Africa Oil Provides Update on Puntland

- January 17th, 2011

Africa Oil Corp. (CVE:AOI) enters into amending agreements with the Government of Puntland, in respect of the production sharing agreements for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area.

Africa Oil Corp. (TSXV:AOI) enters into amending agreements with the Government of Puntland, in respect of the production sharing agreements for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area.

The press release is quoted as saying:

Under the PSAs, as amended, the First Exploration Agreement has been extended for a further 12 months, from January 17, 2011 to January 17, 2012. Under the amended PSAs Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil, in the Dharoor Valley Exploration Area, by September 27, 2011.

Click here to access the entire press release

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