Petroleum Africa
Find us on: 
Monday, June 1, 2015
Tower Resources has received formal notification from Lion Petroleum, a wholly-owned subsidiary of Taipan Resources that their partner on Kenya’s Block 2B Premier Oil has decided to exit the JV.
Premier’s exit was effective April 30.
Accordingly, Lion and Tower’s working interests in the block will be adjusted on a pro-rata basis (Lion 66.66%, Tower 33.34%) for the remaining approximate six months of the current license phase (unless otherwise agreed).
The Ministry of Energy has agreed to a six-month extension to the First Additional Exploration Period to November 30. This is in order to complete the assessment of the remaining prospectivity of Block 2B, and as a result of the ongoing legal action relating to the temporary injunction served upon Lion, Premier, and other named parties highlighted in an announcement in December, (Badada-1 Well Site Preparation and Rig Contract) which has prevented operations over the majority of the block. This will give the JV partners time to complete their remaining technical assessments and review their strategy with respect to Block 2B. During this extension period no additional financial commitments will be incurred.
Graeme Thomson, CEO, commented “Tower has increased its interest in Block 2B at nil cost and the six month extension to the First Additional Exploration Period will provide joint venture partners the time necessary to finish a thorough assessment of the prospectivity on this large (5,458 sq km) block.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
