Pancontinental Oil & Gas NL (PCL) is very pleased to announce that, together with three co-venturers and led by operator BG Group plc, it has signed new Production Sharing Contracts over offshore exploration Blocks L10A and L10B with the Government of Kenya. The new PSCs are additional to contracts over Blocks L6 and L8 already held by Pancontinental. The new areas more than double Pancontinental’s gross acreage position offshore Kenya. The proposed work programme includes 2D and 3D seismic surveying in the first phase and drilling in later phases. Pancontinental holds a 15% interest in each new PSC.
Mr Barry Rushworth, CEO and Director of Pancontinental commented- “Pancontinental is delighted to hold an interest in these new Blocks, and particularly to be working with a group of some of the most successful UK-based companies in the oil and gas business. For personal use only The entry of a number of major international companies offshore Kenya supports Pancontinental’s long-held view of the significant oil and gas potential of its own Kenyan projects. The exploration programme we have commenced is effectively a “fast track” to drilling in this highly promising exploration province. Pancontinental looks forward to a successful joint venture.”