Maersk buys 50% of Africa Oil’s onshore assets

The Danish business buys 50% of Africa Oil’s stakes in onshore exploration licences

The licenses acquired by Maersk cover 100,000 km² and include eight oil discoveries covering the Lokichar basin in the Turkana region in northern Kenya. Four of the blocks are operated by Tullow Oil and the remaining one is operated by Africa Oil. Maersk is to pay Africa Oil $350m to cover 50% of the past costs incurred before the effective date of 31 March. From that date, Maersk will also carry up to $75m of the company's share of development costs, with this latter amount expected also to be payable on closing. Lokichar Project Upon confirmation of resources it will also pay $15m of the company's share of exploration expenditures. At the point of the final investment decision, Maersk will