Africa Oil and Alberta Oilsands Secure Government Consent for Assignment of Blocks 12A and 13T in Kenya
18 Août 2010 - 3:00PM
Marketwired
Africa Oil Corp. (TSX VENTURE: AOI) ("Africa Oil") and Alberta
Oilsands Inc. (TSX VENTURE: AOS) ("AOS") are pleased to announce
that the Minister of Energy for the Republic of Kenya has formally
approved the assignment, from Platform Resources Inc. ("Platform"),
a wholly-owned subsidiary of AOS, to Africa Oil Kenya B.V., a
wholly-owned subsidiary of Africa Oil, of Platform's 100% interest
in Blocks 12A and 13T in Kenya. The transaction, which was
initially announced on February 16, 2010 was subject to, amongst
other things, Kenyan Government approval.
Consideration for the assignment is comprised of 2.5 million
Africa Oil common shares and 1.5 million Africa Oil share purchase
warrants, each of which is exercisable into one common share at a
price of $1.50 per share for a period of two years. The terms of
the warrants contain an accelerated exercise clause which is
triggered if Africa Oil's common shares trade at over $2 per share
for 20 consecutive trading days. If the acceleration clause is
exercised by Africa Oil, the warrants will expire on a date that is
not less than 180 days from the date of written notice to
Platform.
The new contract areas are adjacent to the Africa Oil's Block
10BB which hosts the Loperot-1 oil discovery (see Africa Oil's news
release dated January 7, 2010 for resource estimates). Existing
gravity data on Blocks 12A and 13T suggests that the proven
Lokichar basin and other prospective sub-basins and known strong
leads in Block 10BB may extend onto these new blocks.
The Production Sharing Contracts covering Blocks 12A and 13T are
dated September, 2008 and have an initial exploration period of 3
years. The initial minimum exploration expenditures are $3.65
million (Block 13T) and $3.6 million (Block 12A). The initial
exploration work program includes 500km of 2D seismic or 100 km2 of
3D seismic (or a combination thereof) on each block. Concurrent
with the Kenyan Government consenting to the assignment, Africa Oil
agreed to provide the National Oil Corporation of Kenya ("NOCK") a
7.5% working interest which will be carried through the exploration
phase. NOCK will then be responsible for its pro-rata share of all
costs incurred following the declaration of a commercial discovery.
The Kenyan Government continues to maintain its optional back-in
rights to a 15% paying interest on all development areas on both
Blocks, as per the Production Sharing Contracts.
Keith Hill, President and CEO of Africa Oil, commented, "The
acquisition of these two new blocks continues the consolidation of
our land holdings around Block 10BB, which is located within the
highly prospective East Africa Rift Trend. Some of our key leads
and prospects within Block 10BB extend onto Blocks 12A and 13T,
greatly enhancing the exploration play. These blocks, which
comprise an area of over 23,800 km2, brings the total gross acreage
that Africa Oil has signed contracts on to almost 250,000 km2.
Africa Oil currently has two seismic crews operating in East Africa
and expects to test all major play types within the next 12 to 18
months."
Shabir Premji, Executive Chairman of AOS commented, "We are glad
to become shareholders of Africa Oil. We expect that their
commitment, presence and experience in Kenya will assist in the
acceleration of the exploration of Blocks 12A and 13T."
Completion of the assignment is subject to final TSX Venture
Exchange approval. Platform and Africa Oil are preparing and
exchanging closing documentation in respect of the assignment,
which they expect will be completed in the next five to seven
days.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets
in Kenya, Ethiopia and (Puntland) Somalia. Africa Oil's East
African holdings are in what is considered a truly world-class
exploration play fairway. Africa Oil's total gross land package in
this prolific region is approaching 250,000 square kilometers - an
area roughly the size of Great Britain. The East African Rift Basin
system is one of the last of the great rift basins to be explored.
New discoveries have been announced on all sides of Africa Oil's
virtually unexplored land position including the major Tullow
Albert Graben oil discovery in neighbouring Uganda. Similar to the
Albert Graben play model, Africa Oil's concessions have older
wells, a legacy database, and host numerous oil seeps indicating a
proven petroleum system. Good quality existing seismic show robust
leads and prospects throughout Africa Oil's project areas. The
Company is listed on the TSX Venture Exchange under the symbol
"AOI".
About AOS
Alberta Oilsands Inc. is a technically driven high growth energy
company focused on the development and conversion of the company's
oil sands resources to reserves and the creation of long term
sustainable value by increasing production and cash flow on
relevant conventional oil and natural gas assets.
Forward-Looking Statements and Information
This press release contains certain forward-looking statements
and information within the meaning of such statements under
applicable securities law. In particular, this news release
contains forward-looking statements and information with respect to
the ability of Platform and Africa Oil to complete the assignment
of Platform's interests in Blocks 12A and 13T in Kenya to Africa
Oil, on the timelines and in the manner as described above. No
assurances can be provided that the assignment will be completed in
a timely manner or at all. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements and information,
prospective investors in Africa Oil's or AOS' securities should not
place undue reliance on forward-looking statements and
information.
ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
OF AFRICA OIL CORP. OF ALBERTA OILSANDS INC.
Keith Hill Shabir Premji
President and CEO Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Africa Oil Corp. Sophia Shane Corporate Development
(604) 689-7842 www.africaoilcorp.com Alberta Oilsands Inc. Shabir
Premji Executive Chairman (403) 232-3341
Alberta Oilsands Inc. (TSXV:AOS)
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