Ethiopia: Agreement signed for Rift Valley study

Africa Oil Corp., Vancouver, BC, signed a definitive 18-month agreement with the Ethiopian government to jointly study the large Rift Valley Block.

By OGJ editors
HOUSTON, Dec. 8
-- Africa Oil Corp., Vancouver, BC, signed a definitive 18-month agreement with the Ethiopian government to jointly study the large Rift Valley Block.

The 42,519 sq km block is north of the company’s South Omo Block and encompasses the remainder of the Tertiary age East Africa Rift Trend in Ethiopia. Africa Oil committed to carry out an airborne geophysical survey in 2011 and will work closely with seconded members of the Ethiopian Ministry of Mines to support local capacity building.

Africa Oil also closed the Ethiopian portion of the previously announced five-block farmout to Tullow Oil PLC. Interests become Tullow 50%, Africa Oil 30%, and Agriterra Ltd. 20%.

Closing of the Tullow transactions on Kenya blocks 10A, 10BB, 12A, and 13T remains subject to conclusion of the Interstate Petroleum Ltd. court proceedings. A decision is expected on Dec. 16.

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