2010-09-13-2010-09-13-2010-09-13

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$3.8MM
Description

To buy contract areas Blocks 12A and 13T adjacent to Africa Oil's Block 10BB.

Africa Oil Kenya BV, a subsidiary Africa Oil Corp., Vancouver, (Toronto Venture: AOI) has acquired 100% interest in Blocks 12A and 13T in Kenya from Platform Resources Inc., subsidiary of Alberta Oilsands Inc., Calgary, (Toronto Venture: AOS) for C$3.87 million in stock.

Africa Oil issued 2.5 million shares and 1.5 million purchase warrants that are exercisable into one common share at a price of $1.50 per share for a period of two years. Africa Oil shares are currently trading at C$1.37 each.

The contract areas are adjacent to Africa Oil's Block 10BB that features the Loperot-1 oil discovery. Existing gravity data on Blocks 12A and 13T suggests the proven Lokichar basin and other prospective sub-basins and known strong leads in Block 10BB may extend onto these new blocks.

Tullow Oil Plc, London, (London: TLW) will acquire a 50% interest in, and operatorship of, Blocks 12A and 13T in addition to Blocks 10BB and 10A in Kenya and Africa Oil's South Omo Block in Ethiopia.