Marathon will pay $35 million to Africa Oil Corp. (AOI) for 50 percent in Kenya’s Block 9 and 15 percent in Block 12A, Africa Oil said today in a statement. It will also contribute as much as $43.5 million to Africa Oil’s exploration expenditure over the next three years.
The companies have also “agreed to jointly pursue exploration activities on an additional exploration area in Ethiopia,” Africa Oil said.
Separately, Africa Oil sold 25 percent in Block 7 and Block 8 in Ethiopia to New Age (African Global Energy) Ltd.
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