Africa Oil Corp. recently signed a definitive agreement with the Government of Ethiopia to study the Rift Valley Block, which is located north of the Africa Oilss South Omo Block and encompasses the remainder of the Tertiary age East Africa Rift Trend in Ethiopia.
p>Africa Oil Corp. recently signed a definitive agreement with the Government of Ethiopia to study the Rift Valley Block, which is located north of the Africa Oilss South Omo Block and encompasses the remainder of the Tertiary age East Africa Rift Trend in Ethiopia.
Africa Oil will carry out an airborne geophysical survey over the Block, which spans 42,519 square kilometres, in 2011. It has committed, also, to working closely with seconded members of the Ethiopian Ministry of Mines to support local capacity building.
Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "There has been no previous exploration activity in this vast block, but it is clearly positioned along the northerly continuation of the prospective trend. The Joint Study vehicle allows Africa Oil to perform the initial exploratory work under minimal commitments and capital exposure with the exclusive option to move into a full production sharing agreement if our results are positive. The partial closing of the Tullow deal is also positive and we look forward to completing the rest of that transaction in the near future."
