Africa Oil Corp has announced the finalizing of the recently announced farm-out with Maersk Oil as regards the South Omo and Rift Basin Blocks in Ethiopia.

Upon conclusion of the farm-out, Maersk Oil paid Africa Oil $12.8 million.

Africa Oil is now the operator of the Rift Basin with 25%, alongside Maersk Oil and Marathon Oil with 25% and 50% interests respectively. While Tullow is the operator of the South Omo block with 50% alongside Africa Oil with 15%, Maersk Oil with 15% and Marathon with 20% interests.

“We are very pleased to have completed our farm-out to Maersk Oil. We feel Maersk Oil will be an excellent partner in terms of technical and financial strength,” Keith Hill, Africa Oil's CEO told Energy-pedia.

Anita Fatunji