Fully funded by joint venture partner Origin Energy, the US$4 million program acquired 3,759 km of 2D seismic data, including 360 km of detail over specific leads to develop them to possible drilling status.
All seismic data have now been sent to Fugro Seismic Imaging in Perth for processing, with results expected in June 2007.
In September 2006, PCL farmed-out 75% of Blocks L8 & L9 to Origin Energy in return for full funding of the seismic program and the drilling of an exploration well in each Block. PCL has retained a 25% interest in both Blocks. Following interpretation of the new seismic data and under the Farm-out Agreement, Origin has the option, but not the obligation, before October 2007, to proceed into the next permit year by drilling an exploration well within Block L-8 and earning up to the 75% level. The same option exists over Block L-9 the following year.
PCL also holds a 40% interest in nearby Block L-6, where 60% Joint Venture partner Gippsland Offshore Petroleum Ltd is expected to commence seismic acquisition with the same seismic contractor in February 2007. Gippsland will also commence acquisition of airborne gravity data, with the "Falcon" system, over onshore and offshore areas, commencing also in late February.
PCL Chief Executive Officer Andrew Svalbe said: "Blocks L-6, L-8 and L-9 contain large anticlinal traps with multiple reservoir targets of significant size at various stratigraphic levels. The disappointing results of the Woodside Pomboo-1 well have not discouraged Origin Energy or Gippsland to proceed with significant investments in their Kenyan exploration activities. The prospectivity of the L-6, L-8 & L-9 Pancontinental blocks is significantly different, to that in the Pomboo area, due to the inferred presence of two major sediment depocentres believed to contain hydrocarbon generative source rocks. The presence of thick, good quality sandstone reservoirs in the Pomboo well is a positive element for the three Pancontinental areas."
Pancontinental Oil & Gas NL is focused on numerous national and international oil and gas plays. PCL has projects in the Northwest of Western Australia, Kenya's Lamu Basin, Malta and Morocco.
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