Kenya: Former US government contractors turn to Africa oil

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%.