farm in on Kenyan Blocks 10BB, 13T, and 10BA. At completion, Africa Oil received $427 million from Maersk. This amount represents $344 million of reimbursed past costs incurred by Africa Oil prior to the agreed March 31, 2015 effective date of the deal and $83 million representing Maersk’s share of costs incurred between the effective date and December 31, 2015, including a carry reimbursement of $15million of exploration expenditures.
An additional $75 million development carry may be available to Africa Oil upon confirmation of existing resources, which is expected to take place in Q1 2016. Upon FID, Maersk will be obligated to carry Africa Oil for an additional amount of up to $405 million depending on meeting certain thresholds of resource growth and timing of first oil.
In Ethiopia the deal for 50% of Africa Oil’s interest in the Rift Basin and South Omo Blocks remains subject to Ethiopian government approval, which is expected in the near term.
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