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Monday, May 19, 2014
Pancontinental Oil & Gas has been granted a one-year extension by the Kenyan government on the L10B Block in which it plans to secure a farm-in agreement for any future drilling. The block has a number of large prospects and leads identified using 3D seismic and these are being examined as potential exploration drilling targets.
Pancontinental notified BG Group which operates the license and the other JV participants that it will increase its stake in L10B from 15% to 20% prior to June 15, subject to the government’s approval. The increase will come from taking up its pro-rata share of the interest held by Premier Oil, who has decided to withdraw from the license.
Pancontinental said in a statement that the extension of the exploration period by Kenya will give the partners more time to assess the impact of the Sunbird-1 discovery in the adjacent L10A area and its implications for possible future drilling in L10B.
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