{"id":4234,"date":"2016-01-11T07:49:18","date_gmt":"2016-01-11T07:49:18","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=4234"},"modified":"2017-01-26T10:16:26","modified_gmt":"2017-01-26T10:16:26","slug":"africa-oil-receives-kenyan-government-approval-of-maersk-oil-farm-in","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-receives-kenyan-government-approval-of-maersk-oil-farm-in\/","title":{"rendered":"Africa Oil Receives Kenyan Government Approval of Maersk Oil Farm In"},"content":{"rendered":"

Africa Oil Corp.\u00a0has reported that the previously announced farm-out with\u00a0Maersk Oli and Gas has received approval from the Government of Kenya.<\/p>\n

This gives a green light for completion of the farm-out<\/a> of Blocks 10BB, 13T and 10BA.At completion of the Maersk farmout, the new respective interests in each of Africa Oil’s blocks will be:<\/p>\n\n\n\n\n\n\n\n\n\n\n
Kenya Block 10BB<\/td>\n<\/td>\nAfrica Oil – 25%<\/td>\n<\/td>\nMaersk – 25%<\/td>\n<\/td>\nTullow – 50%*<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Kenya Block 13T<\/td>\n<\/td>\nAfrica Oil – 25%<\/td>\n<\/td>\nMaersk – 25%<\/td>\n<\/td>\nTullow – 50%*<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Kenya Block 10BA<\/td>\n<\/td>\nAfrica Oil – 25%<\/td>\n<\/td>\nMaersk – 25%<\/td>\n<\/td>\nTullow – 50%*<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Ethiopia Rift Basin<\/td>\n<\/td>\nAfrica Oil – 25%*<\/td>\n<\/td>\nMaersk – 25%<\/td>\n<\/td>\nMarathon – 50%<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Ethiopia South Omo<\/td>\n<\/td>\nAfrica Oil – 15%<\/td>\n<\/td>\nMaersk – 15%<\/td>\n<\/td>\nTullow – 50%*<\/td>\n<\/td>\nMarathon – 20%<\/td>\n<\/tr>\n
Kenya Block 12A<\/td>\n<\/td>\nAfrica Oil – 20%<\/td>\n<\/td>\nTullow – 65%*<\/td>\n<\/td>\nMarathon – 15%<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Kenya Block 9<\/td>\n<\/td>\nAfrica Oil – 50%*<\/td>\n<\/td>\nMarathon – 50%<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
*-denotes Operator<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

According to Africa Oil’s President and CEO Keith Hill this completion will put the company on a stable financial position to carry on through the year.<\/p>\n

“We are very pleased to have received approval from the Government of Kenya.\u00a0We feel Maersk will be an excellent partner in terms of technical and financial strength and experience critical to moving the development project forward.\u00a0This transaction puts Africa Oil in the enviable position of not requiring any additional equity financing prior to first oil and will allow us to weather the current difficult oil price environment should it continue into 2016,”\u00a0says Hill.<\/p>\n

Going forward Maersk will pay Africa Oil US$350 million as reimbursement for approximately 50% of past costs incurred by Africa Oil prior to the agreed March 31, 2015 effective date as per the terms of the farm-out agreement.<\/p>\n

In addition, upon Final Investment Decision (FID), Maersk will also carry up to US$405 million of Africa Oil\u2019s working interest share of development expenditures for the Lokichar Development Project.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa Oil Corp.\u00a0has reported that the previously announced farm-out with\u00a0Maersk Oli and Gas has received approval from the Government of Kenya. This gives a green light for completion of the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[70,258,259,264,266,288,809,870,1252,3909,2159,3910],"class_list":["post-4234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-block-10ba","tag-block-10bb","tag-block-12a","tag-block-13t","tag-block-9","tag-ethiopia","tag-farm-out","tag-kenya","tag-maersk-oil-and-gas","tag-rift-basin","tag-south-omo-basin","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Africa-Oil-East-Africa-acreage.png?fit=399%2C498&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-16i","jetpack-related-posts":[{"id":4328,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-completes-kenyan-farm-out-deal-with-maersk-oil\/","url_meta":{"origin":4234,"position":0},"title":"Africa Oil Completes Kenyan Farm-out Deal With Maersk Oil","author":"","date":"February 4, 2016","format":false,"excerpt":"Africa Oil reports that it has completed the previously announced (November 9, 2015) farmout with\u00a0Maersk oil and gas\u00a0related to Kenyan Blocks 10BB, 13T and 10BA having received $427 million. Africa Oil Corp. farm-out with\u00a0Maersk Oli and Gas received approval from the Government of Kenya This amount represents US$344 million of\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Africa-Oil-East-Africa-acreage.png?fit=399%2C498&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4060,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-completes-farm-out-of-kenya-ethiopian-licenses-to-maersk-oil\/","url_meta":{"origin":4234,"position":1},"title":"Africa Oil Completes farm-out of Kenya, Ethiopia Licenses with Maersk Oil","author":"","date":"November 9, 2015","format":false,"excerpt":"Africa Oil Corp.\u00a0has announced that it has entered into a definitive farmout agreement with\u00a0a Danish oil and gas company Maersk Oil & Gas A\/S, owned by the Maersk Group\u00a0(\"Maersk\")\u00a0whereby Maersk will acquire 50% of Africa Oil's interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/maersk-oil-logo.png?fit=1024%2C569&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/maersk-oil-logo.png?fit=1024%2C569&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/maersk-oil-logo.png?fit=1024%2C569&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/maersk-oil-logo.png?fit=1024%2C569&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4389,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-completes-ethiopia-farm-out-deal-with-maersk-oil\/","url_meta":{"origin":4234,"position":2},"title":"Africa Oil Completes Ethiopia Farm Out Deal with Maersk Oil","author":"","date":"February 23, 2016","format":false,"excerpt":"Africa Oil Corp.\u00a0 has report that it has completed the previously\u00a0announced\u00a0farmout with Maersk Olie og Gas A\/S (Maersk Oil)\u00a0related 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. 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This gives Total E&P a\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/10\/Kenya-Uganda-pipeline-design-1.jpg?fit=900%2C610&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/10\/Kenya-Uganda-pipeline-design-1.jpg?fit=900%2C610&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/10\/Kenya-Uganda-pipeline-design-1.jpg?fit=900%2C610&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/10\/Kenya-Uganda-pipeline-design-1.jpg?fit=900%2C610&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4157,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-partners-plan-up-to-four-basin-openers-in-northern-kenya-next-year\/","url_meta":{"origin":4234,"position":4},"title":"Tullow Oil, Partners plan up to four basin openers in Northern Kenya next year","author":"","date":"December 2, 2015","format":false,"excerpt":"Block 10BB and 13T operator Tullow Oil together with JV partner\u00a0Maersk Oil and\u00a0Africa Oil will drill up to four new basin openers in the South Lokichar and the Turkana Lake Basin\u2019 in 2016 according to a\u00a0presentation by the latter to investors. 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