Kenya: Former US government contractors turn to Africa oil

Issue 271 - 13 Feb 2014 | 3 minute read
Dubai-based Milio International has entered into a farm-in agreement with Australia’s FAR to acquire an interest in the onshore part of Lamu Basin Block L6. The acquisition will be Milio’s second in the Kenyan upstream; in 2012, it bought a controlling stake in onshore Block L20 immediately to the west of L6 from Vancouver-based venture capital company Pacific Seaboard Investments. Before the agreement, FAR had 60% in Block L6, with Australia’s Pancontinental Oil & Gas holding 16% and Pancontinental subsidiary Afrex holding 24%.

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