East Africa-focused
exploration firm, Centric Energy, said it had completed an agreement to
farm out to Tullow Oil Plc a 50 per cent interest in Centric’s Block
10BA in north-western Kenya.
The deal brings to
four the number of farm-in agreements that London-listed Tullow has
closed this week after acquiring 50 per cent states in another two
Kenyan blocks and an Ethiopian exploration area.
Tullow paid $961,000 in historic costs and will finance 80 per cent of future expenditures to a limit of $30 million.
Kenya has yet to discover any commercial oil deposits, but interest in its exploration blocks has grown.
