Africa Oil to steer Kenya Block 9

摘要

AFRICA OIL, TOGETHER with its joint venture partner. Lion Energy, has entered into the First Additional Exploration Phase under the Block 9 Production Sharing Contract Agreement in Kenya. As a result of the withdrawal of its two other joint venture partners, Africa Oil will now hold a 66.7 per cent working interest in the PSC and has been approved by the government as Operator of Block 9. Lion will hold the remaining 33.3 per cent. As a condition of entering the First Additional Exploration Phase, 25 per cent of the original contract area will be relinquished. The First Additional Exploration Phase commenced on December 31, 2010 and will expire on December 31, 2013 with a one well work commitment.