New player joins oil search race in Kenya

Last Updated 14 years ago by Kenya Engineer

International oil explorers continue to stream in to be part of the lucrative oil industry in the country with the latest player being Bowleven.The firm from the UK entered into a farm-in agreement to acquire a 50 percent equity interest in onshore exploration block 11B, Northwest Kenya, from Adamantine Energy Ltd.

Bowleven announces the acquisition of an equity interest in an onshore block in Kenya operated by Adamantine Energy.”, said the firm in a statement.

Block 11B covers an area of approximately 14,000 square kilometers covering the Loeli, Lotikipi, Gatome and South Gatome basins. The basins are to the north of the Lokichar Basin where a significant oil discovery has been made in recent months with the Ngamia-1 well.

Analysis of the existing gravity and magnetics and seismic datasets suggest the basins in block 11B are of similar form to Lokichar and analogous geological plays and petroleum system elements are expected.

In return for acquiring this interest, Bowleven will fund the work programme for the initial two year exploration period at an estimated cost of $10 million. The initial work programme is to include an airborne geophysical survey and the acquisition of 2D seismic. Bowleven will also provide technical support as operator, under a TSA during the initial exploration period. Completion of the farm-in is subject to normal approval from the Kenyan authorities.