Global said that there are numerous prospects and leads in the Kenya Licenses L5 and L7. Pomboo has established the presence of reservoirs and seals, although the well lacked oil and gas shows. It is important that the decision on the next phase of exploration be determined after a comprehensive technical assessment of the relevance and implications of the new information obtained from Pomboo. This work is expected to occur over the next three to six months.
Accordingly, Woodside--as operator of the L5 and L7 Joint Venture--will discuss options with the Kenya Government with a view to agreeing the appropriate way forward for the JV and Government.
The L5 and L7 Joint Venture comprises:
The costs associated with Global’s 20% in L5 and L7 are carried for all activities through the drilling of the first well in each of these areas.
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