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

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
4MM
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.