The company has signed agreements with Africa Oil to buy a 50% interest in five licenses including blocks 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia, and the acquisition expands on the farm-in to block 10BA from Centric Energy.
Under the terms of the agreements with Africa Oil, Tullow will reimburse pro-rata past costs in each of these blocks and will carry Africa Oil for future net expenditures up to $23.75m.
The East African Rift Basin acreage shares many geological attributes with Tullow’s Lake Albert Rift Basin position in Uganda.
Tullow exploration director Angus McCoss said that the Rift basins are a core play for Tullow and to date the company has discovered and identified resources in excess of 2.5 billion barrels in the Lake Albert Rift Basin in Uganda.
“We look forward to working with our new partners and applying our valuable technical insights to this under-explored frontier region of East Africa,” McCoss said.
Africa Oil is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia).
