Kenya

Platform Resources Inc., a subsidiary of Alberta Oilsands Inc., agreed to assign a 100% interest in Kenya blocks 12A and 13T to Africa Oil Corp., Vancouver, BC, in return for Africa Oil stock and warrants, subject to regulatory approvals.

By OGJ editors
HOUSTON, Feb. 16
– Platform Resources Inc., a subsidiary of Alberta Oilsands Inc., agreed to assign a 100% interest in Kenya blocks 12A and 13T to Africa Oil Corp., Vancouver, BC, in return for Africa Oil stock and warrants, subject to regulatory approvals.

The contract areas are next to Africa Oil’s Block 10BB, where the 2009 Loperot-1 discovery is judged to have a best estimate of 15 million bbl of oil in place (OGJ Online, Sept. 15, 2009). The block has at least five other prospects and 17 leads.

Existing gravity data on blocks 12A and 13T suggest that the proven Lokichar basin and other prospective subbasins and known strong leads in Block 10BB may extend onto blocks 12A and 13T. Africa Oil plans to shoot seismic on the new blocks within months.

The PSCs on blocks 12A and 13T are for 3 years from September 2008. Initial minimum exploration expenditures are $3.65 million on 13T and $3.6 million on 12A. The initial exploration work program includes 500 line-km of 2D seismic or 100 sq km of 3D seismic on each block or a combination thereof.

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