Africa Oil Signs New Study Area Block With Government of Ethiopia and Closes South OMO Deal With Tullow
The Company has committed to carry out an airborne geophysical survey over the Block, which spans 42,519 square kilometres. Africa Oil will also work closely with seconded members of the Ethiopian Ministry of Mines to support local capacity building. The Joint Study Agreement has an 18 month term, following which Africa Oil will have the exclusive right to enter into negotiations for a production sharing agreement for all or part of the Rift Valley Block. The Company plans to carry out the airborne geophysical survey, together with reconnaissance field geology, in 2011.