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PCL - Pancontinental Energy
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A Review of Local Content Regulations in the Upstream Oil & Gas Sector in Africa
King & Wood Mallesons
16 March 2015
This article was written by Sonal Sejpal, Njeri Wagacha and Sheila Nyayieka(Anjarwalla & Khanna, Kenya, ALN).
It is an exciting time for oil and gas in Africa! The list of oil producing countries in Africa continues to grow. The traditional oil producing countries – Nigeria, Algeria, Angola, Egypt, Sudan and Libya have been joined by new entrants such as Mozambique, Ghana, South Africa, Tanzania, Uganda and Kenya. This has led to renewed interest in the oil and gas industry in the continent as a whole. In Kenya for example Tullow Oil Plc, and its partner Africa Oil Corporation have discovered an estimated 600 million barrels of oil in the South Lokichar Basin in Northern Kenya. Prospecting continues in other countries.
The oil finds promise to give the citizens in the various countries a new life line. Further, oil production will create a new stream of foreign exchange earnings for governments and ultimately elevate the standard of living for their citizens.
The onset of resource nationalism in various countries has played a significant role in shaping emerging oil and gas legislation. The current trend is for the people and governments to assert greater control over natural resources located within their territory. Citizens are more aware of their right to benefit from the resources. Most countries are also wary of the “resource curse” deriving from corruption, environmental degradation and leakage of revenues due to tax evasion. This has led to enactment of stringent local content laws governing different minerals and natural resources. Contractors in Nigeria and Kenya, for example, have had to stop exploration works for periods at a time because of disruption by citizens demanding local participation in exploratory and oil production activities.
In South Africa Broad-Based Black Economic Empowerment laws (“BBBEE”) apply to the oil and gas sector, which is defined as a social or economic strategy, plan, principle, approach or act which is aimed at redressing the results of past or present discrimination based on race, gender or other disability of historically disadvantaged persons in the minerals and petroleum industry, related industries and in the value chain of such industries.
Local content legislation is fairly new in most African countries. In other jurisdictions such as Kenya, it is still in draft form and the substantive terms are yet to be finalized.
It is vital for foreign investors and contractors to adhere to these laws as contravention can lead to significant fines and in some cases revocation or non-renewal of licenses. It will be interesting to see how the laws are applied and whether they are practically enforced.
In this review, we provide a high level overview of the main local content provisions in the oil and gas industry for the following countries:
Kenya
Nigeria
Zambia
Uganda
South Africa
more.....
http://www.kwm.com/en/uk/knowledge/...stream-oil-and-gas-sector-in-africa-20150316#
King & Wood Mallesons
16 March 2015
This article was written by Sonal Sejpal, Njeri Wagacha and Sheila Nyayieka(Anjarwalla & Khanna, Kenya, ALN).
It is an exciting time for oil and gas in Africa! The list of oil producing countries in Africa continues to grow. The traditional oil producing countries – Nigeria, Algeria, Angola, Egypt, Sudan and Libya have been joined by new entrants such as Mozambique, Ghana, South Africa, Tanzania, Uganda and Kenya. This has led to renewed interest in the oil and gas industry in the continent as a whole. In Kenya for example Tullow Oil Plc, and its partner Africa Oil Corporation have discovered an estimated 600 million barrels of oil in the South Lokichar Basin in Northern Kenya. Prospecting continues in other countries.
The oil finds promise to give the citizens in the various countries a new life line. Further, oil production will create a new stream of foreign exchange earnings for governments and ultimately elevate the standard of living for their citizens.
The onset of resource nationalism in various countries has played a significant role in shaping emerging oil and gas legislation. The current trend is for the people and governments to assert greater control over natural resources located within their territory. Citizens are more aware of their right to benefit from the resources. Most countries are also wary of the “resource curse” deriving from corruption, environmental degradation and leakage of revenues due to tax evasion. This has led to enactment of stringent local content laws governing different minerals and natural resources. Contractors in Nigeria and Kenya, for example, have had to stop exploration works for periods at a time because of disruption by citizens demanding local participation in exploratory and oil production activities.
In South Africa Broad-Based Black Economic Empowerment laws (“BBBEE”) apply to the oil and gas sector, which is defined as a social or economic strategy, plan, principle, approach or act which is aimed at redressing the results of past or present discrimination based on race, gender or other disability of historically disadvantaged persons in the minerals and petroleum industry, related industries and in the value chain of such industries.
Local content legislation is fairly new in most African countries. In other jurisdictions such as Kenya, it is still in draft form and the substantive terms are yet to be finalized.
It is vital for foreign investors and contractors to adhere to these laws as contravention can lead to significant fines and in some cases revocation or non-renewal of licenses. It will be interesting to see how the laws are applied and whether they are practically enforced.
In this review, we provide a high level overview of the main local content provisions in the oil and gas industry for the following countries:
KenyaNigeriaZambiaUgandaSouth Africamore.....
http://www.kwm.com/en/uk/knowledge/...stream-oil-and-gas-sector-in-africa-20150316#
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Anadarko drilling in Kenya’s Block L11A eagerly awaited by other offshore explorers
March 25, 2015
The plan to drill the Mlima well by Anadarko in Block 11A offshore is being watched closely by partners in other blocks especially as the block is adjacent block L10B which saw the first offshore oil discovery in East Africa at the Sunbird-1 well.
Anadarko on its part will be hoping to turn around its barren luck in offshore Kenya after its unlucky run at the Kubwa well in Block L7 (to the north of L11A) in early 2013 which indicated a working hydrocarbon system.
According to Australian explorer Pancontinental Oil and Gas the results of the drilling will shed light on the geology in the area even as data from Sunbird-1 well continues to be reviewed and interpreted. The company had in August last year said it was considering the drilling of a new well in the block where BG Group is the operator.
“In addition to the permit’s own exploration findings via seismic and drilling, the joint venture is eagerly awaiting the drilling of Anadarko’s Mlima well in the adjacent permit L11B,” the company said in its latest report.
Block L11A
The results will also help in determining the way forward in block L10B which recently secured a 12 month extension on the work commitment programme from the Kenyan Ministry of Energy and Petroleum.
BG Group is the Operator in Block L10B with 60 percent interest while Pancontinental holds the remaining 40 percent interest.
http://www.oilnewskenya.com/?p=2748
March 25, 2015
The plan to drill the Mlima well by Anadarko in Block 11A offshore is being watched closely by partners in other blocks especially as the block is adjacent block L10B which saw the first offshore oil discovery in East Africa at the Sunbird-1 well.
Anadarko on its part will be hoping to turn around its barren luck in offshore Kenya after its unlucky run at the Kubwa well in Block L7 (to the north of L11A) in early 2013 which indicated a working hydrocarbon system.
According to Australian explorer Pancontinental Oil and Gas the results of the drilling will shed light on the geology in the area even as data from Sunbird-1 well continues to be reviewed and interpreted. The company had in August last year said it was considering the drilling of a new well in the block where BG Group is the operator.
“In addition to the permit’s own exploration findings via seismic and drilling, the joint venture is eagerly awaiting the drilling of Anadarko’s Mlima well in the adjacent permit L11B,” the company said in its latest report.
Block L11A
The results will also help in determining the way forward in block L10B which recently secured a 12 month extension on the work commitment programme from the Kenyan Ministry of Energy and Petroleum.
BG Group is the Operator in Block L10B with 60 percent interest while Pancontinental holds the remaining 40 percent interest.
http://www.oilnewskenya.com/?p=2748
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State Shifts Gears on Deep-sea Oil Exploration as Interest Peaks
The Government is expanding the scope of oil exploration in the country by creating extra offshore oil exploration blocks off the Lamu coast.A senior Ministry of Energy official said the ministry would soon gazette an additional seven blocks located off the Lamu coast. This will be in addition to the about 15 offshore blocks currently in place in the Lamu region.
"We are mapping out seven new blocks in the Indian ocean off the Lamu coast," said Hudson Andambi, senior principal superintending geologist (petroleum exploration)."Many firms have expressed interest in offshore blocks, which is why we are moving fast to delineate and gazette the new blocks."
There has been increased focus on deep-sea activities in Kenya, even though over 60 years of oil exploratory activities have not yielded commercially viable deposits. But Kenya is still optimistic of striking oil, driven by recent oil finds in Western Uganda and natural gas in Northern Tanzania."There is a high likelihood that there are viable commercial deposits in Kenya, given that the country sits on the same geological province with Tanzania and Uganda," said Andambi."We currently have up to 13 oil companies exploring for oil in 28 blocks, of which 27 blocks have been given to foreign firms and one to the National Oil Corporation (NOCK)."
Four basins :At the moment, there are a total of 38 blocks in the country that are situated in the four basins of Lamu, Anza, Tertiary Rift and Mandera. Different companies have drilled 32 wells in the four basins that are located in Lamu, North Eastern and Northern Kenya areas.Andambi said a number of wells, especially in Lamu Basin and the Anza Basin, had returned promising shows of natural gas and oil, although none had so far had commercially viable deposits. Andambi was speaking in Nairobi at a conference by Tullow Oil.
The UK-headquartered firm discovered billions of barrels in Uganda around the Lake Albert region, and is currently preparing to begin extraction. The firm has been licenced to explore for oil in five blocks in Kenya.Martin Mugo general manager of Tullow’s operation in Kenya said the firm would begin drilling in the first quarter of next year, beginning with one of its blocks in the Tertiary Rift Basin in Turkana.
Start drilling: The company had planned to start drilling towards end of this year but said logistical challenges – including delay in transportation of drilling equipment to the site – had caused delay.Oil exploration in Kenya been a disappointment for firms prospecting ”” the most recent being China National Offshore Oil Corporation that exited Kenya 2009 after turning little to write home about even after drilling wells that were in excess of five kilometres deep in the Anza Basin in Isiolo.
http://www.kogwg.org/index.php/kogw...on-deep-sea-oil-exploration-as-interest-peaks
The Government is expanding the scope of oil exploration in the country by creating extra offshore oil exploration blocks off the Lamu coast.A senior Ministry of Energy official said the ministry would soon gazette an additional seven blocks located off the Lamu coast. This will be in addition to the about 15 offshore blocks currently in place in the Lamu region.
"We are mapping out seven new blocks in the Indian ocean off the Lamu coast," said Hudson Andambi, senior principal superintending geologist (petroleum exploration)."Many firms have expressed interest in offshore blocks, which is why we are moving fast to delineate and gazette the new blocks."
There has been increased focus on deep-sea activities in Kenya, even though over 60 years of oil exploratory activities have not yielded commercially viable deposits. But Kenya is still optimistic of striking oil, driven by recent oil finds in Western Uganda and natural gas in Northern Tanzania."There is a high likelihood that there are viable commercial deposits in Kenya, given that the country sits on the same geological province with Tanzania and Uganda," said Andambi."We currently have up to 13 oil companies exploring for oil in 28 blocks, of which 27 blocks have been given to foreign firms and one to the National Oil Corporation (NOCK)."
Four basins :At the moment, there are a total of 38 blocks in the country that are situated in the four basins of Lamu, Anza, Tertiary Rift and Mandera. Different companies have drilled 32 wells in the four basins that are located in Lamu, North Eastern and Northern Kenya areas.Andambi said a number of wells, especially in Lamu Basin and the Anza Basin, had returned promising shows of natural gas and oil, although none had so far had commercially viable deposits. Andambi was speaking in Nairobi at a conference by Tullow Oil.
The UK-headquartered firm discovered billions of barrels in Uganda around the Lake Albert region, and is currently preparing to begin extraction. The firm has been licenced to explore for oil in five blocks in Kenya.Martin Mugo general manager of Tullow’s operation in Kenya said the firm would begin drilling in the first quarter of next year, beginning with one of its blocks in the Tertiary Rift Basin in Turkana.
Start drilling: The company had planned to start drilling towards end of this year but said logistical challenges – including delay in transportation of drilling equipment to the site – had caused delay.Oil exploration in Kenya been a disappointment for firms prospecting ”” the most recent being China National Offshore Oil Corporation that exited Kenya 2009 after turning little to write home about even after drilling wells that were in excess of five kilometres deep in the Anza Basin in Isiolo.
http://www.kogwg.org/index.php/kogw...on-deep-sea-oil-exploration-as-interest-peaks
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ASX ANNOUNCEMENT Pancontinental (ASX: PCL)
8 April 2015
Kenya Block L10B
Pancontinental (ASX: PCL) advises that it has served a notice of withdrawal on BG Kenya L10B Limited (BG), the only remaining participant and operator of Kenya Licence L10B (L10B), from the Joint Operating Agreement with BG and from the PSC governing L10B.
Pancontinental holds a 25% interest in L10B, while BG holds 75%. Licence area L10B lies immediately to the south of area L10A, in which a joint venture also operated by BG Group (50%) drilled the Sunbird-1 oil discovery well in 2014. Pancontinental holds 18.75% in this licence and PTTEP of Thailand holds 31.25%.
Pancontinental 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.
The Company considers that the withdrawal is in the interest of prudent financial management, whilst maintaining a manageable and prospective exploration portfolio.
For and on behalf of
Pancontinental Oil & Gas NL
Barry Rushworth
CEO and Executive Director
http://clients2.weblink.com.au/news/pdf\01614568.pdf
8 April 2015
Kenya Block L10B
Pancontinental (ASX: PCL) advises that it has served a notice of withdrawal on BG Kenya L10B Limited (BG), the only remaining participant and operator of Kenya Licence L10B (L10B), from the Joint Operating Agreement with BG and from the PSC governing L10B.
Pancontinental holds a 25% interest in L10B, while BG holds 75%. Licence area L10B lies immediately to the south of area L10A, in which a joint venture also operated by BG Group (50%) drilled the Sunbird-1 oil discovery well in 2014. Pancontinental holds 18.75% in this licence and PTTEP of Thailand holds 31.25%.
Pancontinental 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.
The Company considers that the withdrawal is in the interest of prudent financial management, whilst maintaining a manageable and prospective exploration portfolio.
For and on behalf of
Pancontinental Oil & Gas NL
Barry Rushworth
CEO and Executive Director
http://clients2.weblink.com.au/news/pdf\01614568.pdf
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Consensus recommendation ????????
As of Apr 03, 2015, the consensus forecast amongst 2 polled investment analysts covering Pancontinental Oil & Gas NL advises that the company will outperform the market.
This has been the consensus forecast since the sentiment of investment analysts deteriorated on Apr 15, 2013. The previous consensus forecast advised investors to purchase equity in Pancontinental Oil & Gas NL.
Share price forecast
The one analyst offering a 12 month price target expects Pancontinental Oil & Gas NL share price to rise to 0.09 in the next year from the last price of 0.011
Read More
http://markets.ft.com/research/Markets/Tearsheets/Forecasts?s=PCL:ASX
As of Apr 03, 2015, the consensus forecast amongst 2 polled investment analysts covering Pancontinental Oil & Gas NL advises that the company will outperform the market.
This has been the consensus forecast since the sentiment of investment analysts deteriorated on Apr 15, 2013. The previous consensus forecast advised investors to purchase equity in Pancontinental Oil & Gas NL.
Share price forecast
The one analyst offering a 12 month price target expects Pancontinental Oil & Gas NL share price to rise to 0.09 in the next year from the last price of 0.011
Read More
http://markets.ft.com/research/Markets/Tearsheets/Forecasts?s=PCL:ASX
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Exploration activity in Africa undeterred by oil prices
Apr 23, 2015 12:00 AM
Young Okunna, GlobalData's upstream analyst covering Sub-Saharan Africa reported that the current downturn in oil prices has not slowed down in the region. Although several firms have cut back on their global exploration budgets, the region continues to attract activity, led by emerging oil and gas hotspots in Kenya, Tanzania and Uganda in the East African Rift system.
The west coast of Africa is also being actively explored, with great attention to the West African Transform Margin area consisting of Ghana, Guinea, Ivory Coast and spanning to Senegal. Despite current oil prices, these areas have proven attractive due to recent discoveries, high exploration success rates, and relatively low operating costs. Continued activity is further supported by the less significant drop in rig count in comparison to other regions as of February 2015, which indicates significant ongoing drilling operations.
In East Africa, the emerging countries of Kenya and Tanzania have seen companies, such as Tullow Oil focus their exploration objectives onshore. Tullow’s drilling plan focuses on low-risk acreage rather than exploration operations in the capital-intensive offshore. The South Lokichar and West Turkana Basin in onshore Kenya are the focus of these planned exploration drilling operations. A portion of the South Lokichar Basin was recently explored and an estimated reserve of 600 MMboe discovered.
This rift system also spans to the Lake Albertine Rift basin in Uganda, where recently discovered deposits are estimated at 3.5 boe, as well as Tanzania. These major discoveries in East Africa have seen exploration operations continue in the region despite falling oil prices, and the discovery of more reserves is anticipated due to under exportion of the area.
In contrast to the onshore exploration focus of most international oil companies in East Africa, offshore exploration operations are largely planned for the west coast of Africa, as well as the West African Transform Margin. Countries in the Margin, such as Ghana, Guinea, Ivory Coast, and up to Senegal and Mauritania, are being actively explored owing to recent discoveries in offshore Ghana, which have highlighted the area's potential.
With a high exploration success rate of 65%, the Transform Margin is seen as a key exploration area in Africa; hence the initiatives by companies, such as Chevron, Tullow, and Cairn Energy, to explore the region despite low oil prices. Additionally, some mature producers, such as Congo Republic, Cameroon and Gabon, are planning exploration, which in most cases is supported by low operating costs and affordable labor.
The falling price of drilling operations is another reason why exploration activities have continued in the region. Offshore exploration well-drilling costs were previously around US$100 million/well in East Africa and $60–70 million in frontier West Africa, but have fallen due to the drop in oil prices. Operators have also adopted strict cost-control mechanisms to mitigate against unwarranted expenses and therefore maintain these operations.
Sub-Saharan Africa can expect to see substantial investment in its oil and gas resources, as recent discoveries continue to attract companies to explore its vast deposits despite the low oil price environment. Companies currently operating in the region continue to attest to the high exploration success rate. This is backed by the most recent discovery made by Statoil in offshore Tanzania in March 2015, with the drilling of the Mdalasini-1 exploration well, which discovered 1.0–1.8 tcf of gas. The region has shown resilience to falling oil prices, with exploration activities being planned and executed, due to its lower cost environment and supported provided by recent commercially viable discoveries.
http://www.gasandoil.com/news/2015/04/exploration-activity-in-africa-undeterred-by-oil-prices
Apr 23, 2015 12:00 AM
Young Okunna, GlobalData's upstream analyst covering Sub-Saharan Africa reported that the current downturn in oil prices has not slowed down in the region. Although several firms have cut back on their global exploration budgets, the region continues to attract activity, led by emerging oil and gas hotspots in Kenya, Tanzania and Uganda in the East African Rift system.
The west coast of Africa is also being actively explored, with great attention to the West African Transform Margin area consisting of Ghana, Guinea, Ivory Coast and spanning to Senegal. Despite current oil prices, these areas have proven attractive due to recent discoveries, high exploration success rates, and relatively low operating costs. Continued activity is further supported by the less significant drop in rig count in comparison to other regions as of February 2015, which indicates significant ongoing drilling operations.
In East Africa, the emerging countries of Kenya and Tanzania have seen companies, such as Tullow Oil focus their exploration objectives onshore. Tullow’s drilling plan focuses on low-risk acreage rather than exploration operations in the capital-intensive offshore. The South Lokichar and West Turkana Basin in onshore Kenya are the focus of these planned exploration drilling operations. A portion of the South Lokichar Basin was recently explored and an estimated reserve of 600 MMboe discovered.
This rift system also spans to the Lake Albertine Rift basin in Uganda, where recently discovered deposits are estimated at 3.5 boe, as well as Tanzania. These major discoveries in East Africa have seen exploration operations continue in the region despite falling oil prices, and the discovery of more reserves is anticipated due to under exportion of the area.
In contrast to the onshore exploration focus of most international oil companies in East Africa, offshore exploration operations are largely planned for the west coast of Africa, as well as the West African Transform Margin. Countries in the Margin, such as Ghana, Guinea, Ivory Coast, and up to Senegal and Mauritania, are being actively explored owing to recent discoveries in offshore Ghana, which have highlighted the area's potential.
With a high exploration success rate of 65%, the Transform Margin is seen as a key exploration area in Africa; hence the initiatives by companies, such as Chevron, Tullow, and Cairn Energy, to explore the region despite low oil prices. Additionally, some mature producers, such as Congo Republic, Cameroon and Gabon, are planning exploration, which in most cases is supported by low operating costs and affordable labor.
The falling price of drilling operations is another reason why exploration activities have continued in the region. Offshore exploration well-drilling costs were previously around US$100 million/well in East Africa and $60–70 million in frontier West Africa, but have fallen due to the drop in oil prices. Operators have also adopted strict cost-control mechanisms to mitigate against unwarranted expenses and therefore maintain these operations.
Sub-Saharan Africa can expect to see substantial investment in its oil and gas resources, as recent discoveries continue to attract companies to explore its vast deposits despite the low oil price environment. Companies currently operating in the region continue to attest to the high exploration success rate. This is backed by the most recent discovery made by Statoil in offshore Tanzania in March 2015, with the drilling of the Mdalasini-1 exploration well, which discovered 1.0–1.8 tcf of gas. The region has shown resilience to falling oil prices, with exploration activities being planned and executed, due to its lower cost environment and supported provided by recent commercially viable discoveries.
http://www.gasandoil.com/news/2015/04/exploration-activity-in-africa-undeterred-by-oil-prices
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Quarterly Cash flow Report & Quarterly Activities Report
http://clients2.weblink.com.au/news/pdf\01621178.pdf
http://clients2.weblink.com.au/news/pdf\01621179.pdf
http://clients2.weblink.com.au/news/pdf\01621178.pdf
http://clients2.weblink.com.au/news/pdf\01621179.pdf
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Kenya proposes rules to require local stake in oil exploration firms
Thu Apr 30, 2015 9:38am EDT
By George Obulutsa
NAIROBI, April 30 (Reuters) - Kenya has proposed rules requiring oil exploration firms to give local investors a 5 percent stake and use local suppliers and staff for their services to get a bigger share of earnings from the new sector.
East Africa has become a hot spot for oil and gas exploration in recent years, spurred by new finds, but Kenya has yet to update its legal framework for the sector.
Tullow Oil and Africa Oil have estimated discoveries of 600 million barrels to the northwest of Kenya, and plan to submit their development plans to the government by late 2015 prior to commercial production.
The rules are expected to be passed by parliament by August along with a revised petroleum bill, said Ministry of Petroleum and Energy Principal Secretary Joseph Njoroge.
"It is to encourage utilisation of local resources, equipment, whatever is available locally must take precedence over foreign, mostly the human capital, (which) we have a lot," Njoroge told Reuters.
Oil industry analysts and observers say the law will be a boon for local companies and workers in the near-term, but that there would be need for programmes to expand capacity if Kenyans were to meet all the laid out requirements in the regulations.
The regulations state that within 10 years, oil companies would be required to source 60 to 90 percent of goods and services locally, and 70 to 80 percent of their management staff and the same proportion of technical staff.
"Obviously local suppliers will have a field day if these bills are passed. Because the industry will have to go literally scavenging for any capable supplier," Mwendia Nyaga, a Nairobi-based oil and gas consultant said.
"But even after that is done, I doubt that they will be able to hit the required percentages, so there will still be a big problem," he said referring to a dearth of certain skills, specialised goods and services in the near-term.
Africa Oil said it supported the government's effort to maximise use of local resources, citing it was already offering employment and contracts for goods and services to as many Kenyans as was possible.
"There is much debate still to be had over whether strict Local Content Regulations will actually help or hinder achieving these important shared objectives," Africa Oil said. (Editing by James Macharia/Jeremy Gaunt)
http://www.reuters.com/article/2015/04/30/kenya-energy-idUSL5N0XI4K420150430
Thu Apr 30, 2015 9:38am EDT
By George Obulutsa
NAIROBI, April 30 (Reuters) - Kenya has proposed rules requiring oil exploration firms to give local investors a 5 percent stake and use local suppliers and staff for their services to get a bigger share of earnings from the new sector.
East Africa has become a hot spot for oil and gas exploration in recent years, spurred by new finds, but Kenya has yet to update its legal framework for the sector.
Tullow Oil and Africa Oil have estimated discoveries of 600 million barrels to the northwest of Kenya, and plan to submit their development plans to the government by late 2015 prior to commercial production.
The rules are expected to be passed by parliament by August along with a revised petroleum bill, said Ministry of Petroleum and Energy Principal Secretary Joseph Njoroge.
"It is to encourage utilisation of local resources, equipment, whatever is available locally must take precedence over foreign, mostly the human capital, (which) we have a lot," Njoroge told Reuters.
Oil industry analysts and observers say the law will be a boon for local companies and workers in the near-term, but that there would be need for programmes to expand capacity if Kenyans were to meet all the laid out requirements in the regulations.
The regulations state that within 10 years, oil companies would be required to source 60 to 90 percent of goods and services locally, and 70 to 80 percent of their management staff and the same proportion of technical staff.
"Obviously local suppliers will have a field day if these bills are passed. Because the industry will have to go literally scavenging for any capable supplier," Mwendia Nyaga, a Nairobi-based oil and gas consultant said.
"But even after that is done, I doubt that they will be able to hit the required percentages, so there will still be a big problem," he said referring to a dearth of certain skills, specialised goods and services in the near-term.
Africa Oil said it supported the government's effort to maximise use of local resources, citing it was already offering employment and contracts for goods and services to as many Kenyans as was possible.
"There is much debate still to be had over whether strict Local Content Regulations will actually help or hinder achieving these important shared objectives," Africa Oil said. (Editing by James Macharia/Jeremy Gaunt)
http://www.reuters.com/article/2015/04/30/kenya-energy-idUSL5N0XI4K420150430
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US oil prices jump past $US60
AFP | 13th. May 2015
Global oil prices have climbed, getting a boost from a weaker dollar as traders awaited the latest US crude oil inventories report.
US benchmark West Texas Intermediate for June delivery on Tuesday jumped $US1.50, or 2.5 per cent, to close at $US60.75 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for June delivery, a global oil benchmark, advanced to $US66.86 in London, up $US1.95 from Monday's settlement.
Both contracts had dipped on Monday on persistent global oversupply worries.
"Crude oil prices rebounded strongly... supported by a softer US dollar, while investors remained cautious ahead of the release of the weekly oil inventories reports," Sucden brokerage analyst Myrto Sokou said.
The US dollar was trading against the euro at $US1.1221 in the afternoon, down from $US1.1154 late on Monday amid a global bond market sell-off. A weaker greenback tends to make dollar-priced commodities like crude oil more attractive to buyers.
The oil market awaited Wednesday's weekly report on US petroleum inventories from the US Department of Energy for clues about demand in the world's largest consumer of crude oil.
Last week the DoE unexpectedly reported the first decline in commercial crude oil stockpiles in 16 weeks, but still stockpiles, at 487.0 million barrels, remained at their highest level on record for that time of year.
Analysts are expecting another decline in Wednesday's report, with the consensus estimate of a fall of 500,000 barrels in the week ending May 8, according to a Bloomberg News survey.
http://www.businessspectator.com.au/news/2015/5/13/commodities/us-oil-prices-jump-past-us60
AFP | 13th. May 2015
Global oil prices have climbed, getting a boost from a weaker dollar as traders awaited the latest US crude oil inventories report.
US benchmark West Texas Intermediate for June delivery on Tuesday jumped $US1.50, or 2.5 per cent, to close at $US60.75 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for June delivery, a global oil benchmark, advanced to $US66.86 in London, up $US1.95 from Monday's settlement.
Both contracts had dipped on Monday on persistent global oversupply worries.
"Crude oil prices rebounded strongly... supported by a softer US dollar, while investors remained cautious ahead of the release of the weekly oil inventories reports," Sucden brokerage analyst Myrto Sokou said.
The US dollar was trading against the euro at $US1.1221 in the afternoon, down from $US1.1154 late on Monday amid a global bond market sell-off. A weaker greenback tends to make dollar-priced commodities like crude oil more attractive to buyers.
The oil market awaited Wednesday's weekly report on US petroleum inventories from the US Department of Energy for clues about demand in the world's largest consumer of crude oil.
Last week the DoE unexpectedly reported the first decline in commercial crude oil stockpiles in 16 weeks, but still stockpiles, at 487.0 million barrels, remained at their highest level on record for that time of year.
Analysts are expecting another decline in Wednesday's report, with the consensus estimate of a fall of 500,000 barrels in the week ending May 8, according to a Bloomberg News survey.
http://www.businessspectator.com.au/news/2015/5/13/commodities/us-oil-prices-jump-past-us60
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ASX Companies Announcement Office
KENYA BLOCK L10A
Pancontinental Oil & Gas NL (ASX: PCL) (“the Company”) and its L10A joint venture partner PTTEP of Thailand (“PTTEP”) have issued Operator BG Kenya L10A Limited (“BG”) notices of withdrawal from Block L10A in the Lamu Basin offshore Kenya.
Subject to Ministerial consent, Pancontinental’s 18.75% interest and PTTEP’s 31.25% interest will be transferred to the Operator BG who will then be the only remaining participant and hold 100% of the L10A licence.
The Company is committed to the prudent deployment of its resources and as such it has decided to withdraw from the L10A project, given the project’s cost and potential benefit profile with respect to the Company.
Pancontinental will advance and look to grow its African portfolio in the near term, consistent with its continued belief in the high prospectivity of parts of the continent and their future high potential to produce commercial oil and gas.
Pancontinental remains in a unique position, with its remaining asset portfolio in Namibia (EL0037 with Tullow Oil) and Kenya (Block L6 with FAR Limited, Milio International) fully funded for the next phase of exploration commitments.
For and on behalf of
Pancontinental Oil & Gas NL
Barry Rushworth
CEO and Executive Director
ASX ANNOUNCEMENT
1 JUNE 2015
KENYA BLOCK L10A
Pancontinental Oil & Gas NL (ASX: PCL) (“the Company”) and its L10A joint venture partner PTTEP of Thailand (“PTTEP”) have issued Operator BG Kenya L10A Limited (“BG”) notices of withdrawal from Block L10A in the Lamu Basin offshore Kenya.
Subject to Ministerial consent, Pancontinental’s 18.75% interest and PTTEP’s 31.25% interest will be transferred to the Operator BG who will then be the only remaining participant and hold 100% of the L10A licence.
The Company is committed to the prudent deployment of its resources and as such it has decided to withdraw from the L10A project, given the project’s cost and potential benefit profile with respect to the Company.
Pancontinental will advance and look to grow its African portfolio in the near term, consistent with its continued belief in the high prospectivity of parts of the continent and their future high potential to produce commercial oil and gas.
Pancontinental remains in a unique position, with its remaining asset portfolio in Namibia (EL0037 with Tullow Oil) and Kenya (Block L6 with FAR Limited, Milio International) fully funded for the next phase of exploration commitments.
For and on behalf of
Pancontinental Oil & Gas NL
Barry Rushworth
CEO and Executive Director
ASX ANNOUNCEMENT
1 JUNE 2015
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NAMIBIA LICENCE EL 0037
Pancontinental Namibia Pty Ltd, a subsidiary of Pancontinental Oil & Gas NL (ASX: PCL) (“the Company”)and its EL 0037 joint venture partner and Operator Tullow Kudu Limited, a subsidiary of Tullow Oil plc (“Tullow”)have agreed (subject to certain conditions) to amend the farmout agreement between the companies dated 5 September 2013.
Tullow recently requested from Pancontinental an extension to a deadline under the farmout agreement concerning a “drill or withdraw” decision by Tullow, which was to have been made by 11 August 2015.
Pancontinental has agreed to an extension of the deadline to 31 March 2016. The extension will allow the joint venture time to further assess the results of the extensive exploration programme of 3D seismic and geological work that have been carried out to date. Pancontinental is very encouraged by the exploration results of Tullow’s exploration activities within the EL 0037 area.
Since farming-in to the project in 2013, Tullow has so far undertakenexploration work costing approximately US$34 million of the overall estimated farmin programme, with Pancontinental free-carried:
• Led the Joint Venture as Operator;
• Reimbursed past costs and has-
• 100% funded the 3D seismic survey not less than 3,000km²;
• 100% funded the 2D seismic survey not less than 1,000 km²; and
• 100% funded additional costs including mapping historic seismic.
In order to retain its 65% interest Tullow must now fully fund one exploration well at no cost to Pancontinental. Tullow has to date fully carried out the agreed programme and Pancontinental is optimistic that Tullow will continue exploration on the blocks and proceed towards drilling.
Petroleum exploration licence 0037 (EL 0037) covers 17,295 sq km (4.2 million acres) in water depths extending to 1,800m in the Walvis Basin offshore northern Namibia.
Pancontinental’s exploration team identified the high prospectivity of the licence area and subsequently the Company and co-venturer Paragon Oil & Gas (Pty) Ltd (“Paragon”) were awarded the 0037 Exploration Licence on 28 June 2011 and a corresponding Production Agreement was signed on 4 July 2011 (also effective 28 June 2011).
The following year Pancontinental increased its interest to 95% though a transaction in which it acquired 10% from Paragon. In September 2013, Tullow farmed-in thereby reducing Pancontinental’s interest to a free-carried 30% in exchange for extensive 3D and 2D seismic programmes and one exploration well. In the event that Tullow elects not to drill the well the whole of its interest reverts to Pancontinental.
The free carried activities undertaken by Tullow have no expenditure “caps”. The joint venture led by Tullow has mapped a number of large turbidite “fan” prospects, some of which are interpreted to be at approximately the same stratigraphic level as the oil found in Wingat-1, to the south of EL 0037 and in the same geological system, as well as close vertically to the interpreted oil source rocks. The Company is now looking forward to the further exploration of the area.
http://pancon.com.au/
Pancontinental Namibia Pty Ltd, a subsidiary of Pancontinental Oil & Gas NL (ASX: PCL) (“the Company”)and its EL 0037 joint venture partner and Operator Tullow Kudu Limited, a subsidiary of Tullow Oil plc (“Tullow”)have agreed (subject to certain conditions) to amend the farmout agreement between the companies dated 5 September 2013.
Tullow recently requested from Pancontinental an extension to a deadline under the farmout agreement concerning a “drill or withdraw” decision by Tullow, which was to have been made by 11 August 2015.
Pancontinental has agreed to an extension of the deadline to 31 March 2016. The extension will allow the joint venture time to further assess the results of the extensive exploration programme of 3D seismic and geological work that have been carried out to date. Pancontinental is very encouraged by the exploration results of Tullow’s exploration activities within the EL 0037 area.
Since farming-in to the project in 2013, Tullow has so far undertakenexploration work costing approximately US$34 million of the overall estimated farmin programme, with Pancontinental free-carried:
• Led the Joint Venture as Operator;
• Reimbursed past costs and has-
• 100% funded the 3D seismic survey not less than 3,000km²;
• 100% funded the 2D seismic survey not less than 1,000 km²; and
• 100% funded additional costs including mapping historic seismic.
In order to retain its 65% interest Tullow must now fully fund one exploration well at no cost to Pancontinental. Tullow has to date fully carried out the agreed programme and Pancontinental is optimistic that Tullow will continue exploration on the blocks and proceed towards drilling.
Petroleum exploration licence 0037 (EL 0037) covers 17,295 sq km (4.2 million acres) in water depths extending to 1,800m in the Walvis Basin offshore northern Namibia.
Pancontinental’s exploration team identified the high prospectivity of the licence area and subsequently the Company and co-venturer Paragon Oil & Gas (Pty) Ltd (“Paragon”) were awarded the 0037 Exploration Licence on 28 June 2011 and a corresponding Production Agreement was signed on 4 July 2011 (also effective 28 June 2011).
The following year Pancontinental increased its interest to 95% though a transaction in which it acquired 10% from Paragon. In September 2013, Tullow farmed-in thereby reducing Pancontinental’s interest to a free-carried 30% in exchange for extensive 3D and 2D seismic programmes and one exploration well. In the event that Tullow elects not to drill the well the whole of its interest reverts to Pancontinental.
The free carried activities undertaken by Tullow have no expenditure “caps”. The joint venture led by Tullow has mapped a number of large turbidite “fan” prospects, some of which are interpreted to be at approximately the same stratigraphic level as the oil found in Wingat-1, to the south of EL 0037 and in the same geological system, as well as close vertically to the interpreted oil source rocks. The Company is now looking forward to the further exploration of the area.
http://pancon.com.au/
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Tullow Oil’s Namibia offshore farm-in deal extended
Monday, 15 June 2015 13:25
Pancontinental Oil & Gas has agreed to extend the agreement with Tullow Oil for exploration licence EL 0037 offshore Namibia
Tullow Oil asked for an amendment to the original farm-out agreement that will extend the deadline for Tullow Oil to make a ‘drill or withdraw’ decision. Pancontinental Oil & Gas has agreed to postpone the date from 11 August 2015 to 31 March 2016, giving more time to the joint venture to assess the results of the extensive exploration work that has already been carried out.
So far, Tullow Oil has spent approximately US$34mn on the exploration work since 2013 when the original agreement had been signed. Now, in order to retain its 65 per cent interest in the EL 0037 area, Tullow Oil must fully fund one exploration well on its own, with no cost to Pancontinental Oil & Gas.
Pancontinental Oil & Gas said that it had identified the potential of the licence area and along with co-venturer Paragon Oil & Gas, was awarded EL 0037 in June 2011. The following year, Pancontinental Oil & Gas increased its stake to 95 per cent by acquiring 10 per cent from its partner, leaving only five per cent with Paragon Oil & Gas. In September 2013, Tullow Oil farmed-in, acquiring 65 per cent interest in the offshore project.
In case Tullow Oil fails to drill the well, its entire interest reverts to Pancontinental Oil & Gas, the company added.
http://www.oilreviewafrica.com/expl...-oil-s-namibia-offshore-farm-in-deal-extended
Monday, 15 June 2015 13:25
Pancontinental Oil & Gas has agreed to extend the agreement with Tullow Oil for exploration licence EL 0037 offshore Namibia
Tullow Oil asked for an amendment to the original farm-out agreement that will extend the deadline for Tullow Oil to make a ‘drill or withdraw’ decision. Pancontinental Oil & Gas has agreed to postpone the date from 11 August 2015 to 31 March 2016, giving more time to the joint venture to assess the results of the extensive exploration work that has already been carried out.
So far, Tullow Oil has spent approximately US$34mn on the exploration work since 2013 when the original agreement had been signed. Now, in order to retain its 65 per cent interest in the EL 0037 area, Tullow Oil must fully fund one exploration well on its own, with no cost to Pancontinental Oil & Gas.
Pancontinental Oil & Gas said that it had identified the potential of the licence area and along with co-venturer Paragon Oil & Gas, was awarded EL 0037 in June 2011. The following year, Pancontinental Oil & Gas increased its stake to 95 per cent by acquiring 10 per cent from its partner, leaving only five per cent with Paragon Oil & Gas. In September 2013, Tullow Oil farmed-in, acquiring 65 per cent interest in the offshore project.
In case Tullow Oil fails to drill the well, its entire interest reverts to Pancontinental Oil & Gas, the company added.
http://www.oilreviewafrica.com/expl...-oil-s-namibia-offshore-farm-in-deal-extended
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Will Pancontinental's Partner in Namibia sell out ?
16th. July 2015
The price of Brent crude oil fell below $57 per barrel on Tuesday, following the lifting of economic sanctions on Iran. Oil exports from Iran could rise as much as 60% by the end of this year, which would exacerbate the oversupply situation in the global oil market. Combined with slowing demand growth from Europe and Asia.
Tullow Oil
With oil prices staying low for longer, Tullow Oil (LSE: TLW) is a more attractive investment. The low-cost Africa-focused oil producer has a cash operating cost of just $18.6 per barrel of oil.
Hedging has lessened the impact of falling oil prices on Tullow’s earnings. In 2015, 60% of its share of oil sales had been hedged with an average floor price of around $86 per barrel. But, for 2016 and 2017. only 40% and 20% of production has been hedged.
Shares in Tullow Oil may not have bottomed yet, but the low point should not be far off. On a total cost basis, Tullow’s average production costs are about $38, which makes it one of the lowest cost producers in the sector.
If Tullow falls much further from here, its assets in low cost producing regions would make it a very attractive acquisition target. Its valuation of $19 per barrel for its proven and probable reserves is modestly higher than the sector average, but the quality of its assets is also higher.
Potential suitors go beyond Royal Dutch Shell and BP, with Marathon, Statoil and Total being possible buyers. But, even if Tullow does not find itself a buyer; its relatively modest debt levels and robust cash generation will mean it can fund continued investments in production growth.
http://www.fool.co.uk/investing/201...yal-dutch-shell-plc-bp-plc-or-tullow-oil-plc/
16th. July 2015
The price of Brent crude oil fell below $57 per barrel on Tuesday, following the lifting of economic sanctions on Iran. Oil exports from Iran could rise as much as 60% by the end of this year, which would exacerbate the oversupply situation in the global oil market. Combined with slowing demand growth from Europe and Asia.
Tullow Oil
With oil prices staying low for longer, Tullow Oil (LSE: TLW) is a more attractive investment. The low-cost Africa-focused oil producer has a cash operating cost of just $18.6 per barrel of oil.
Hedging has lessened the impact of falling oil prices on Tullow’s earnings. In 2015, 60% of its share of oil sales had been hedged with an average floor price of around $86 per barrel. But, for 2016 and 2017. only 40% and 20% of production has been hedged.
Shares in Tullow Oil may not have bottomed yet, but the low point should not be far off. On a total cost basis, Tullow’s average production costs are about $38, which makes it one of the lowest cost producers in the sector.
If Tullow falls much further from here, its assets in low cost producing regions would make it a very attractive acquisition target. Its valuation of $19 per barrel for its proven and probable reserves is modestly higher than the sector average, but the quality of its assets is also higher.
Potential suitors go beyond Royal Dutch Shell and BP, with Marathon, Statoil and Total being possible buyers. But, even if Tullow does not find itself a buyer; its relatively modest debt levels and robust cash generation will mean it can fund continued investments in production growth.
http://www.fool.co.uk/investing/201...yal-dutch-shell-plc-bp-plc-or-tullow-oil-plc/
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When can we expect Oil to recover ?
Oil crash could be 'far worse than 1986', says Morgan Stanley
Date July 24, 2015
Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons to the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned - but definitely no worse.
While for now, it is sticking with its original thesis that prices will improve, Morgan Stanley has revised its worst-case scenario, saying the crash has the potential to be 'far worse than 1986'.
Until recently, confidence in a strong recovery for oil prices - and oil companies - had been pretty high, wrote analysts including Martijn Rats and Haythem Rashed, in a report to investors. That confidence was based on four premises, they said, and only three have proven true.
1. Demand will rise: Check
In theory: The crash in prices that started a year ago should stimulate demand. Cheap oil means cheaper manufacturing, cheaper shipping, more summer road trips.
In practice: Despite a softening Chinese economy, global demand has indeed surged by about 1.6 million barrels a day over last year's average, according to the report.
2. Spending on new oil will fall: Check
In theory: Lower oil prices should force energy companies to cut spending on new oil supplies, and the cost of drilling and pumping should decline.
In practice: Sure enough, since October the number of rigs actively drilling for new oil around the world has declined by about 42 per cent. More than 70,000 oil workers have lost their jobs globally, and in 2015 alone listed oil companies have cut about $US129 billion in capital expenditures.
3. Stock prices remain low: Check
In theory: While oil markets rebalance themselves, stock prices of oil companies should remain cheap, setting the stage for a strong rebound.
In practice: Yep. The oil majors are trading near 35-year lows, using two different methods of valuation.
4. Oil supply will Drop: Uh-oh
In theory: With strong demand for oil and less money for drilling and exploration, the global oil glut should diminish. Let the recovery commence.
In practice: The opposite has happened. While US production has levelled off since June, OPEC has taken up the role of market spoiler.
For now, Morgan Stanley still believes prices will improve, largely because OPEC doesn't have much more spare capacity to fill and because oil stocks have already been hammered.
But another possibility is that the supply of new oil coming from outside the US might continue to increase as sanctions against Iran dissolve and if the situation in Libya improves, the Morgan Stanley analysts said.
US production could also rise again.
A recovery is less certain than it once was, and the slump could last for three years or more - "far worse than in 1986."
"In that case," they wrote, "there would be little in analysable history that could be a guide" for what's to come.
Bloomberg
http://www.theage.com.au/business/m...1986-says-morgan-stanley-20150723-gijfc8.html
Oil crash could be 'far worse than 1986', says Morgan Stanley
Date July 24, 2015
Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons to the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned - but definitely no worse.
While for now, it is sticking with its original thesis that prices will improve, Morgan Stanley has revised its worst-case scenario, saying the crash has the potential to be 'far worse than 1986'.
Until recently, confidence in a strong recovery for oil prices - and oil companies - had been pretty high, wrote analysts including Martijn Rats and Haythem Rashed, in a report to investors. That confidence was based on four premises, they said, and only three have proven true.
1. Demand will rise: Check
In theory: The crash in prices that started a year ago should stimulate demand. Cheap oil means cheaper manufacturing, cheaper shipping, more summer road trips.
In practice: Despite a softening Chinese economy, global demand has indeed surged by about 1.6 million barrels a day over last year's average, according to the report.
2. Spending on new oil will fall: Check
In theory: Lower oil prices should force energy companies to cut spending on new oil supplies, and the cost of drilling and pumping should decline.
In practice: Sure enough, since October the number of rigs actively drilling for new oil around the world has declined by about 42 per cent. More than 70,000 oil workers have lost their jobs globally, and in 2015 alone listed oil companies have cut about $US129 billion in capital expenditures.
3. Stock prices remain low: Check
In theory: While oil markets rebalance themselves, stock prices of oil companies should remain cheap, setting the stage for a strong rebound.
In practice: Yep. The oil majors are trading near 35-year lows, using two different methods of valuation.
4. Oil supply will Drop: Uh-oh
In theory: With strong demand for oil and less money for drilling and exploration, the global oil glut should diminish. Let the recovery commence.
In practice: The opposite has happened. While US production has levelled off since June, OPEC has taken up the role of market spoiler.
For now, Morgan Stanley still believes prices will improve, largely because OPEC doesn't have much more spare capacity to fill and because oil stocks have already been hammered.
But another possibility is that the supply of new oil coming from outside the US might continue to increase as sanctions against Iran dissolve and if the situation in Libya improves, the Morgan Stanley analysts said.
US production could also rise again.
A recovery is less certain than it once was, and the slump could last for three years or more - "far worse than in 1986."
"In that case," they wrote, "there would be little in analysable history that could be a guide" for what's to come.
Bloomberg
http://www.theage.com.au/business/m...1986-says-morgan-stanley-20150723-gijfc8.html
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Latest PCL News can be found at ; http://pancon.com.au/
Jul 31 Quarterly Cashflow Report
Jul 31 Quarterly Activities Report
Jun 12 Namibia Licence EL 0037
http://pancon.com.au/
Jul 31 Quarterly Cashflow Report
Jul 31 Quarterly Activities Report
Jun 12 Namibia Licence EL 0037
http://pancon.com.au/
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East Africa Oil & Gas
Conference Australia
August 2015
PANCONTINENTAL
Latest NEWS
http://pancon.com.au/
Conference Australia
August 2015
PANCONTINENTAL
Latest NEWS
http://pancon.com.au/
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See Pancontinental's recent Reports at ;
http://pancon.com.au/investor-centre/asx-releases/
30 October, 2015 - Notice of Annual General Meeting/Proxy Form
30 October, 2015 - Quarterly Cashflow Report
30 October, 2015 - Quarterly Activities Report
30 October, 2015 - Appendix 4G
30 October, 2015 - Annual Report to shareholders
30 September, 2015 - Full Year Statutory Accounts
28 September, 2015 - Offshore Namibia Showing Considerable Potential
31 August, 2015 - East Africa Oil & Gas Conference Australia
http://pancon.com.au/investor-centre/asx-releases/
30 October, 2015 - Notice of Annual General Meeting/Proxy Form
30 October, 2015 - Quarterly Cashflow Report
30 October, 2015 - Quarterly Activities Report
30 October, 2015 - Appendix 4G
30 October, 2015 - Annual Report to shareholders
30 September, 2015 - Full Year Statutory Accounts
28 September, 2015 - Offshore Namibia Showing Considerable Potential
31 August, 2015 - East Africa Oil & Gas Conference Australia
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MILIO INTERNATIONAL, PANCONTINENTAL OIL AND GAS PLANNING 2D SEISMIC KENYA’S ONSHORE BLOCK L6
Posted on : Friday , 6th November 2015
Kenya's Block L6 operator Dubai based Milio International is in the process of planning for the seismic acquisition and is currently coordinating with local authorities according to JV partner Pancontinental Oil and Gas.
This is part of a farm-out agreement where Milio negotiated entry into the onshore area of block L6 in Kenya to earn a 60% interest in exchange for a 2D seismic programme of not less than 1,000km², drilling and testing of an onshore well and additional costs such as processing and interpretation with no financial obligation falling to Pancontinental.
“Planning for seismic over the area is ongoing, although operational delays have been experienced,” Pancontinental says in a statement.
It is expected that the seismic will define drillable locations on primary prospects Mamba, Kudu and Boundary Anticline within block L6
Milio will be hoping to prove studies that a Miocene reef trend, proven to contain oil by Kenya’s first offshore oil discovery Sunbird 1 well in Block L10A, extends to block L6 where the earlier Maridadi-1 well also encountered oil indications.
Far operated offshore part of block L6 is favourably positioned in the Tembo and Maridadi troughs that constitute a hydrocarbon source kitchen. Potential hydrocarbon trapping prospects have been identified in the L6 area as shown in the below image.
Prospects in the offshore portion of permit L6 are on-trend to Pancontinental’s Sunbird-1 discovery in block L10A, and it is believed that the L6 prospects have access to the same source as prospects in the L10A block.
Source : OIL NEWS KENYA
http://www.expogr.com/kenyaoil/detail_news.php?newsid=2222&pageid=2&t=MILIO INTERNATIONAL, PANCONTINENTAL OIL AND GAS PLANNING 2D SEISMIC KENYA�S ONSHORE BLOCK L6
Posted on : Friday , 6th November 2015
Kenya's Block L6 operator Dubai based Milio International is in the process of planning for the seismic acquisition and is currently coordinating with local authorities according to JV partner Pancontinental Oil and Gas.
This is part of a farm-out agreement where Milio negotiated entry into the onshore area of block L6 in Kenya to earn a 60% interest in exchange for a 2D seismic programme of not less than 1,000km², drilling and testing of an onshore well and additional costs such as processing and interpretation with no financial obligation falling to Pancontinental.
“Planning for seismic over the area is ongoing, although operational delays have been experienced,” Pancontinental says in a statement.
It is expected that the seismic will define drillable locations on primary prospects Mamba, Kudu and Boundary Anticline within block L6
Milio will be hoping to prove studies that a Miocene reef trend, proven to contain oil by Kenya’s first offshore oil discovery Sunbird 1 well in Block L10A, extends to block L6 where the earlier Maridadi-1 well also encountered oil indications.
Far operated offshore part of block L6 is favourably positioned in the Tembo and Maridadi troughs that constitute a hydrocarbon source kitchen. Potential hydrocarbon trapping prospects have been identified in the L6 area as shown in the below image.
Prospects in the offshore portion of permit L6 are on-trend to Pancontinental’s Sunbird-1 discovery in block L10A, and it is believed that the L6 prospects have access to the same source as prospects in the L10A block.
Source : OIL NEWS KENYA
http://www.expogr.com/kenyaoil/detail_news.php?newsid=2222&pageid=2&t=MILIO INTERNATIONAL, PANCONTINENTAL OIL AND GAS PLANNING 2D SEISMIC KENYA�S ONSHORE BLOCK L6