Centric Energy Corp. (CTE.V) has signed an agreement with Tullow Oil PLC (TLW.LN) for a joint oil and gas exploration in northern Kenya block 10BA, the Daily Nation newspaper reports Friday.
Centric Energy Corp. (CTE.V) has signed an agreement with Tullow Oil PLC
(TLW.LN) for a joint oil and gas exploration in northern
Kenya
block
10BA, the Daily Nation newspaper reports Friday.
The Canadian company said a binding agreement signed by the parties allows
Tullow a 50% interest in exploring oil and gas in the block, subject to
government approval, the daily says.
Alec Robinson, Centric's chief executive, said Tullow will earn a 50% stake and
assume operatorship and in return, will reimburse Centric's acquisition costs
for the production-sharing contract of block 10BA, which totals $750,000, the
daily says.
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