Africa Oil updates Kenya, Ethiopia exploratory deals

07/30/2012
Africa Oil Corp., Vancouver, BC, updated its progress on several farmout agreements in East Africa. Marathon Oil Corp. will acquire the rights to obtain an interest from Africa Oil in two exploratory blocks in Kenya. Marathon will acquire a 50% interest in Block 9 and a 15% interest in Block 12A. Africa Oil will remain operator of Block 9, and Marathon has the right to assume operatorship if a commercial discovery is made. Africa Oil and Marathon have agreed to jointly explore Ethiopia. The transactions are subject to host country government approvals. The resulting interest in the Kenyan exploration blocks upon approvals and subsequent closing of the Marathon farmout, together with the c...
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