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Friday, December 22, 2006
Pancontinental Oil & Gas and its JV partner Origin Energy have started their 2D seismic operation over Blocks L8 & L9 in Kenya’s Lamu Basin. The partners are looking to further define nearly 40 mapped leads offshore Kenya.
Blocks L8 & L9 lie next to the Woodside-operated Block L5, where exploration drilling of the Pomboo-1 well is currently underway. Pancontinental’s Chief Executive Officer Andrew Svalbe said: "Blocks L6, L8 and L9 contain targets that are of the same type as in the two Woodside-operated permits, Blocks L5 and L7. The prospectivity in Blocks L6, L8, and L9 is thought to be high with multiple plays of significant size at various other stratigraphic levels.”
Pancontinental has a 25% stake in Blocks L8 and L9. Origin Energy holds a 75% interest in return for fully covering the seismic program and the drilling of an exploration well in each. Pancontinental also has a 40% interest in nearby Block L6.
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