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Africa Oil PSC in Kenya Block

Source: www.gulfoilandgas.com 5/28/2009, Location: Africa

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Africa Oil Corp. is pleased to announce the signing of a farmout letter of intent with Raytec Metals Corp. ("Raytec") for their entry into the production sharing contract in the Republic of Kenya.

Africa Oil will transfer a 10% (ten percent) interest in the Block 9 Production Sharing Agreement and a 25% (twenty-five percent) license interest in its other interests in Kenya.

Raytec, will pay a disproportionate share of costs associated with the planned work programs to be carried out in 2009 and 2010.

This farmout transaction is subject to government, exchange, board and partner approvals if required.

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Related Categories: Acquisitions and Divestitures  Economics/Financial Analysis  General  Investment  Risk Management 

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