RE: Selling to RaytecTo reduce risk. The oil looks like it's there, but we don't know how many holes have to be drilled to get it out of the ground. Drilling is high risk. Sure, if you strike oil on the first hole in each prospect, it's bad they farmed out part of it. But if it takes 5 drills before you strike oil, it's a good thing they farmed out part of it. All companies farming get to pay a "disproportionate" part of the cost, and hopefully disproportionate the way we want it. :-)
After all their farmouts, Africa Oil's interest looks (to the best of my knowledge) like this:
Somalia Dharoor: 65% Working Interest / 50% Paying Interest
Somalia Nogal: 65% Working Interest / 70% Paying Interest
Ethiopia 2,6,7,8: 55% Working Interest / 30% Paying Interest
Ethiopia Adigala: 50% Working Interest / 0% Paying Interest
Kenya 10A: 55% Working Interest / 20% Paying Interest
Kenya 10BB: 80% Working Interest / 60% Paying Interest
Kenya 9: 20% Working Interest / 26.67% Paying Interest