Africa Oil Corp. has received approval from the Government of Kenya for the previously announced farmout with Maersk Olie og Gas A/S. Accordingly, completion of the farmout of Blocks 10BB, 13T and 10BA may proceed.
Keith Hill, Africa Oil's President and CEO, commented,'We are very pleased to have received approval from the Government of Kenya. We feel Maersk will be an excellent partner in terms of technical and financial strength and experience critical to moving the development project forward. This transaction puts Africa Oil in the enviable position of not requiring any additional equity financing prior to first oil and will allow us to weather the current difficult oil price environment should it continue into 2016.'