Lion Charges Ahead in East African Exploration
Lion Energy provided an update regarding its ongoing exploration activities in East Africa.
Block 9: Drilling of the Bogal 1-1 well is ongoing. The well has been successfully drilled to a depth of 5,000 meters, where currently a comprehensive set of wireline logs is being run to assess the hydrocarbon potential of numerous lower Cretaceous age sandstone intervals encountered in the well. Drilling is expected to continue ahead to a planned total depth of approximately 5,500 meters. CNOOC is the operator of Block 9. Lion Energy holds a right to acquire a net 10% working interest in this project.
Block 10BB: The tendering process for 600 km of 2D seismic has been completed and the contract will be awarded shortly. The acquisition program is expected to commence before the end of the second quarter of 2010. Our joint venture partner, Africa Oil, has reprocessed all available vintage seismic data sharpening the imaging and the amplitude response for use in detecting direct hydrocarbon indicators. Africa Oil held its initial meeting with the local community leaders in March in order to formally introduce the joint venture partners and outline the planned work program for 2010. Lion Energy holds a right to acquire a net 20% working interest in this project.
Block 10A: Our joint venture partner, Africa Oil, is reprocessing all available vintage seismic data with the objective of improving the image quality of the original data acquired in the late 1980s. New play concepts are being developed based on the reprocessed data in combination with the vintage drilling data. The Operator, Africa Oil, intends to acquire 750 km of 2D seismic in the Block following the Block 10BB seismic acquisition program. Lion Energy holds a right to acquire a net 25% working interest in this project.
Dharoor Block: The Operator, Africa Oil, has completed a comprehensive interpretation of newly acquired 2D seismic data over the Dharoor Block. Several large prospects have been identified. Lion Energy and its joint venture partners have mutually agreed to initially drill one prospect in Dharoor. The well is expected to commence drilling before the end of 2010. Lion Energy Corp holds a right to acquire a net 15% working interest in this project.
Nugaal Block: Africa Oil, as Operator, has completed a re-interpretation of the existing 2D seismic data over the Nugaal Block. Several large prospects have been identified. Lion Energy and its joint venture partners are in discussion regarding drilling plans for 2010-2011. The Company holds a right to acquire a net 15% working interest in this project.
The Company is excited to be exploring in three separate and distinct rift trends that are analogous to the prolific world class hydrocarbon rich areas of Uganda, Sudan and Yemen. In addition, an Independent Resource Report pertaining to the Company's exploration based assets was filed on SEDAR on March 24, 2010.
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