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BRIEF-Maersk Oil to buy shares in 3 onshore exploration licenses

Published 2015-11-09, 01:12 a/m
© Reuters.  BRIEF-Maersk Oil to buy shares in 3 onshore exploration licenses
MAERSKb
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Nov 9 (Reuters) - Maersk Oil MAERSKb.CO :
* Says has agreed to acquire half of Africa Oil
corporation's shares in three onshore exploration licenses in
Kenya and a further two in Ethiopia
* Says the licenses cover an area of ca. 100,000 square
kilometres and include eight recent oil discoveries
* The value of the deal is split between an upfront farm-in
payment of $365 million, including exploration costs
* Future contingent payments of up to $480 million will be
made by Maersk Oil for the Lokichar Project, determined by the
size of the resource after final appraisal and the agreed
timetable for first oil.

Further company coverage: MAERSKb.CO

(Copenhagen newsroom)

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