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Tullow Oil (LON:TLW.L) report:East African Rift acquisition
September 2, 2010, Thursday, 18:25 GMT | 13:25 EST | 22:55 IST | 01:25 SGT
By Daniel Stewart & Co
- Tullow has bought a 50% operated interest in sis adjacent licenses in the East Africa Rift Basins of Kenya and Ethiopia covering an area of 97,000Km2
- Tullow has signed agreements with Africa oil Corp for interests in five licenses: 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia and expands on the farm-in to Block 10BA from Centric Energy
- Under the terms of the agreement, Tullow will reimburse Africa Oil on a pro-rata basis for past coast and will carry Africa Oil for up to $23.75m in net expenditures
- A map can additional information on the blocks can be found here: http://www.tullowoil.com/index.asp?pageid=137&newsid=675
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