UK-based independent oil and gas exploration firm Tower Resources has acquired a 15% participating interest in Block 2B in Kenya’s Anza basin from Taipan Resources’ subsidiary Lion Petroleum.
Premier Oil holds a 55% interest in the Block 2B licence, which is estimated to contain 1.5 billion barrels of prospective resources across 19 exploration leads.
The completion of Tower Resources’ farm-in was conditional on consent from Premier Oil and also subject to the payment of $4.5m cash.
Taipan retains a 30% interest and operatorship during the exploration phase in Block 2B. The company’s 20% working interest in the Block 1 is operated by Afren’s subsidiary East Africa Exploration (Kenya).
Taipan Resources CEO Max Birley said: "We look forward to progressing the work programme on the licence with Tower and Premier, having established a high-quality and fully aligned partnership."
The Badada-1, the first well on Block 2B, is anticipated to spud at the end of 2014 or early 2015 and is estimated to contain unrisked prospective resources of 251 million barrels of oil equivalent.
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By GlobalDataTower Resources CEO Graeme Thomson said that Taipan’s farm-in fits perfectly with the company’s strategy of securing material positions in very high upside exploration assets coupled with near-term drilling.
"This licence is right at the forefront of new plays, and we look forward to drilling in the coming months," Thomson added.
