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 Pursuant to Venture Agreements entered into by Africa Oil Corp. and Range Resources Limited on March 4, 2007, Africa Oil Corp. has acquired an 80% participating interest in the licenses and operatorship of the Nogal and Dharoor projects, in consideration for a financial commitment, over a six year period, of approximately US$50 million in exploration expenditures and the payment to Range of an additional US$3.5 million upon commencement of commercial production.
The Nogal and Dharoor basins are considered world-class exploration plays with a petroleum system geologically similar to and formerly contiguous with those within the Republic of Yemen.
Dharoor and Nogal Valley Blocks |
Formerly Contiguous with Yemen |
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