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AFRICA OIL ANNOUNCES THE DECISION TO WITHDRAW FROM ITS KENYA PROJECT
AFRICA OIL ANNOUNCES THE DECISION TO WITHDRAW FROM ITS KENYA PROJECT Canada NewsWire ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES THE DECISION TO WITHDRAW FROM ITS KENYA PROJECT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 23, 2023\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n – Africa Oil Corp.\n \n (\"Africa Oil\", \"AOC\" or the \"Company\") announces that it has submitted withdrawal notices to its joint venture partners on Blocks 10BB, 13T and 10BA in\n \n Kenya\n \n , to unconditionally and irrevocably, withdraw from the entirety of the joint operating agreements (\"JOAs\") and Production Sharing Contracts (\"PSCs\") for these concessions. The Company has concurrently submitted notices to Ministry of Energy and Petroleum, requesting the government's consent to transfer all of its rights and obligations under the PSCs to its remaining joint venture partner.\n \n View PDF version\n \n .\n \n \n The carrying value of the\n \n Kenya\n \n intangible exploration assets was written down to\n \n $58.6 million\n \n at\n \n December 31, 2022\n \n , and the Company intends to further impair this value to zero.\n \n \n \n Africa Oil President and CEO\n \n Keith Hill\n \n commented\n \n : \"We have taken the decision to exit our\n \n Kenya\n \n concessions as our strategy has shifted to focus on production and high potential exploration opportunities, including our Orange Basin portfolio where we are now appraising the exciting Venus discovery, offshore\n \n Namibia\n \n .\n \n \n Africa Oil is proud to have played a central role in discovering the oil fields in\n \n Kenya's\n \n South Lokichar Basin. We continue to believe these discoveries will form the basis of a significant oil producing province in the coming years with strategic value for the country. We have also had the privilege of working with our host communities on our social-focused programs and we are grateful to them for welcoming us to their midst. We thank the government of\n \n Kenya\n \n , our host communities and our joint venture partners for their support over the years and we wish them the best in t...