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Africa Oil Corp (AOI.V)

AOI.V on TSX Venture Exchange

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Latest Key Developments (Source: Significant Developments)

Africa Oil incurred $11.9 mln of intangible exploration expenditures in Kenya in Q1
Friday, 13 May 2016 06:00pm EDT 

Africa Oil Corp : Incurred $11.9 million of intangible exploration expenditures in kenya for three months ended march 31, 2016 .Africa oil 2016 first quarter financial and operating results.  Full Article

Africa oil continues to push forward for development sanction during 2017
Tuesday, 10 May 2016 03:40am EDT 

Africa Oil Corp : Africa oil announces significant increase 2C oil resources . Independent assessment of contingent resources in south lokichar basin in Kenya has been completed .Continue to push forward for development sanction during 2017.  Full Article

Africa Oil says entered into deal with Maersk Oil
Tuesday, 17 Nov 2015 01:00am EST 

Africa Oil Corp:Entered into deal with Maersk oil & gas a/s,, owned by the Maersk group.Under deal Maersk to acquire 50% of co's interests in blocks 10bb,13t , 10ba in Kenya,Rift Basin and South omo blocks in Ethiopia.Says maersk will pay Africa Oil $350 million as reimbursement of past costs incurred by Africa Oil.Maersk will also carry up to $75 million of company's share of development expenditures upon confirmation of resources.Says transaction is subject to host government and applicable regulatory approvals.Maersk will also carry up to $405 million of co's working interest share of development expenditures for lokichar development project.Discussions with Kenyan government on draft field development plan for discoveries in South Lokichar basin continue positively.  Full Article

Africa Oil announces farm-out deal with Maersk Oil for Kenya and Ethiopia Blocks
Monday, 9 Nov 2015 12:00am EST 

Africa Oil Corp:Entered into a definitive farmout agreement with Maersk Oil & Gas A/S, a Danish oil and gas company owned by the Maersk Group.Whereby Maersk will acquire 50% of Africa Oil's interests in Blocks 10BB, 13T and 10BA in Kenya and the Rift Basin and South Omo Blocks in Ethiopia in consideration for reimbursement of a portion of Africa Oil's past costs and a future carry on certain exploration and development costs.Under terms of the farm-out agreement, upon closing of transaction Maersk will pay Africa Oil US$350 million as reimbursement for approximately 50% of past costs incurred by Africa Oil prior to the agreed March 31, 2015 effective date.Maersk will also reimburse Africa Oil for its acquired working interest share of costs incurred between the effective date and the closing date. Commencing on the effective date.Maersk will also carry up to US$75 million of the Company's share of development expenditures upon confirmation of resources and US$15 million of the Company's share of exploration expenditures.In addition, upon Final Investment Decision, Maersk will also carry up to $405 million of Africa Oil's working interest share of development expenditures for the Lokichar Development Project.The total carry amount will depend on the Lokichar Development Project meeting certain thresholds of resource growth, and the timing of first oil. The transaction is subject to host government and applicable regulatory approvals.  Full Article

Africa Oil Corp closes $50 million financing
Monday, 31 Aug 2015 05:00pm EDT 

Africa Oil Corp:Closed the US$50,000,000 non-brokered private placement previously announced on Aug. 18.Pursuant to an Equity Subscription Agreement dated August 18, 2015, 31,169,048 common shares, issued at a price of CAD $2.10 per share for gross proceeds of CAD $65,455,000 (US $50 million).Net proceeds of the private placement will be used to fund the Company's oil and gas exploration, appraisal and development activities, and general working capital requirements.  Full Article

Africa Oil Corp closes $125 million brokered private placement
Monday, 23 Feb 2015 05:30pm EST 

Africa Oil Corp:Closes the $125,000,000 brokered private placement, previously announced on Feb. 13.An aggregate of 57,020,270 common shares, issued at a price of 18.50 Swedish crowns (Cdn $2.74(1) equivalent) per share for gross proceeds of 1,054,874,995 Swedish crowns, or $125,000,000 equivalent, have been released to investors.Common shares were placed through a syndicate comprising Dundee Securities Europe LLP and Pareto Securities, who together acted as joint bookrunners.Says a cash commission equal to 4 pct of the gross proceeds of the Offering was paid to the Joint Bookrunners.Net proceeds of the private placement will be used for ongoing exploration, appraisal and development activities in East Africa, as well as for corporate development and general working capital purposes.  Full Article

Africa Oil Corp announces private placement of $125 mln
Friday, 13 Feb 2015 02:00am EST 

Africa Oil Corp:Says it has agreed to sell, on a brokered, private placement basis, an aggregate of about 57 mln common shares at a price of 18.5 Swedish crowns (C$2.74), per share for gross proceeds of 1.055 bln Swedish crowns or $125 mln equivalent.Says Dundee Securities Europe LLP and Pareto Securities are acting as joint bookrunners to advise on and effect the private placement.Says closing of the offering is expected to occur on or about Feb. 23 or such other dates as the company and the bookrunners may agree.  Full Article

Africa Oil Corp announces private placement
Thursday, 12 Feb 2015 11:30am EST 

Africa Oil Corp:Announces that it intends to raise $100 million in new equity through a private placement of new common shares and has retained Dundee Securities Europe LLP and Pareto Securities as joint bookrunners to advise on and effect the private placement.Net proceeds from the private placement will be used primarily to fund ongoing appraisal and pre-development activities in the South Lokichar Basin where the Company and its partner, Tullow Oil plc.Expects that the net proceeds from the private placement, together with the Company's existing working capital, will be sufficient to perform necessary work and analyses to upgrade its assets in the South Lokichar.  Full Article

Africa Oil, partners to begin drilling new Kenya wells in Dec

NAIROBI, Nov 15 Africa Oil and its partners in Kenya will drill up to eight exploration and appraisal wells starting from December to boost proven resources and improve financing prospects for field development and an export pipeline, an executive said.