Africa Oil executes Rift Basin Area production sharing agreement in Ethiopia
4 March 2013, Oil, Gas
The Rift Basin Area is located north of the Company's South Omo Block and includes the extension of the Tertiary-age East Africa Rift Trend in Ethiopia. The new license is on trend with prospective blocks in the Tertiary rift valley including the South Omo Block, and Kenyan Blocks 10BA, 10BB, 13T, and 12A.
During the joint study period, the Company completed an airborne high resolution gravity and magnetic survey over the block. In addition, satellite-imaged natural oil slicks were ground truthed, which indicate the presence of an active petroleum system in parts of the block. The Company plans to complete a Full Tensor Gravity Gradiometry survey and exhaustive environmental/social impact assessment over the block during 2013.
Keith Hill, Africa Oil President and CEO, stated, "We are extremely pleased to add to our Ethiopian exploration acreage in the Tertiary rift valley trend. With the work we have completed on the block during the joint study period and the discoveries drilled on trend in the Tertiary rift of Kenya, we believe we have significantly added to our highly prospective exploration portfolio."
Source: MarketLine
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