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Friday, April 8, 2016
Companies looking to pick up stakes in Kenya have an opportunity for a farm in on Milio E&P’s Block L20 and an option on its Block L6. Milio is looking for a partner to fund a work program and is offering a significant stake in return
Milio E&P Ltd. and the Kenyan government recently concluded a review of the license terms and work commitments for both onshore blocks. In addition, a one year extension of the Initial Exploration Period has been granted until November 2016 for L20.
The 1,000 km 2D seismic commitment for the Initial Exploration Period of L20 and farm-in to L6 has been revised by the Kenyan government and reduced to a minimum of 250 km in L20, with any well obligation only in the Second Exploration Period should a decision be taken to move forward. In addition to the reduced obligations, reductions in seismic costs will allow the reduced 2D program to be carried out with a sizeable decrease in total cost and better value per km.
Milio’s planned work program includes the 2D seismic on Block L20 which will be used to define new and confirm existing prospect integrity already defined on the older 2D seismic. This will include new 2D lines to confirm the western edge of large ‘anticline structure’ where it extends into Block L20, and new data to define new prospects in the large undrilled back basin in L20. The option to acquire additional seismic in L6 to define the large anticline and also up-dip prospects further east is also possible. Appropriate seismic equipment is in-country and ready for immediate mobilization.
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