2009
Africa Oil Corp.
Renegotiation of Production Sharing Agreements
We acted as counsel to Africa Oil Corp. in its negotiations with the Puntland State of Somalia and the Puntland Petroleum and Mineral Agency relating to amendments to previously negotiated Production Sharing Contracts in respect of the Nugaal Valley Exploration Area and the Dharoor Valley Exploration Area, located in the Puntland State of Somalia. The negotiations culminated in amended Production Sharing Contracts that, amongst other things, extended the preliminary exploration period in each production block and provided for the payment of a discovery bonus. The Amending Agreements were subsequently ratified by the Puntland Government.