Rift Energy Seeks Partner for Block L19 in Kenya
Rift Energy Corp. (Rift Energy), a privately owned early-stage oil and gas exploration firm focus on east Africa, announced Monday that it is entering into the first additional two-year exploration program on Block L19 in Kenya after meeting or exceeding all contractual requirements of the initial two-year exploration program. Rift Energy is now obligated to either acquire 310 miles (500 kilometers) of 2D seismic or drill an exploration well during the next two years.
Results of the initial two year exploration program:
The initial two-year exploration program required Rift Energy to acquire at least 621 miles (1,000 kilometers) of gravity and magnetic data, shoot at least 310 feet (500 kilometers) of 2D seismic data and to spend at least $100,000 on community projects. A summary of Rift Energy’s activity for the initial two year exploration program follows:
- 4,389 miles (7,064 kilometers) of gravity and magnetic data was acquired. The data was the basis for a map that identified multiple geological features of interest and was used to guide the 2D seismic program
- A geochemical survey with 640 samples taken was completed over prospective areas and integrated into the 2D seismic data
- A 449 mile (724 kilometer) 2D seismic program was completed. Results indicate numerous leads and prospects at various depths that correlate to the results of the geochemical survey
- Community development expenditures exceeded $100,000 and included building six school rooms and four water development projects within Block L19
- In accordance with the terms of the PSC (production sharing contract), Rift Energy relinquished 25 percent of Block L19. The relinquished area included the northernmost section of the block, which had previously been determined to not be prospective
Farm-out of Block L19:
Rift Energy is now considering farming out a portion of its interest to further fund and accelerate its exploration program within Block L19. The data acquired from the 449 mile (724 kilometer) seismic program has been processed and interpreted. The results have yielded numerous leads and prospects at various depths. A data room is now available for interested parties.
Fred Zaziski, president and CEO of Rift Energy stated, “The results of our 2D Seismic Program have been outstanding. Numerous leads and prospects at various depths have been identified. Through the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner. As such, we believe we are in an excellent position to continue our exploration program on Block L19 and expect to commence an exploratory drilling program within the next 12-18 months."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension