BRIEF-Maersk Oil to buy shares in 3 onshore exploration licenses

Mon Nov 9, 2015 1:12am EST
 
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Nov 9 (Reuters) - Maersk Oil :

* Says has agreed to acquire half of Africa Oil corporation's shares in three onshore exploration licenses in Kenya and a further two in Ethiopia

* Says the licenses cover an area of ca. 100,000 square kilometres and include eight recent oil discoveries

* The value of the deal is split between an upfront farm-in payment of $365 million, including exploration costs

* Future contingent payments of up to $480 million will be made by Maersk Oil for the Lokichar Project, determined by the size of the resource after final appraisal and the agreed timetable for first oil. Further company coverage: (Copenhagen newsroom)