{"id":5980,"date":"2017-05-22T06:41:58","date_gmt":"2017-05-22T06:41:58","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5980"},"modified":"2017-05-22T06:41:58","modified_gmt":"2017-05-22T06:41:58","slug":"africa-oil-maersk-agree-payment-terms-following-2016-farmout","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-maersk-agree-payment-terms-following-2016-farmout\/","title":{"rendered":"Africa Oil, Maersk Agree on Payment Terms Following 2016 Farmout"},"content":{"rendered":"

Africa Oil has reported\u00a0that further to the previously announced\u00a0farmout agreement between Africa Oil and Maersk Olie og Gas A\/S (Maersk) on 4th February 2016<\/a>, the companies have agreed to payment terms related to the US $75 million advance development carry.<\/p>\n

According to the announcement Africa Oil is due to receive equal quarterly payments of US $18.75 million at the end of each calendar quarter during 2018. Upon Final Investment Decision\u00a0(FID) of the South Lokichar development project, Maersk may be obligated to carry AOC for an additional amount of up to US $405.0 million dependent upon meeting certain thresholds of resource growth and timing of first oil.<\/p>\n

“We are very pleased to reach payment terms with Maersk.\u00a0This agreement further strengthens our balance sheet as we move towards project sanction at the end of 2018,” says Africa Oil CEO, Keith Hill.<\/p>\n

The Joint Venture Partners in the South Lokichar Basin are Tullow Oil plc (50% and operator), Maersk 25% and Africa Oil 25%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa Oil has reported\u00a0that further to the previously announced\u00a0farmout agreement between Africa Oil and Maersk Olie og Gas A\/S (Maersk) on 4th February 2016, the companies have agreed to payment … 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":[70,874,3183,1476,2378,2573],"class_list":["post-5980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-farmout","tag-final-investment-decision","tag-maersk","tag-south-lokichar-basin","tag-tullow-oil-plc","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-1ys","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":5980,"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":4234,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-receives-kenyan-government-approval-of-maersk-oil-farm-in\/","url_meta":{"origin":5980,"position":1},"title":"Africa Oil Receives Kenyan Government Approval of Maersk Oil Farm In","author":"","date":"January 11, 2016","format":false,"excerpt":"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 farm-out of Blocks 10BB, 13T and 10BA.At completion of the Maersk farmout, the new respective interests in each of Africa\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":5980,"position":2},"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":5980,"position":3},"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. The resulting interests in\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\/2014\/07\/ethiopia-oil.png?fit=741%2C388&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/ethiopia-oil.png?fit=741%2C388&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/ethiopia-oil.png?fit=741%2C388&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/ethiopia-oil.png?fit=741%2C388&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4661,"url":"https:\/\/www.oilnewskenya.com\/index.php\/breakdown-of-2c-oil-resources-increase-in-south-lokichar-basin\/","url_meta":{"origin":5980,"position":4},"title":"Breakdown of 2C Oil Resources Increase in South Lokichar Basin","author":"","date":"May 10, 2016","format":false,"excerpt":"Africa Oil has announced that an independent assessment of the Company's Contingent Resources in the South Lokichar Basin located in Blocks 10BB and 13T in Kenya has been completed by DeGolyer and MacNaughton Canada Limited (DMCL) increased 2C unrisked resources increased by 150 million barrels (or 24%) to 766 million\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\/2016\/05\/Kenya-Discoveries-Block-10BB-Block-13T.png?fit=413%2C506&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6720,"url":"https:\/\/www.oilnewskenya.com\/index.php\/total-takes-maersk-assets-kenya-commits-lokichar-lamu-pipeline-route\/","url_meta":{"origin":5980,"position":5},"title":"Total Takes Over Maersk Assets in Kenya Commits to Lokichar to Lamu Pipeline Route","author":"","date":"January 23, 2018","format":false,"excerpt":"The Kenya government has given a greenlight to the acquisition of Maersk Oil and Gas assets in Kenya by Total following the acquisition of 100% of the equity of the Danish E&P company\u00a0Maersk Oil Exploration International (Mogas Kenya) by the French giant in August 2017. 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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=5980"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5980\/revisions"}],"predecessor-version":[{"id":5981,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5980\/revisions\/5981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4050"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=5980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}