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East Africa: the big oil find and investor interest
The British oil company Tullow said it had bought 50 % shares in a series of operating licenses covering approximately 100 000 km2 in Kenya and Ethiopia. This represents half of the shares of the Canadian Africa-Oil company of five licenses covering rights within a large basin of exploration between the two countries.The transaction, whose amount is not specified, is providing 23.75 million dollars to Africa-Oil Company for the costs of future exploration and a partial refund of up to 10 million dollars of those already executed.
The survey area “presents good evidence of the presence of oil” and the first drilling should be undertaken next year, Tullow said. Tullow has already major oil assets in Eastern Africa, including Uganda where it is currently seeking to buy the Canadian Heritage in the basin of the Lake Albert – a body of water covering the Albertine Graben geological formation that experts say holds 2 billion barrels of crude oil. Tullow had been hoping to join them with the Congolese blocks, since the big oil find on Uganda’s side of the lake that has attracted a flurry of investor interest, and mainly since the Democratic Republic of Congo has stripped British energy firm Tullow of its rights to two oil blocks on Lake Albert.