Anglo-Turkish exploration firm Genel is to farm into the Adigala block in Ethiopia after agreeing a deal for a 40% stake in the site.
The company is to pay an undisclosed fee, including back costs and seismic acquisition, for a non-operating interest for the site, in the northeast of the African country.
The prospect, which will undergo 2D seismic scans later this year, is thought to have similar oil profiles to the Jurassic rift basins in Yemen.
“The Adigala Block farm-in is a natural extension of our exploration strategy, which seeks to acquire material equity positions in hydrocarbon basins with significant potential, as well as complementing our extensive interests onshore Somaliland where drilling is planned for 2014,” said exploration chief John Hurst.
“We look forward to working with our new partners to high-grade the prospectivity on the block and add further depth and materiality to our exploration inventory.”
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