Marathon Oil (MRO -2.6%) expands into Kenya by entering into a farmout agreement with Africa Oil...

|About: Marathon Oil Corporation (MRO)|By:, SA News Editor

Marathon Oil (MRO -2.6%) expands into Kenya by entering into a farmout agreement with Africa Oil to acquire an interest in two onshore exploration blocks amounting to more than 11M gross acres. MRO will pay $35M to buy a 50% working interest in Block 9 and a 15 percent stake in Block 12A in northwest Kenya. The companies also agree to pursue exploration activities in Ethiopia.