Africa Oil Receives Kenya License Extension
Source: www.gulfoilandgas.com 9/9/2020, Location: Africa
Africa Oil Corp. is pleased to announce that an extension has been granted by the Government of Kenya on Blocks 10BB and 13T. Under the terms of the extension, the Joint Venture partners have the right to extend the second exploration period for the 10BB and 13T licence blocks until 31 December 2020, with a further extension until 31 Dec 2021 contingent on an agreed work programme and budgets. Africa Oil intends to use this extended time frame to work closely with its Joint Venture partners on submitting an updated Field Development Plan ("FDP") by end of 2021.
Africa Oil CEO Keith Hill commented, "We would like to thank the Government of Kenya for granting us this extension which will allow the partnership sufficient time to overcome challenges in the current low oil price and pandemic conditions. We strongly believe in the value of the Kenya development project and will be spending the next year on optimizing the project and removing all remaining obstacles to allow it to move forward. We see this project as a strong complement to our Nigeria production assets and our exploration portfolio successes."