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Africa Oil Enters Next Exploration Phase and Becomes Operator in Kenya Block 9
Jan. 24, 2011 08:03PM PST
Resource Investing News Africa Oil Corp. (CVE:AOI) together with its joint venture partner, Lion Energy Corp., enters into the First Additional Exploration Phase under the Block 9 Production Sharing Contract Agreement in Kenya.
Africa Oil Corp. (TSXV:AOI) together with its joint venture partner, Lion Energy Corp., enters into the First Additional Exploration Phase under the Block 9 Production Sharing Contract Agreement in Kenya.
The press release is quoted as saying:
As a result of the withdrawal of its two other joint venture partners, Africa Oil will now hold a 66.7% working interest in the PSC and has been approved by the government as Operator of Block 9. Lion will hold the remaining 33.3%. As a condition of entering the First Additional Exploration Phase, 25% 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 (minimum depth 1,500 meters).