Tullow Oil has acquired a 50% operated interest in six adjacent licences covering the East African Rift Basins of Kenya and Ethiopia, an area of 97,000km².
In an agreement with Africa Oil Corp, Tullow will gain an interest in five licences including blocks 10BB, 10A, 12A and 13T in Kenya and the South Omo block in Ethiopia.
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Tullow will reimburse past costs in each of these blocks pro-rata and carry Africa Oil for future net expenditures of up to $23.75m.
The acquisition expands on the previously announced farm-in to block 10BA from Centric Energy.
