Tullow buys six exploration licences in East Africa to repeat Ugandan oil find

first_img Tullow buys six exploration licences in East Africa to repeat Ugandan oil find Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndo whatsapp Thursday 2 September 2010 7:40 pm Show Comments ▼ KCS-content center_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org whatsapp OIL explorer Tullow is buying 50 per cent stakes in six exploration licences in Kenya and Ethiopia as the hunt for oil in East Africa gathers pace.Tullow said yesterday the positions it is acquiring are in the East African Rift Basin, which has a similar geology to Uganda’s Lake Albert Rift Basin where it has discovered oil fields big enough to turn Uganda into a top-50 oil producer.London-listed Tullow will become the operator of five licences as part of a deal with Canadian explorer Africa Oil Corp, building on a farm-in agreement on a sixth block in the same region announced in August with Canada’s Centric Energy.Interest in East Africa, which is much less explored than West Africa, has been rising on the back of Tullow’s Ugandan discovery and a gas find by US firm Anadarko off the coast of Mozambique in February.Oil major Exxon Mobil and BG Group both farmed into Tanzanian blocks earlier this year, while explorer Afren in June bought a Canadian company with 12 blocks in Ethiopia, Kenya, Madagascar and the Seychelles.Under the terms of the deal, which is subject to formal government approvals, Tullow said it would reimburse pro-rata past costs in each block and pay Africa Oil’s future costs up to $23.75m (£15.4m).Shares in Tullow closed down four per cent at £11.85 yesterday. Tags: NULLlast_img

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