Uchenna Izundu
OGJ International Editor
LONDON, July 21 -- Shareholders of Turkana Energy Inc., Vancouver, BC, have agreed to the takeover by Africa Oil Corp., also of Vancouver, along with Kenya’s energy ministry and the courts.
The deal means that Africa Oil will acquire exploration rights to Block 10BB, a highly prospective oil exploration block in northwestern Kenya (OGJ Online, June 16, 2009).
Africa Oil said Turkana’s shares will be acquired in consideration for 7.5 million common shares of Africa Oil. “In addition, Turkana convertible loans of up to $1 million (Can.) will be exchanged into common shares of Africa Oil at $1.27 (Can.)/share,” it added.
The block lies west of Africa Oil’s Kenyan Block 10A and Block 9 and is within the tertiary rift trend of East Africa which has recently yielded major oil discoveries by operators such as Heritage Oil and Tullow Oil PLC.
Contact Uchenna Izundu at [email protected].
