Africa Oil Corp and its joint venture partner Lion Energy have entered into the First Additional Exploration Phase under the Block 9 Production Sharing Contract Agreement (PSC) in Kenya.
After the withdrawal of two other partners, Africa Oil will now hold a 66.7% working interest in the PSC, with Lion Energy holding the remaining 33.3%. The joint venture was approved as the operator of Block 9 by the Kenyan Government.
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The additional exploration phase began on 31 December 2010 and is expected to expire on 31 December 2013, with a one well work commitment.
During the previous exploration period, the partners drilled one well to a depth of 5,085m and discovered a potentially large gas accumulation.
The north-western portion of the block contains the Kaisut Basin, an extension of the Anza Basin oil play being pursued by Africa Oil and partners.
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By GlobalData
