Africa Oil Corp. - World-Class East Africa Oil Exploration (Seite 240)
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ISIN: CA00829Q1019 · WKN: A0MZJC · Symbol: AOI
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Es gibt mal wieder einen tollen Beitrag von Warnado1/iii. Dort wurde die Frage aufgeworfen, ob die Zahlungen von New Age für die Blöcke 7 und 8 in Äthiopien nicht zu gering seien, im Vergleich mit dem Marathon-Deal.
Hier der umfassende Erklärungsansatz von Warnado1:
......................
Hi freelance2,
You have not missed anything involving the Blocks 7 & 8 in Ethiopia.
Hopefully this post will give you a little more understanding of the transaction but it does take a bit of digesting.
Originally, prior to October 2008, blocks 7 & 8 (along with nearby blocks 2, 6 and the Northern Adigala Block) belonged 100% to Lundin Petroleum.
New Age took 15% of Blocks 7 & 8 (block 2 & 6 also) and 50% of the Adigala Block in early October 2008 for an undisclosed sum although it was reported at the time that New Age will "pay a disproportionate share of the costs related to the 2D seismic programmes to be carried out on the blocks, as well as its interest share of Lundin Petroleum's past costs and other ongoing costs".
http://www.lundin-petroleum.com/Press/pr_ethiopia_02-10-08_e…
Now shifting on a few months to February 2009 AOI signed an agreement for the sale for the purchase of Lundin Petroleum's wholly owned subsidiaries, Lundin East Africa BV ("Lundin East Africa") and Lundin Kenya BV ("Lundin Kenya"). By doing this AOI acquired a package of concessions which consisted of Ethiopian Blocks 2,6,7 & 8 (85% of each), the Adigala Block (50%), Kenya Blocks 10A (100%) & 9 (30%) and the transfer of an option which Lundin Petroleum helds over Blocks 35 and M10-A in the Somalia Democratic Republic.
http://media3.marketwire.com/docs/AOI0204.jpg
For this package AOI paid Lundin Petroleum a consideration of approx $20 million, which was funded through a loan from Lundin Petroleum to Africa Oil maturing 31 December 2011 and bearing interest at USD six-month LIBOR plus 3%. This loan will be convertible into shares of Africa Oil on the basis of CAD 0.90 per share.
http://www.lundin-petroleum.com/Press/pr_corp_05-02-09_e.htm…
Shifting on again, now to April 2009, the deal was approved and the total consideration was $23.7 million which was funded through a convertible loan from Lundin Petroleum maturing December 31, 2011 and at an interest rate of USD six-month LIBOR plus 3%. The loan, including any accrued and unpaid interest, will be convertible, at the option of either Africa Oil or Lundin Petroleum AB, into shares of Africa Oil on the basis of CAD $0.90 per common share.
http://africaoilcorp.mwnewsroom.com/press-release/Africa-Oil…" target="_blank" rel="nofollow ugc noopener">http://africaoilcorp.mwnewsroom.com/press-release/Africa-Oil…
In May 2009 AOI farmed out 30% (of their 85%) to Black Marlin Energy Limited's East Africa Exploration Limited ("EAX"), which was acquired by Afren in mid 2010, of Blocks 2 & 6, 7 & 8 and also 20% of Block 10A in Kenya.
Now lets just focus on Blocks 7 & 8 and after this transaction the WI was as follows -
AOI - 55% (Operator)
EAX - 30%
New Age -15%
Approval for this was granted in December 2009.
In September 2009 AOI proposed a small (approx 200km) 2D seismic program over Blocks 7 & 8 (also 300km over Blocks 2 & 6) which was finally completed in December 2010 and integrated with existing seismic to generate a series of new prospect maps. Focus being on the large El Kuran prospect/discovery on Block 8 although several large leads have also been identified on Block 7.
Since completion of the seismic program operations on Blocks 7 & 8 have been at a standstill although a well was proposed to be drilled this year.
After the latest transaction the WI now stands at -
New Age - 40% (Operator)
AOI - 30%
EAX - 30%
If you look at the history of the Blocks (7 & 8) I think it is fair and reasonable that AOI have received $1.5m for past costs from New Age given the fact that we have only completed a minimal amount of 2D seismic work and taking into serious consideration that the concessions came as a $23.7m package which included far better concessions such as Kenya Blocks 10A (100%) & 9 (originally 30% which increased to 66.7% after the withdrawal two other joint venture partners eventually increasing to 100% after the acquisition of Lion Petroleum then reduced to 50% after the recent Marathon farm out).
I think the title of operator has been given to New Age simply because they are now the majority stake holder and the luxury of a AOI "free carry", however limited, is asking a little too much in my opinion. I am very certain that all operations from now on will now be funded by each of the member of the partnership in line with their respective percentage WI.
As a long time AOI shareholder I am more than happy that operations on Blocks 7 & 8 appear to be restarting and I consider the partnership of New Age/AOI and Afren will be eager to uncover what these Block hold.
I think we could see a well drilled here during 2013 which I very much look forward to.
Hope this helps.
Hier der umfassende Erklärungsansatz von Warnado1:
......................
Hi freelance2,
You have not missed anything involving the Blocks 7 & 8 in Ethiopia.
Hopefully this post will give you a little more understanding of the transaction but it does take a bit of digesting.
Originally, prior to October 2008, blocks 7 & 8 (along with nearby blocks 2, 6 and the Northern Adigala Block) belonged 100% to Lundin Petroleum.
New Age took 15% of Blocks 7 & 8 (block 2 & 6 also) and 50% of the Adigala Block in early October 2008 for an undisclosed sum although it was reported at the time that New Age will "pay a disproportionate share of the costs related to the 2D seismic programmes to be carried out on the blocks, as well as its interest share of Lundin Petroleum's past costs and other ongoing costs".
http://www.lundin-petroleum.com/Press/pr_ethiopia_02-10-08_e…
Now shifting on a few months to February 2009 AOI signed an agreement for the sale for the purchase of Lundin Petroleum's wholly owned subsidiaries, Lundin East Africa BV ("Lundin East Africa") and Lundin Kenya BV ("Lundin Kenya"). By doing this AOI acquired a package of concessions which consisted of Ethiopian Blocks 2,6,7 & 8 (85% of each), the Adigala Block (50%), Kenya Blocks 10A (100%) & 9 (30%) and the transfer of an option which Lundin Petroleum helds over Blocks 35 and M10-A in the Somalia Democratic Republic.
http://media3.marketwire.com/docs/AOI0204.jpg
For this package AOI paid Lundin Petroleum a consideration of approx $20 million, which was funded through a loan from Lundin Petroleum to Africa Oil maturing 31 December 2011 and bearing interest at USD six-month LIBOR plus 3%. This loan will be convertible into shares of Africa Oil on the basis of CAD 0.90 per share.
http://www.lundin-petroleum.com/Press/pr_corp_05-02-09_e.htm…
Shifting on again, now to April 2009, the deal was approved and the total consideration was $23.7 million which was funded through a convertible loan from Lundin Petroleum maturing December 31, 2011 and at an interest rate of USD six-month LIBOR plus 3%. The loan, including any accrued and unpaid interest, will be convertible, at the option of either Africa Oil or Lundin Petroleum AB, into shares of Africa Oil on the basis of CAD $0.90 per common share.
http://africaoilcorp.mwnewsroom.com/press-release/Africa-Oil…" target="_blank" rel="nofollow ugc noopener">http://africaoilcorp.mwnewsroom.com/press-release/Africa-Oil…
In May 2009 AOI farmed out 30% (of their 85%) to Black Marlin Energy Limited's East Africa Exploration Limited ("EAX"), which was acquired by Afren in mid 2010, of Blocks 2 & 6, 7 & 8 and also 20% of Block 10A in Kenya.
Now lets just focus on Blocks 7 & 8 and after this transaction the WI was as follows -
AOI - 55% (Operator)
EAX - 30%
New Age -15%
Approval for this was granted in December 2009.
In September 2009 AOI proposed a small (approx 200km) 2D seismic program over Blocks 7 & 8 (also 300km over Blocks 2 & 6) which was finally completed in December 2010 and integrated with existing seismic to generate a series of new prospect maps. Focus being on the large El Kuran prospect/discovery on Block 8 although several large leads have also been identified on Block 7.
Since completion of the seismic program operations on Blocks 7 & 8 have been at a standstill although a well was proposed to be drilled this year.
After the latest transaction the WI now stands at -
New Age - 40% (Operator)
AOI - 30%
EAX - 30%
If you look at the history of the Blocks (7 & 8) I think it is fair and reasonable that AOI have received $1.5m for past costs from New Age given the fact that we have only completed a minimal amount of 2D seismic work and taking into serious consideration that the concessions came as a $23.7m package which included far better concessions such as Kenya Blocks 10A (100%) & 9 (originally 30% which increased to 66.7% after the withdrawal two other joint venture partners eventually increasing to 100% after the acquisition of Lion Petroleum then reduced to 50% after the recent Marathon farm out).
I think the title of operator has been given to New Age simply because they are now the majority stake holder and the luxury of a AOI "free carry", however limited, is asking a little too much in my opinion. I am very certain that all operations from now on will now be funded by each of the member of the partnership in line with their respective percentage WI.
As a long time AOI shareholder I am more than happy that operations on Blocks 7 & 8 appear to be restarting and I consider the partnership of New Age/AOI and Afren will be eager to uncover what these Block hold.
I think we could see a well drilled here during 2013 which I very much look forward to.
Hope this helps.
Volkommen richtig mea_culpa - das ist kompletter Quatsch...
Marathon hat erst kürzlich 20% WI von Agriterra Ltd erworben....
Es müsste heißen: 50% Tullow, 30% AOI, 20% Marathon
... bemerkenswerter Fehler in einem Announcement ....
Marathon hat erst kürzlich 20% WI von Agriterra Ltd erworben....
Es müsste heißen: 50% Tullow, 30% AOI, 20% Marathon
... bemerkenswerter Fehler in einem Announcement ....
Keith Hill, Africa Oil's President 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."
Sicherlich liegt der South Omo Anteil noch bei 30%.
Sicherlich liegt der South Omo Anteil noch bei 30%.
News... Verzögerungen bei Twiga wg. mechanical issues...
Africa Oil Completes Farmout With New Age and Twiga Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2012) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to report that it has completed the previously announced (July 23, 2012) farmout agreement with New Age (African Global Energy) Limited ("New Age") whereby New Age acquired an additional 25% interest in Africa Oil's Blocks 7 text-align: left; border-left: black 1px solid; width: 25%; vertical-align: top; border-top: black 1px solid; border-right: black 1px solid">Blocks 7 text-align: left; width: 25%; vertical-align: top; border-top: black 1px solid; border-right: black 1px solid">Africa Oil 30%New Age 40% (Operator)Afren plc 30%
Keith Hill, Africa Oil's President 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."
In addition, the Company reports that it expects to announce drilling results from the Twiga South-1 well, currently being drilled in Block 13T, in early to mid-November. Announcement of these results has been slightly delayed due primarily to minor mechanical issues on the drilling rig, which have now been addressed. The well is now drilling ahead. The Twiga South-1 well is operated by Tullow. Africa Oil and Tullow each hold 50% working interests in the block.
Africa Oil Completes Farmout With New Age and Twiga Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2012) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to report that it has completed the previously announced (July 23, 2012) farmout agreement with New Age (African Global Energy) Limited ("New Age") whereby New Age acquired an additional 25% interest in Africa Oil's Blocks 7 text-align: left; border-left: black 1px solid; width: 25%; vertical-align: top; border-top: black 1px solid; border-right: black 1px solid">Blocks 7 text-align: left; width: 25%; vertical-align: top; border-top: black 1px solid; border-right: black 1px solid">Africa Oil 30%New Age 40% (Operator)Afren plc 30%
Keith Hill, Africa Oil's President 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."
In addition, the Company reports that it expects to announce drilling results from the Twiga South-1 well, currently being drilled in Block 13T, in early to mid-November. Announcement of these results has been slightly delayed due primarily to minor mechanical issues on the drilling rig, which have now been addressed. The well is now drilling ahead. The Twiga South-1 well is operated by Tullow. Africa Oil and Tullow each hold 50% working interests in the block.
Lesenswert:
Africa and Kurdistan Show Great Oil and Gas Potential
Source: Peter Byrne of The Energy Report (10/25/12)
http://www.theenergyreport.com/pub/na/14642?utm_source=feedb…
Auszug mit Erwähnung AOI:
Onshore rift basins of various ages are also present in other parts of Africa—Somalia, Sudan, Chad and Mali, to name just a few—and we have only scratched the surface in terms of their oil potential.
In short, the entire African continent will remain a really exciting place for oil and gas for the next decade or so.
TER: Are there any particular firms that you're following in the spaces we have discussed?
LT: We follow 17 stocks and the list keeps growing. I'm quite keen on the onshore East African plays in Kenya and Ethiopia with my favorite exposure being Africa Oil Corp. (AOI:TSX.V). Africa Oil is a highly leveraged instrument to that region's potential with a lower-risk profile, largely because Tullow Oil Plc (TLW:LSE) is operating the assets. Tullow has a wealth of experience in nearby Uganda and that gives me confidence that its explorations will be carried out smartly and efficiently.
Africa and Kurdistan Show Great Oil and Gas Potential
Source: Peter Byrne of The Energy Report (10/25/12)
http://www.theenergyreport.com/pub/na/14642?utm_source=feedb…
Auszug mit Erwähnung AOI:
Onshore rift basins of various ages are also present in other parts of Africa—Somalia, Sudan, Chad and Mali, to name just a few—and we have only scratched the surface in terms of their oil potential.
In short, the entire African continent will remain a really exciting place for oil and gas for the next decade or so.
TER: Are there any particular firms that you're following in the spaces we have discussed?
LT: We follow 17 stocks and the list keeps growing. I'm quite keen on the onshore East African plays in Kenya and Ethiopia with my favorite exposure being Africa Oil Corp. (AOI:TSX.V). Africa Oil is a highly leveraged instrument to that region's potential with a lower-risk profile, largely because Tullow Oil Plc (TLW:LSE) is operating the assets. Tullow has a wealth of experience in nearby Uganda and that gives me confidence that its explorations will be carried out smartly and efficiently.
Trading Spotlight
Antwort auf Beitrag Nr.: 43.731.327 von niki550525 am 19.10.12 16:02:17Hallo@,
ich habe gerade mal ein wenig Zeit und habe hier vorbeigeschaut.
Ist ja die letzten Tage recht ruhig hier geworden.
Die nächsten Tage wird es mal wieder recht spannend
Sollte die Bohrung ein Treffer werden, ist das Hoch vom 28 Juli nicht weit entfernt und es könnte dann ein weiteres Hoch markiert werden.
Bei einem Treffer, kann schlagartig ein Kursanstieg von 3 -4 CAN$ eintreten.
Das kann man an den Anstiegen der Vergangenheit ableiten.
Bei einer positiven Bewertung des Volumens, würde der Kurs weiter steigen.
Sollten wir einen Duster haben, sehen wir Kurse so um die 7CAN$ sehr schnell wieder.
Soviel zu Chancen und Risiko
Charttechnisch sieht es momentan wie folgt aus:
Wir befinden uns mit dem Kurs auffällig um den MA50. Aufgrund der leicht rückläufigen Umsätze der letzten Tage gehe ich davon aus, dass sich die longies Positioniert haben und nur noch Daytrader und verunsicherte sich die Gewinne sichern wollen
Bollinger Band: hier befinden wir uns am unteren Ende des Bandes.Luft nach oben haben wir noch genügend 10,59 CAN$ gild es hier zu überschreiten.
SAR: befindet sich oben, somit "Rot". Auch hier ist das Ziel 10,67 CAN$
Auffallend ist, das beide zu diesem Zeitpunkt sehr eng beieinander liegen.
Werden einer oder beide getroffen, gibt es einen weiteren Kursschub.
SLOW STO: liegt bei 23,71 im "roten" Bereich. Trendwechsel gab es ende Oktober schon bei 22%. Im Juli bei 18,5% und end Juli bei ca. 15%.
Heute zeigt sich schon ein Abflachen. Kann also nicht mehr lange auf sich warten lassen, bis er wieder in den "grünen" Bereich kommt.
RSI: liegt bei 47,57% und hat bereits seit gestern schon gedreht.
Candlestick ist übergeordnet auf SELL. Vermutlich könnte es heute sogar ein BUY IF werden, wenn wir so wie jetzt schließen werden.
Ich wünsche aoi und allen Investierten eine glückliche Bohrung und somit einen guten Kursgewinn
Niki
Der Kurs liegt jetzt ( 18:41 Uhr) bei 9,70 und ist 0,13 CAN$ im Plus.
ich habe gerade mal ein wenig Zeit und habe hier vorbeigeschaut.
Ist ja die letzten Tage recht ruhig hier geworden.
Die nächsten Tage wird es mal wieder recht spannend
Sollte die Bohrung ein Treffer werden, ist das Hoch vom 28 Juli nicht weit entfernt und es könnte dann ein weiteres Hoch markiert werden.
Bei einem Treffer, kann schlagartig ein Kursanstieg von 3 -4 CAN$ eintreten.
Das kann man an den Anstiegen der Vergangenheit ableiten.
Bei einer positiven Bewertung des Volumens, würde der Kurs weiter steigen.
Sollten wir einen Duster haben, sehen wir Kurse so um die 7CAN$ sehr schnell wieder.
Soviel zu Chancen und Risiko
Charttechnisch sieht es momentan wie folgt aus:
Wir befinden uns mit dem Kurs auffällig um den MA50. Aufgrund der leicht rückläufigen Umsätze der letzten Tage gehe ich davon aus, dass sich die longies Positioniert haben und nur noch Daytrader und verunsicherte sich die Gewinne sichern wollen
Bollinger Band: hier befinden wir uns am unteren Ende des Bandes.Luft nach oben haben wir noch genügend
10,59 CAN$ gild es hier zu überschreiten.SAR: befindet sich oben, somit "Rot". Auch hier ist das Ziel 10,67 CAN$
Auffallend ist, das beide zu diesem Zeitpunkt sehr eng beieinander liegen.
Werden einer oder beide getroffen, gibt es einen weiteren Kursschub.
SLOW STO: liegt bei 23,71 im "roten" Bereich. Trendwechsel gab es ende Oktober schon bei 22%. Im Juli bei 18,5% und end Juli bei ca. 15%.
Heute zeigt sich schon ein Abflachen. Kann also nicht mehr lange auf sich warten lassen, bis er wieder in den "grünen" Bereich kommt.
RSI: liegt bei 47,57% und hat bereits seit gestern schon gedreht.
Candlestick ist übergeordnet auf SELL. Vermutlich könnte es heute sogar ein BUY IF werden, wenn wir so wie jetzt schließen werden.
Ich wünsche aoi und allen Investierten eine glückliche Bohrung und somit einen guten Kursgewinn
Niki
Der Kurs liegt jetzt ( 18:41 Uhr) bei 9,70 und ist 0,13 CAN$ im Plus.
14:53 (Bloomberg) AFRICA OIL DRILLING TWIGA DELAYED CA 1 WEEK
Africa Oil and its partner Tullow Oil drilling in the well Twiga South in Kenya are delayed by around six days because of an electrical fault in the rig now, however, is fixed.
Drilling results from the well is now expected probably in early november instead of the previously announced in late October.
Von mir aus können sie auch bis Ende November drillen, hauptsache die results sind vielversprechend!
Africa Oil and its partner Tullow Oil drilling in the well Twiga South in Kenya are delayed by around six days because of an electrical fault in the rig now, however, is fixed.
Drilling results from the well is now expected probably in early november instead of the previously announced in late October.
Von mir aus können sie auch bis Ende November drillen, hauptsache die results sind vielversprechend!
In Stockholm wird gerade kräftig am Baum geschüttelt.
Innerhalb weniger Minuten um knapp 10 SEK gedrückt,
wobei sich der Kurs vom Tief wieder etwas erholt zeigt.
Jedoch sollte man sich von dieser Aktion nicht zu beeindrucken lassen,
dass schwache Marktumfeld bietet dafür gute Rahmenbedingungen.
Wer jetzt noch mit größeren Positionen ein- oder aussteigen möchte,
dem bietet sich gerade in Stockholm eine gute Gelegenheit dafür.
Innerhalb weniger Minuten um knapp 10 SEK gedrückt,
wobei sich der Kurs vom Tief wieder etwas erholt zeigt.
Jedoch sollte man sich von dieser Aktion nicht zu beeindrucken lassen,
dass schwache Marktumfeld bietet dafür gute Rahmenbedingungen.
Wer jetzt noch mit größeren Positionen ein- oder aussteigen möchte,
dem bietet sich gerade in Stockholm eine gute Gelegenheit dafür.
E-Mail von Sophia 
---------------------
Published: 2012-10-22 08:00:02 CEST
Africa Oil Corp. Company Announcement
AFRICA OIL COMPLETES KENYAN FARMOUT WITH MARATHON OIL
October 22, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce that it has completed the Kenyan portion of the previously announced (July 23, 2012) farmout agreement with Marathon Oil Corporation (“Marathon Oil”) whereby Marathon Oil acquired an interest in two of Africa Oil’s Kenyan exploration blocks.
Under the terms of the farmout agreement, Marathon Oil acquired a 50% interest in Block 9 and a 15% interest in Block 12A, both in Kenya. Africa Oil will maintain operatorship in Block 9, but Marathon Oil has the right to assume operatorship if a commercial discovery is made. The resulting interest in the Kenyan exploration blocks are as follows:
Block 9 (Kenya) Africa Oil 50% Marathon Oil 50%
Block 12A (Kenya) Africa Oil 20% Marathon Oil 15% Tullow 65% (Operator)
Net Working Interests are subject to back in rights or carried working interests, if any, of the respective governments or national oil companies of the host governments.
In consideration for the assignment of these interests, Marathon Oil paid Africa Oil an entry payment of US$32 million which includes reimbursement for prior expenditures, and has agreed to fund Africa Oil’s working interest share of future joint venture expenditures on these blocks to a maximum of US$25 million, anticipated to be spent over the next three years.
Keith Hill, Africa Oil’s President and CEO, stated, “We are very pleased to welcome Marathon Oil as a partner with their stature and long history of success in the oil and gas business. We look forward to working together to expand on the success we have had in our East Africa exploration program to date. The consideration to be received from Marathon Oil will allow us to both accelerate the exploration in the blocks that Marathon Oil is farming into as well as provide additional funding to the Company for the accelerated exploration program on the Tertiary rift trend being executed in partnership with Tullow Oil. 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.”
[...]
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
For further information, please contact: Sophia Shane, Corporate Development (604) 689-7842.
Africa Oil’s Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Attachments:
pr_aoi_121022_marathon.pdf
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServ…
---------------------
Published: 2012-10-22 08:00:02 CEST
Africa Oil Corp. Company Announcement
AFRICA OIL COMPLETES KENYAN FARMOUT WITH MARATHON OIL
October 22, 2012 (AOI–TSXV, AOI–NASDAQ OMX) … Africa Oil Corp. (“Africa Oil” or the “Company”) is pleased to announce that it has completed the Kenyan portion of the previously announced (July 23, 2012) farmout agreement with Marathon Oil Corporation (“Marathon Oil”) whereby Marathon Oil acquired an interest in two of Africa Oil’s Kenyan exploration blocks.
Under the terms of the farmout agreement, Marathon Oil acquired a 50% interest in Block 9 and a 15% interest in Block 12A, both in Kenya. Africa Oil will maintain operatorship in Block 9, but Marathon Oil has the right to assume operatorship if a commercial discovery is made. The resulting interest in the Kenyan exploration blocks are as follows:
Block 9 (Kenya) Africa Oil 50% Marathon Oil 50%
Block 12A (Kenya) Africa Oil 20% Marathon Oil 15% Tullow 65% (Operator)
Net Working Interests are subject to back in rights or carried working interests, if any, of the respective governments or national oil companies of the host governments.
In consideration for the assignment of these interests, Marathon Oil paid Africa Oil an entry payment of US$32 million which includes reimbursement for prior expenditures, and has agreed to fund Africa Oil’s working interest share of future joint venture expenditures on these blocks to a maximum of US$25 million, anticipated to be spent over the next three years.
Keith Hill, Africa Oil’s President and CEO, stated, “We are very pleased to welcome Marathon Oil as a partner with their stature and long history of success in the oil and gas business. We look forward to working together to expand on the success we have had in our East Africa exploration program to date. The consideration to be received from Marathon Oil will allow us to both accelerate the exploration in the blocks that Marathon Oil is farming into as well as provide additional funding to the Company for the accelerated exploration program on the Tertiary rift trend being executed in partnership with Tullow Oil. 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.”
[...]
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
For further information, please contact: Sophia Shane, Corporate Development (604) 689-7842.
Africa Oil’s Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Attachments:
pr_aoi_121022_marathon.pdf
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServ…
Tullow wird bei einer Konferenz der "The Geological Society" zum Thema "East Africa – Petroleum Province of the 21st Century?" am Donnerstag vertreten sein. Laut Programm (http://www.geolsoc.org.uk/webdav/site/GSL/shared/pdfs/specia…) mit vier Beiträgen.
http://www.geolsoc.org.uk/eastafrica12
http://www.geolsoc.org.uk/eastafrica12
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