By OGJ editors
HOUSTON, Apr. 29 -- Africa Oil Corp., Vancouver, BC, acquired Lundin Petroleum AB's portfolio of exploration block interests in Ethiopia and Kenya for $23.7 million.
The blocks are in the underexplored East African rift basin petroleum system.
The acquisition included an 85% working interest in Blocks 2, 6, 7, and 8 and a 50% working interest in the Adigala block in Ethiopia and a 100% interest in Block 10A and a 30% interest in Block 9 in Kenya (see map, OGJ, Apr. 14, 2008, p. 40). Africa Oil will become operator except on Block 9.
The deal brings Africa Oil's total holding to more than 200,000 sq km. Good quality seismic data show robust leads and prospects throughout the blocks, Africa Oil said.
The exploration program for the next 2 years includes seismic and drilling in both countries. Africa Oil also plans to drill in Puntland, Somalia.
