Oil explorer, Africa Oil has in its recent reports indicated increased oil estimates and risked prospective resources in the Tertiary rift basins in Kenya and Ethiopia.
“Based on the drilling and testing program over the past year we have confirmed the South Lokichar Basin contains gross contingent resources of 368 million barrels of oil, an increase of 557%”,says the company president, Keith Hill.
In addition gross risked prospective resources of 1,213 million barrels of oil are estimated for the South Lokichar Basin. This level of resource exceeds the threshold for development and development studies have commenced.
“We continue to aggressively explore with three seismic crews active and are ramping up drilling activity with plans to have a total of six rigs (four operated by Tullow Oil) operating in the fourth quarter of 2013. We expect the next 18 months to be transformational as we drill-out the prolific South Lokichar Basin and open up a number of highly prospective basins on the Tertiary rift trend.”, notes Africa Oil in a statement.