Rift Energy Corp. (“Rift Energy”) is pleased to announce it has identified five drillable prospects and at least 21 leads within Block L19 in Kenya to date and the interpreting/mapping phase of its 724 KM 2D seismic program is complete.
Fred Zaziski, President and CEO of Rift Energy stated, “I am very pleased with the outstanding progress we continue to make on Block L19. As a result of integrating our proprietary G&G data set (aerial gravity/magnetic survey, geochemical survey and 724 KM 2D seismic program), we now have five high-quality drillable prospects, some of which are ‘drill ready’. In addition, at least 21 leads have been mapped to date. Operationally, that puts us in a great position to begin an exploratory drilling program within the coming year. Our 2015 operational plans will be presented to the Kenya Ministry of Energy and Petroleum in January for approval. Furthermore, we continue to discuss taking on a farm-out partner for the next stage of our exploration program.”
About Block L19
Block L19 encompasses approximately 9,000 KM (2.2 million acres) onshore in southeast Kenya, where Rift Energy is the operator and owns a 100% participating interest. There has been only one well drilled on Block L19 to date, the Ria Kalui 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation.
Rift Energy is now in the first additional two-year exploration program. As previously announced, Rift Energy has already met or exceeded all of the contractual requirements of the initial two-year exploration program, which concluded during September 2014.