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BRIEF-Africa Oil Announces Heads Of Terms Signed For First Ever Oil Development In Kenya

Published 2019-06-26, 02:11 a/m
© Reuters.  BRIEF-Africa Oil Announces Heads Of Terms Signed For First Ever Oil Development In Kenya
AOIC
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June 26 (Reuters) - Africa Oil Corp AOI.TO :

* AFRICA OIL ANNOUNCES HEADS OF TERMS SIGNED FOR FIRST EVER OIL DEVELOPMENT IN KENYA

* HEADS OF TERMS AGREEMENTS WITH KENYA GOVERNMENT AND JOINT VENTURE PARTNERS, AFRICA OIL, TULLOW OIL PLC AND TOTAL S.A. HAVE BEEN SIGNED

* AFRICA OIL- JOINT VENTURE PARTNERS AND GOVERNMENT OF KENYA HAVE CONCLUDED NEGOTIATIONS AROUND KEY FISCAL AND COMMERCIAL PRINCIPLES FOR PROJECT OIL KENYA

* CO HAS 25% WORKING INTEREST IN PROJECT OIL KENYA WITH TULLOW (50% AND OPERATOR) AND TOTAL (25%) HOLDING REMAINING INTERESTS

* OVER 150,000 BBLS OF OIL HAVE BEEN SAFELY DELIVERED TO MOMBASA SO FAR; TULLOW EXPECTS FIRST EXPORT CARGO TO BE SOLD AND LIFTED IN Q3

* JOINT VENTURE PARTNERS AND GOVERNMENT OF KENYA REVIEWING MOST LIKELY TIMELINE TO FINAL INVESTMENT DECISION WHICH IS NOW EXPECTED IN 2020

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