EAX to take farmouts in Ethiopia, Kenya
Black Marlin Energy Ltd.'s East Africa Exploration Ltd. unit took farmouts from Africa Oil Corp., Vancouver, BC, on blocks in Ethiopia and Kenya.
By OGJ editors
HOUSTON, May 28 -- Black Marlin Energy Ltd.'s East Africa Exploration Ltd. unit took farmouts from Africa Oil Corp., Vancouver, BC, on blocks in Ethiopia and Kenya.
Africa Oil will transfer to EAX a 30% interest in the Block 2/6 and 7/8 production-sharing agreements in Ethiopia's Ogaden basin and a 20% interest in the Block 10A production-sharing contract in northern Kenya's Anza basin. Both areas are sparsely explored.
The farmouts are subject to government approvals and in Ethiopia to waiver of preemptive rights by an existing partner.
EAX will pay a disproportionate share of costs associated with planned 2D seismic programs to be undertaken in 2009-10 and will pay part of Africa Oil's past costs and future operational costs.
Africa Oil, which remains operator of all blocks, let a contract to Upstream Petroleum Services Ltd. to shoot seismic in both countries.
