Maersk Oil Completes Acquisition of East African Licences
February 23 2016 - 4:46AM
Dow Jones News
By Christina Zander
Maersk Oil, a unit of Danish conglomerate A.P Moller-Maersk
(MAERSK-B.KO), said Tuesday it has completed the acquisition of 50%
of Africa Oil Corp.'s (AOI.T) share in three onshore exploration
licences in the Turkana region of northern Kenya and two contiguous
licences in Southern Ethiopia.
The completion of the transaction between the two companies
follows recent approval by the Kenyan and Ethiopian
governments.
The licences cover an area of around 100,000 square kilometers
and include nine recent oil discoveries, with ongoing exploration
and appraisal activities. Four of the blocks are operated by Tullow
Oil and one by Africa Oil.
Write to Christina Zander at christina.zander@wsj.com
(END) Dow Jones Newswires
February 23, 2016 04:31 ET (09:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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