Marathon Oil is looking for buyers in Kenya and Ethiopia… If a sale goes through it might help us evaluate AOI´s assets.

http://af.reuters.com/article/investingNews/idAFKBN0O106M20150516   (Credits to S2003)

HOUSTON (Reuters) – Marathon Oil Corp is seeking bids for its interest in four onshore exploration blocks in East Africa as the oil and gas company focuses on drilling in U.S. shale formations, its advisor on the sale said on Friday.

Marathon, like many other U.S. oil and gas companies, has in recent years directed more capital to shale formations such as the Eagle Ford in south Texas, where production growth is more predictable and returns tend to be higher.

The Houston company will take offers for all or part of the properties located in Ethiopia and Kenya, according to an email from divestiture advisory firm IndigoPool.

Cash bids are due July 23, and a data room will be opened on May 29, the sale notice said.

A spokeswoman for Houston-based Marathon was not immediately available to comment.

Marathon acquired the properties in October 2012, according to the company’s website.

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———————————– Kenya ———————————————————————-

In October 2012, Marathon Oil closed a farmout agreement to acquire a position in two onshore exploration blocks. The emerging onshore oil plays offer impact potential across a vast acreage position currently amounting to approximately 2.7 million net acres (8.9 million gross) in northwest Kenya. The transaction included a 50 percent working interest in Block 9 and a 15 percent working interest in Block 12A.

Kenya¿s Block 9 is approximately 1.9 million net acres (3.9 million gross) along a prospective Cretaceous Rift Trend. Africa Oil, with a 50 percent working interest, will operate the exploration phase, and Marathon Oil has the right to assume the role of operator if a commercial discovery is made.

Block 12A is approximately 750,000 net acres (5 million gross) and is contiguous with Block 10BB to the north, which contains the significant Ngamia-1 oil discovery. Tullow Oil is the operator of Block 12A with a 65 percent working interest, and Africa Oil retains a 20 percent working interest.

————————————————Ethiopia——————————————————————-

Marathon Oil entered into an agreement with Agriterra Limited in October 2012 to acquire their 20 percent working interest in the South Omo Concession in Ethiopia. Tullow Oil is the operator of the concession with a 50 percent working interest, and Africa Oil holds the remaining 30 percent working interest. The concession has an area of approximately 1.1 million net acres (5.4 million gross).

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