Marathon Oil to Acquire Interest in Exploration Blocks 9 and 12A from Africa Oil New Report
Summary: Marathon Oil Corporation (Marathon Oil) has agreed to acquire equity interest in two exploration blocks, located in Kenya, from Africa Oil Corporation (Africa Oil). As a consideration, Marathon Oil will pay an entry payment of $35m, which includes prior expenditures, and has agreed to fund Africa Oil's working interest share of future joint venture expenditures, anticipated to be spent over the next three years up to a maximum of $43.5m. Under the terms of the agreement, Marathon Oil will...
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