Petroleum Africa
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Thursday, April 9, 2015
Pancontinental Oil & Gas is exiting Kenya’s Block L10B. The company served BG Kenya L10B Ltd., the last remaining partner in the block, its notice of withdrawal from the JOA and the L10B PSC.
Pancontinental holds a 25% interest in L10B, while BG holds 75%.
The license area lies immediately to the south of area L10A, in which a JV also operated by BG (50%) drilled the Sunbird-1 oil discovery well in 2014. Pancontinental holds an 18.75% stake in this license and PTTEP holds 31.25%.
The company said it believes that it has sufficient exposure to the prospectivity of the area through its 18.75% interest in the adjoining Block L10A. The blocks have similar geological features that in some cases straddle the permit boundary, while exploration in L10A is more advanced. Pancontinental considers that the withdrawal is in the interest of prudent financial management, while maintaining a manageable and prospective exploration portfolio.
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