Petroleum Africa
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Thursday, May 9, 2013
ERHC Energy signed a letter of intent (LoI) with an unnamed firm for a stake in its Block 11A in Kenya. While the company did not name the firm, its release did say it was an “integrated international oil and gas company” and a “renowned multinational operator” that holds assets on several continents.
The parties will now proceed to negotiate the definitive terms for a farm-out, although any agreement reached will be subject to the approvals of the respective boards and of the government of Kenya.
In July 2012, ERHC signed PSC with Kenya for Block 11A near Kenya’s border with South Sudan. The block is also located near Block 11 B and Lake Turkana and covers almost 12,000 sq km.
Until the definitive farm-out agreement is reached and it receives approval from the government, the company will continue to operate the block. ERHC’s work program under the PSC is continuing apace. The company is currently reviewing bids from several service companies for process management and execution of a full tensor gravity gradiometry survey of the block. The FTG surveys have been successfully used across Africa and contributed to recent oil discoveries in Uganda and Kenya.
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