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| Home : Africa Oil Provides Update on Maersk Farmout Transaction |
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May 22
2017 |
Africa Oil Provides Update on Maersk Farmout Transaction |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2017) - Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") (TSX:AOI)(OMX:AOI) is pleased to report that further to the previously announced farmout agreement between Africa Oil and Maersk Olie og Gas A/S (Maersk) (press release 4th February 2016), the companies have agreed to payment terms related to the US $75 million advance development carry. Africa Oil is due to receive equal quarterly payments of US $18.75 million at the end of each calendar quarter during 2018. Upon Final Investment Decision ("FID") of the South Lokichar development project, Maersk may be obligated to carry AOC for an additional amount of up to US $405.0 million dependent upon meeting certain thresholds of resource growth and timing of first oil. |
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| Source:http://www.marketwired.com/mw/release.do?id=2217658&sourceType=3 |
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