Africa Oil
Africa Oil completes Ethiopia farm out deal with Maersk Oil
Tuesday, Feb 23, 2020
Africa Oil Corp. (“Africa Oil” or the “Company”) (TSX:AOI)(OMX:AOI) is pleased to report that it has completed the previously announced (November 9, 2020) farmout with Maersk Olie og Gas A/S (“Maersk Oil”) related to the South Omo and Rift Basin Blocks in Ethiopia.

At completion of the Ethiopian farmout, Africa Oil received a payment of US$12.8 million from Maersk Oil.

The resulting interests in each of Africa Oil’s Ethiopian blocks are as follows:

Ethiopia Rift Basin: Africa Oil – 25%*; Maersk Oil – 25%; Marathon – 50%
Ethiopia South Omo: Africa Oil – 15%; Maersk Oil – 15%; Tullow – 50%*; Marathon – 20%
*denotes Operator

Keith Hill, Africa Oil’s CEO commented, “We are very pleased to have completed our farmout to Maersk Oil. We feel Maersk Oil will be an excellent partner in terms of technical and financial strength.

About Africa Oil Corp.

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.

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