Petroleum Africa
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Tuesday, February 18, 2014
FAR Ltd. has been given the green light by the Ministry of Energy and Petroleum in Kenya for its farm-in deal for the onshore portion of Block L6. Under the terms of the farm-in agreement with Milio E&P Ltd. and Milio International, FAR will be fully funded through the drilling and testing of a high impact onshore exploration well in Block L6 expected to spud in H1 2015.
Under the terms FAR will also be fully funded through the acquisition, processing, and interpretation of a regional onshore 1,000 km 2D seismic survey. This is expected to confirm a number of prospects in onshore L6 as drill targets. This seismic program is expected to commence in April 2014.
FAR retains a 24% interest in the onshore portion of the block and preserves its 60% interest in the highly prospective offshore part of Block L6 which FAR has estimated to contain substantial prospective resources. FAR is also currently in discussions with parties to farm in on the offshore portion of the block which will enable a well to be drilled to test the offshore potential.
In the event the Milio-funded exploration well in 2015 is a discovery, FAR plans to fast track an onshore development in order that production could contribute to Kenya’s near term growing energy requirements and supply major power generation projects planned by the government.
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