Africa Oil Corp. reported that it has completed the previously announced (November 9, 2015) farmout with Maersk Olie og Gas A/S ('Maersk') related to Kenyan Blocks 10BB, 13T and 10BA. At completion, Africa Oil received $427 million from Maersk.

This amount represents $344 million of reimbursed past costs incurred by Africa Oil prior to the agreed March 31, 2015 effective date of the farmout and $83 million representing Maersk's share of costs incurred between the effective date and December 31, 2015, including a carry reimbursement of $15 million of exploration expenditures. An additional $75 million development carry may be available to Africa Oil upon confirmation of existing resources, which is expected to take place in the first quarter of 2016. The farmout of 50% of Africa Oil's interest in the Rift Basin and South Omo Blocks remains subject to Ethiopian government approval, which is expected in the near term.