NOCK to Sell Stake in 14T

Wednesday, February 20, 2019

Kenya’s National Oil Company (NOCK) plans to sell a stake in its Block 14T in Kajiado County to aid it in paying for its back-in rights in two blocks that are ready to begin production and start drilling.

NOCK has undertaken some basic works on the block but is unable to proceed owing to lack of financial maneuverability. It expects the new partner(s) to help it determine the potential for the block. NOCK said the equity partner will play a critical role in drilling the first exploratory well at the block and generally take exploration ‘to the next level’.

“The Corporation is keen to enter into an equity partnership with an oil and gas company of international repute for the exploration activities it is undertaking in the block with a view to identifying more drillable prospects and drilling an exploration well within the next two years,” said NOCK in documents inviting companies to bid for the job of a transaction adviser to structure the farm-out deal.

To date, the state-run firm has conducted ground gravity survey, geochemical survey, full tensor gradiometry, seismic as well as drilling of two stratigraphic wells. The data acquired has allowed for the identification of one drillable prospect and the potential for others, according to NOCK.

In addition to the exploration of the Kajiado block, NOCK plans to play a role in the Lokichar oil project being developed by Tullow Oil and its JV partners Total and Africa Oil.

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