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.