Lundin sells off its assets

Sweden-based Lundin Petroleum has sold for $20 million all of its Ethiopian and Kenyan assets to Toronto-listed Africa Oil Corporation, one of whose major shareholders is related to the Lundin family, writes Iain Esau.

13 February 2009 0:01 GMT Updated 13 February 2009 0:01 GMT

The company is offloading its two subsidiaries, which hold 85% interests in and operatorship of production sharing contracts covering blocks 2, 6, 7 and 8 in the Ogaden basin in southern Ethiopia, a 50% holding in the Adigala Block in northern Ethiopia, plus a 100% operated interest in Block 10A and a 30% non-operated stake in Block 9 in the Anza basin of north-west Kenya.

The

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Lundin sells off its assets