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Tuesday, December 10, 2013
While reports have the JV partners planning a spud offshore Kenya on Block L10A one partner has elected to forgo participation in the well. Premier Oil has decided not to participate in the planned Sunbird-1 well and has withdrawn from Block L10A.
Ministerial approval has been given for the withdrawal and the Premier interest has been taken up pro-rata by the other participants.
The Kenya L10A consortium now consists of BG as operator with a 50% stake, PTTEP with a 31.25% stake, and Pancontinental Oil & Gas with an 18.75% stake.
Although Premier has withdrawn from Block 10A it still retains a 25% interest the adjacent Block 10B. Prospect maturation is ongoing and a ‘drill or drop’ decision will be made by mid-2014.
Simon Lokett, Premier’s Chief Executive, said: “Whilst we remain committed to exploration in Kenya, we continue to focus our resources on projects that meet our internal corporate investment metrics and to high grade our exploration portfolio accordingly.”
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