Why make a announcement without any legal agreemen Compare a real farmout: Africa Oil Signs Farmout With Marathon Oil "[ VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2012) - Africa Oil Corp. ("Africa Oil" or the "Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce that it has signed a definitive farmout agreement with Marathon Oil Corporation ("Marathon Oil") whereby Marathon Oil will acquire the rights to obtain an interest in two of Africa Oil's Kenyan exploration blocks.
Under the terms of the farmout agreement, Marathon Oil will acquire a 50% interest in Block 9 and a 15% interest in Block 12A, both in Kenya. Africa Oil will maintain operatorship in Block 9, but Marathon Oil has the right to assume operatorship if a commercial discovery is made. In addition, Africa Oil and Marathon Oil have agreed to jointly pursue exploration activities on an additional exploration area in Ethiopia. The above transactions are all subject to host country Government approvals.
The resulting interest in the Kenyan exploration blocks upon approvals and subsequent closing of the Marathon Oil farmout agreement, together with the completion of a separate farmout transaction with Tullow Oil plc ("Tullow") (described below) will be as follows:
]" to Simba's "farmout": Simba Energy Inc. Signs Memorandum of Understanding to Farmout in Kenya"[Vancouver, British Columbia CANADA, May 13, 2013 /FSC/ - Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF),("Simba"), the onshore pan-African oil and gas explorer with assets in Kenya, Guinea and Chad, is pleased to announce that it has signed a memorandum of understanding (the "MOU") with Ajax Exploration Ltd. ("Ajax"), a privately-owned oil and gas company, to farmout a 66% interest and operatorship of Block 2A, onshore Kenya ("Block 2A").
The MOU, which is to be superseded by definitive farmout agreement (the "Farmout Agreement") that Simba expects to be finalized and executed shortly, is intended to set out the principal commercial terms of the farmout only, which are as follows:
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