Petroleum Africa
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Wednesday, October 16, 2013
Premier Oil has entered Kenya through a farm-in on Taipan Resources’ onshore Block 2B. Premier will take a 55% stake under the agreement with Taipan’s wholly-owned subsidiary Lion Petroleum Corp.
Under the agreement, Premier will pay Lion back costs of $ 1 million. Premier will also pay Taipan’s working interest share of the cost of drilling and testing the Pearl Prospect and future costs on Block 2B up to a cap of $13.275 million. Premier has the option to assume operatorship of any future development on the block.
The block lies in the Southern Anza basin, a Cretaceous rift basin with proven source rock, and contains several prospects and leads. The Pearl Prospect, with an estimated gross prospective resource of 100 million barrels of oil, will be targeted by the initial well. The remaining lead inventory is capable of delivering in excess of 500 million barrels gross.
Completion of the farm-in is subject to satisfactory completion of financial audits and confirmation of the terms of the PSC from the Kenyan government.
Simon Lockett, chief executive, commented: “We are delighted to have reached an agreement with Taipan and obtained acreage in the emerging onshore rift plays of East Africa. Rift basins are a core play for Premier and in this instance we have gained access to a play opening opportunity with meaningful follow on potential.”
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