Tullow Oil PLC (TLW.LN), the oil and gas producer, said Thursday it has bought a 50% operated interest in six adjacent licenses covering the East African Rift Basins of Kenya and Ethiopia, an area of 97,000 sq km, from Africa Oil Corp (AOI.V).

MAIN FACTS:

-Tullow will reimburse pro-rata past costs in each of these blocks and will carry Africa Oil for future net expenditures up to $23.75 million.

-Five licenses: Blocks 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia.

-Deal expands on the farm-in to Block 10BA from Centric Energy announced in August.

-East African Rift Basin acreage has good evidence of a live oil system.

-First wells expected to be drilled next year.

-Shares closed Wednesday at 1234 pence valuing the company at GBP10.95 billion.

-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com