Continental Focus, International Reach

Rift Energy Enters Extra Time in Kenya

Wednesday, October 1, 2014

Rift Energy is entering into the first additional two-year exploration program on Block L19 in Kenya after having met or exceeded all the contractual requirements of the initial two-year exploration program.

The work program for its initial two-year exploration program consisted of 7,064 km of gravity and magnetic data, which was used as the basis for a map that identified multiple geological features of interest and was used to guide the 724-km 2D seismic program Rift acquired.  A geochemical survey with 640 samples taken was completed over prospective areas and integrated into the 2D seismic data.  Results indicate numerous leads and prospects at various depths that correlate to the results of the geochemical survey.

Entering the first additional period on the block the company is now required to either acquire 500 sq km of 3D seismic or drill one well within the next two years.

In accordance with the terms of the PSC, Rift Energy relinquished 25% of Block L19. The relinquished area included the northernmost section of the block, which had previously been determined to not be prospective.

The company is now considering farming out a portion of its interest to further fund and accelerate its exploration program within Block L19.  The data acquired from the seismic program has been processed and interpreted. A data room is now available for interested parties.

Fred Zaziski, President and CEO of Rift Energy said,The results of our 2D seismic program have been outstanding. Numerous leads and prospects at various depths have been identified. Through the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner. As such, we believe we are in an excellent position to continue our exploration program on Block L19 and expect to commence an exploratory drilling program within the next 12-18 months.”


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