Africa Oil closes farmout with Tullow Oil on Blocks 12A and 13T
Wednesday, Feb 23, 2020

Africa Oil Corp. (“Africa Oil” or the “Company”) (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce that it has now closed on the final two blocks out of the previously announced five block farmout transaction with Tullow Oil plc (“Tullow”). The Company and Tullow have now closed farmouts related to the South Omo Block (Ethiopia) and Blocks 10A, 10BB, 12A and 13T (Kenya). Tullow has assumed the role of operator on all of these blocks.


Tullow paid an aggregate of US$1,686,432 to Africa Oil to acquire its interest in Blocks 12A and 13T. Each party will be responsible for its working interest share of future joint venture expenditures in these blocks.

Keith Hill, Africa Oil’s President and Chief Executive Officer, commented, “We are pleased to have completed our multi-block transaction with Tullow, who have arguably been the most successful exploration company in Africa, if not the world, over the past decade. We see great synergies with the use of the technical and operational expertise they have gained in their nearby Uganda Lake Albert Graben project. The transaction also means that any resultant discoveries will be operated by one of the main partners in the proposed pipeline project to export crude from this highly prospective developing region. With their proven success in Africa, combined with the East African Rift Basin assets that Africa Oil brings to the deal, we look forward to the implementation of a successful exploration program in the months and years to come.”

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). Africa Oil’s East African holdings are in what is considered a truly world-class exploration play fairway. The Company’s total gross land package in this prolific region is in excess of 350,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil’s virtually unexplored land position including the major Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil’s concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil’s project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol “AOI”.


Source: Market Wire

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