Kenyan oil quest to start this year: Pancontinental

Australia’s Pancontinental Oil and Gas says it will begin seismic surveys on two blocks off the Kenyan coastline later this year.

Kenya has no proven oil reserves, but interest in the hydrocarbon potential of the east African region has shot up in recent years after gas discoveries in Tanzania and Mozambique and billions of barrels of oil in Uganda.  

With partners Pancontinental holds exploration licences for four blocks off Lamu, along the south of the East African country’s coast.  

The company said 3D and 2D marine seismic surveys will commence late this year on blocks L10A and L10B and the exercise will be completed by mid-2012.  

“The aim of the surveys is to identify the most prospective prospects for drilling. Two wells are required under the licences in the second exploration period commencing in August 2013,” Pancontinental said in a statement.  

The Australian firm’s joint partners in L10A and L10B include BG Group, Premier Oil Investment and Cove Energy.

“We have been surprised by the diversity and size of the leads and plays identified in the operator’s initial review of L10A and L10B,” Barry Rushworth, Pancontinental’s chief executive said, referring to analysis of past data gathered from the blocks.  

Pancontinental said BG Group is seeking a seismic vessel for data acquisition and that locations for the surveys had been determined.