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Tullow to operate more East African blocks
09/13/2010
Tullow Oil PLC will greatly expand its position in East Africa rift basins by taking farmouts in Kenya and Ethiopia from Africa Oil Corp., Vancouver, BC.Tullow will become operator with 50% interest in blocks 10BB and 10A in Kenya and the South Omo block in Ethiopia.Tullow will pay $10 million, or 50% of Africa Oil's past costs in the blocks, and fund Africa Oil's working interest share of future joint venture spending on the blocks to a $23.75 million cap. The cap is expected to cover upcoming seismic on the three blocks plus the majority of costs for at least two exploratory wells. Africa Oil will pay its working interest share thereafter.Tullow also will acquire 50% of Africa Oil's int...
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