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Tullow Oil Africa deal

IRISH exploration company Tullow Oil is due to buy a 50pc stake in six exploration licences in Kenya and Ethiopia, which will mean an expansion of its operations in east Africa.

Under the deal, Tullow will pay Canada's Africa Oil up to $33.75m for a share of six licences that cover two exploration blocks in Kenya and one in Ethiopia.

Tullow now has operations across 22 countries in four main regions in Africa, Europe, South Asia and South America.