Vanoil announced that the Ministry of Energy of Kenya has accepted Vanoil's request for an extension of the initial exploration period for Vanoil's 100% owned Blocks 3A and 3B, which are comprised of 24,912 square kilometers of oil and gas concessions in the Republic of Kenya's Central African Rift Basin System. The initial exploration period has been extended for eleven months and will now expire on September 30, 2012.
The granting of the extension is conditional upon the following additional Production Sharing Contract ("PSC") commitments:
Vanoil has confirmed the Company's acceptance of the Ministry of Energy of Kenya's terms for the extension of the initial exploration periods of Blocks 3A and 3B and will undertake to ensure that the additional commitments to the PSC are met. Vanoil expects the additional 3D seismic and increase in surface and training fees to increase the Company's commitment by approximately US $1.1 million for the initial exploration period.
Most Popular Articles
From the Career Center
Jobs that may interest you