Petroleum Africa
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Wednesday, January 13, 2016
Africa Oil Corp. saw its farmout to Maersk Oil & Gas in Kenya approved by the government. The farmout, previously announced in November, covers Blocks 10BB, 13T, and 10BA.
Keith Hill, Africa Oil’s President and CEO, commented, “We are very pleased to have received approval from the Government of Kenya. We feel Maersk will be an excellent partner in terms of technical and financial strength and experience critical to moving the development project forward. This transaction puts Africa Oil in the enviable position of not requiring any additional equity financing prior to first oil and will allow us to weather the current difficult oil price environment should it continue into 2016.”
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