Africa Oil Corporation has announced that it has completed a farm-out deal with Maersk Oil Gas for the South Omo and Rift Basin Blocks in Ethiopia
The transaction, which was previously announced in November last year, saw Africa Oil issued with a payment of US$12.8mn from Maersk Oil.
Following the agreement, Africa Oil and Maersk Oil each hold a 25 per cent interest in the Ethiopia Rift Basin and a 15 per cent stake in Ethiopia South Omo.
Africa Oil CEO Keith Hill stated in a company report, “We are pleased to have completed our farm-out to Maersk Oil. We feel Maersk Oil will be an excellent partner in terms of technical and financial strength.”
According to the firm, four of the blocks are operated by Tullow Oil and one by Africa Oil.