Petroleum Africa
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Wednesday, July 9, 2014
Vanoil Energy Ltd. has been in discussions with the Kenyan government regarding license renewals for blocks 3A and 3B since before February, and now the firm will seek a formal demand for arbitration. The original PSCs for the blocks were signed in 2007, located adjacent to large concessions held by Marathon Oil and Africa Oil. The total area included in the concessions is 24,912 sq km covers three important sedimentary basins.
Vanoil chairman James Passin said: “Following the discovery of hydrocarbons with oil shows in the Sala-1 well in the Anza Graben announced by Africa Oil Corp., Vanoil believes the economic value of Blocks 3A and 3B may have materially increased. While we would have preferred to proceed with the two well program approved by the Ministry of Energy, we are looking forward to vigorously pursuing all legal remedies.”
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