Africa Oil Corp. has closed the previously announced farm out of an
additional 25% stake in two blocks in Ethiopia toNew Age (African Global
Energy) Ltd. Under the agreement New Age acquired an additional 25%
interest in Africa Oil''s Blocks 7 and 8, together with operatorship of
both blocks and the Adigala Area.
Following the completion of the New Age farm out transaction worth $1.5
million, the resulting interest in Blocks 7 and 8 have Africa Oil with
30%, New Age with 40%, and Afren with 30%.
Keith Hill, Africa Oil''s Ppresident and CEO, stated, "We are very
pleased to have completed this farmout to New Age, an existing partner
in our Ethiopian exploration program. We look forward to working
together to expand on the success we have had in our East Africa
exploration program to date. Africa Oil looks forward to commencing
drilling operations in Ethiopia, with the Sabisa-1 well which is planned
to be spud before the end of the year in the South Omo Block. Tullow
Oil plc ("Tullow") holds a 50% working interest and operates the South
Omo Block with Africa Oil holding the remaining 50% interest. East
Africa is rapidly becoming the most prospective oil and gas province in
the world and the large, strategic land portfolio we hold ensures we
will be at the center of industry activity."
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