American explorer has said it has intensified efforts to identify and farm in partners in order to share exploration costs and risks in the ultra-deep water offshore blocks, L-27 and L-28 set to expire in February 2017.
Erin Energy says a farm-in partner will help it focus on its most prospective of the Kenyan assets with time running out after it has obtained an eighteen-month extension of the Initial Exploration Period (IEP) of its offshore Kenya blocks.
Following the extension Senior Vice President, Exploration and Production Segun Omidele had earlier said the additional time would enable the company evaluate these blocks, allow it to acquire 3D seismic data and to look for suitable partners on the blocks. The required work then it said would includes the acquisition, processing, and interpretation of 3D seismic data on both blocks.
Erin Energy in December 2015 said it is unlikely to meet its requirements unless a farm-in partner comes on board.
“3D acquisition in L27 & L28 subject to completing a farm-out,” Erin Energy told investors in its presentation in early December.
The blocks located offshore Kenya at water depths of 7200 to 14700 feet have already seen the acquisition of 2D seismic processed by WesternGeco, a division of Schlumberger with the Geoscience and Engineering Team having identified several leads in the area that are analogous to hydrocarbon discoveries in the greater East African area.
Erin Energy has 100 percent interest in the two blocks and is required to acquire process and interpret 1,500 square kilometres of 3D seismic data.
The company holds the single largest acreage by any single explorer.