A Marathon Oil Corp. unit will acquire Agriterra Ltd.’s 20% working interest in the South Omo concession in Ethiopia by the end of 2012, retroactive to Aug. 17.
An exploratory well is expected to spud on the block in this year's fourth quarter. Tullow Oil PLC operates the 7.2 million acre concession with a 50% working interest, and Africa Oil Corp. has 30%.
Marathon Ethiopia Ltd. BV will pay Agriterra $40 million, before closing adjustments, and a further $10 million on Marathon’s participation in a declaration of a commercial discovery.
