Maersk Oil Completes Acquisition of East African Licences

   By Christina Zander

Maersk Oil, a unit of Danish conglomerate A.P Moller-Maersk (MAERSK-B.KO), said Tuesday it has completed the acquisition of 50% of Africa Oil Corp.'s (AOI.T) share in three onshore exploration licences in the Turkana region of northern Kenya and two contiguous licences in Southern Ethiopia.

The completion of the transaction between the two companies follows recent approval by the Kenyan and Ethiopian governments.

The licences cover an area of around 100,000 square kilometers and include nine recent oil discoveries, with ongoing exploration and appraisal activities. Four of the blocks are operated by Tullow Oil and one by Africa Oil.

Write to Christina Zander at christina.zander@wsj.com

(END) Dow Jones Newswires

February 23, 2016 04:31 ET (09:31 GMT)

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