Africa Oilfield has entered into a framework and option agreement (the "Agreement") pursuant to which:

◾ overseen by Africa Oilfield, Ardan Risk & Support Services ("Ardan"), the oilfield logistics and support services business with operations in East Africa, is undertaking a corporate and contractual restructuring programme to rationalise operational management and implementation, planning and reporting; and ◾ Africa Oilfield has been granted a 3-year conditional call option which provides the right, but not the obligation, to acquire 100% of Ardan Logistics Kenya Limited ("ALK"), a separate and new 'shell' company from which the restructured business of Ardan will be operated ("Option").

Tags: Africa Oilfield Logistics