Africa Oil Corp has announced that the Company and its Joint Venture partners have received extensions to their 10BB/13T blocks exploration licences in Kenya to the end of 2021. This follows the approval of the work programme and budget for next year by the Ministry of Mines and Petroleum.
The licence extensions will allow the Joint Venture partners to re-assess Project Oil Kenya and design an economic project at low oil prices whilst preserving the phased development concept. In parallel, over the coming months, the Joint Venture partners will work closely with the Government of Kenya on land and water agreements, gaining approval of the Environmental and Social Impact Assessments and finalising the commercial framework for the project. The successful completion of this work will enable the submission of Field Development Plans to the Government of Kenya.
“I would like to express my appreciation for the collaboration that we have witnessed over the last several months, both with the Government of Kenya and the new leadership team at Tullow, which has allowed us to design a roadmap to move the project towards a technical and commercially viable Field Development Plan,” Keith Hill, Africa Oil’s President and CEO, stated.
Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in Africa and Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.
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