In the transaction, the New Age has acquired an additional 25% interest in Africa Oil’s Blocks 7 & 8 in Ethiopia, together with operatorship of Blocks 7 & 8 and the Adigala Area for a consideration of $1.5m.

After the completion of the deal, New Age owns a 40% interest and operatorship in the blocks 7 & 8, while Africa Oil and Afren plc hold the remaining 60% stake respectively.

Africa Oil president and CEO Keith Hill said the company plans to commence drilling operations in Ethiopia, with the Sabisa-1 well which is planned to be spud before the end of the year in the South Omo Block.

" Tullow Oil plc ("Tullow") holds a 50% working interest and operates the South Omo Block with Africa Oil holding the remaining 50% interest," he added.

" East Africa is rapidly becoming the most prospective oil and gas province in the world and the large, strategic land portfolio we hold ensures we will be at the center of industry activity.

The company also said that it expects to announce drilling results from the Twiga South-1 well, which currently being drilled in Block 13T, in early to mid-November.

In the project, operated by Tullow, the companies, Africa Oil and Tullow, each hold 50% working interests.

 

 

 

 

 

 

 

 

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