Tullow Acquires Interest in African Oil Blocks

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.

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.