Africa Oil, New Age Complete Farm Out

摘要

Africa Oil Corp. has completed its farm-out agreement with New Age (African Global Energy) Ltd. whereby New Age acquired an additional 25% stake and operatorship on Africa Oil's blocks 7 and 8 in the Adigala Area. New Age paid Africa Oil $1.5-million in consideration of past costs. Following completion of the deal, New Age will hold 40%, while Africa Oil and Afren will each hold 30%.