Pancontinental Oil & Gas NL announced the completion of the Nanaa 3D seismic survey in area L8 offshore Kenya. The survey is additional to the earlier Mbawa 3D survey.
Conducted by operator Apache Corporation on behalf of the L8 Joint Venture, the survey covers approximately 541 square miles (1,400 square kilometers) in the southeast of the L8 area.
The survey covers the large Nanaa and Kozi Leads at levels from the Tertiary to the Jurassic as well as covering the large Bundi and Tai Prospects in the Cretaceous to the Upper Jurassic.
Data processing and interpretation are expected to be completed by the end of 2012. Drilling on the Mbawa Prospect is currently planned for during or before 3Q 2012.
Mbawa and the newly covered leads are interpreted to be located in optimal positions to trap oil and gas generated in the basin.
Pancontinental has been be free-carried through the Nanaa 3D by farminee Tullow Kenya B.V. a wholly owned subsidiary of Tullow Oil plc.
The Kenya L8 consortium consists of:
Mr. Barry Rushworth, the CEO of Pancontinental commented, "This new 3D seismic and the enthusiasm of the joint venture in accelerating exploration in L8 is gratifying industry support for Pancontinental's long-held view of the very positive petroleum prospectivity of this region offshore Kenya.
"Pancontinental's original geological concepts have been supported by the entry of notable international exploration and production companies to the region, both in L8 and in other licence areas including L10A and L10B (Pancontinental interest 15%) although only drilling has the capability to fully confirm the concepts.
"The new Nanaa 3D survey should add considerable volumetric potential to the L8 inventory of hydrocarbon prospects and leads and in the event of success on Mbawa we expect to have a substantial ready-made inventory of follow-up opportunities for drilling."
Pancontinental believes that it has identified an oil-prone "sweet spot" offshore Kenya and this will first be tested by drilling planned for during or before 3Q 2012 on the giant Mbawa Prospect in L8. Mbawa has potential to contain more than 4.9 billion barrels of oil (P10, in place, unrisked) and a corresponding P50 value of approximately 2 billion barrels of oil (in place, unrisked), although these can only be verified by drilling.
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