Positive financial results for Africa Oil

摘要

DEVELOPMENTS IN KENYA, Ethiopia and Uganda have helped Africa Oil report positive financial results for the first quarter of 2016. By the end of Q1, the company reported it had cash of US$523.6mn and working capital of US$474.4mn. Maersk's acquisition of 50 per cent of Africa Oil's interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo blocks in Ethiopia certainly helped the company achieve the healthy Ql results. Upon final investment decision, Maersk will be obligated to carry Africa Oil for an additional amount of up to US$405mn, depending on meeting certain thresholds of resource growth and the timing of first oil.