Africa Oil has received a twelve month extension to the initial exploration period in the Rift Basin Area and will now expire in February 2017.
A 2D seismic crew program was completed of approximately 600 kilometers of land and lake seismic during 2015 with source rock outcrops and oil slicks on the lakes having been identified in the block where there was previously no existing seismic or wells.
During last year the Company incurred $0.8 million of intangible exploration expenditures in Ethiopia which consists of 2D seismic work being performed in the Rift Basin Area.
The Rift Basin Area covers 42,519 square kilometers and is on trend and extending to the northeast of the highly prospective blocks in the Tertiary rift valley including the South Omo Block, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.
Africa Oil is Operator and owns 25% in the Ethiopia Rift Basin Area Block with Maersk Oil 25% and Marathon Oil Ethiopia Limited B.V., holding the remaining 50%.