Deal Insight

Maersk Oil farms-in to Africa Oil Corp's Kenya and Ethiopia blocks in deal worth up to US$845 million

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12 November 2015

Maersk Oil farms-in to Africa Oil Corp's Kenya and Ethiopia blocks in deal worth up to US$845 million

Report summary

Africa Oil will receive a US$350m cash consideration. This will be followed by a US$15m exploration cost carry and a US$75m interim carry on development costs in early 2016. Maersk will also pay up to US$405m once FID is taken, predicated on project timing and reserves growth. Over 600 mmbbl have been discovered across Blocks 10BB and Block 13T. We value Maersk's upstream interest at US$703m (NPV10, March 2015), excluding any exploration upside which will unlock the $405m additional payment.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Africa Oil Corp.'s blocks
  • Upstream assets: Table 2
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

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    Maersk Oil farms-in to Africa Oil Corp's Kenya and Ethiopia blocks in deal worth up to US$845 million

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