{"id":1241,"date":"2014-06-17T20:25:03","date_gmt":"2014-06-17T17:25:03","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=1241"},"modified":"2015-09-09T10:03:58","modified_gmt":"2015-09-09T10:03:58","slug":"far-to-reduce-its-stake-to-under-25-in-kenyas-block-l6","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/far-to-reduce-its-stake-to-under-25-in-kenyas-block-l6\/","title":{"rendered":"Far to reduce its stake to under 25% in Kenya\u2019s block L6"},"content":{"rendered":"

Australian explorer which has a 60 percent equity position and operates block L6 and a 30% equity position in the L9 block in Lamu may be looking into reducing their stake in Block L6 to less than 25 percent.<\/p>\n

According to Bloomberg<\/a> FAR has already started to share its data as the company seeks to complete a deal by October this year.<\/p>\n

\u201cThere\u2019s a fair bit of interest offshore Kenya at the moment. In Kenya, the prize is oil,\u201d Managing Director Cath Norman is quoted saying.<\/p>\n

The sell in its stake is part of the company\u2019s strategy to raise $8 million<\/a> to fund further exploration in offshore Kenya potentially including accelerating the evaluation of the Miocene reef oil play offshore Kenya<\/p>\n

Far says the equity raising will include a placement of a total of 200,000,000 new ordinary shares in the Company to raise the amount.<\/p>\n

\u201cFAR is pleased to have raised money to allow the company to move forward our key position in Kenya in the short term. Building our portfolio of opportunities for our shareholders is key to our strategy and we aim to deliver a high impact drilling program in Kenya following on from the current drilling program offshore Senegal,\u201d Ms Norman said this earlier this month.<\/p>\n

The company\u2019s stake in the clock is expected to receive interest especially following an announcement by BG Group and Pancontinental (its other partner in the block through its wholly owned subsidiary Afrex Limited) operating in Block L10A further south confirmed the presence of oil and gas.<\/p>\n

In February this year signed its first farm in agreement for Kenya Block L6 with Milio International Limited<\/p>\n

The block is also north of the recent, world scale, natural gas discoveries totaling around 100 trillion cubic feet off the coasts of Mozambique and Tanzania.<\/p>\n

In 2012, FAR completed a 778km squared of\u00a03D seismic survey over the L6 permit offshore Kenya a survey conducted by Fugro Geoteam.<\/p>\n

Using data from 3D seismic Far limited says it has identified three prospects (Tembo, Kifaru and Kifaru West) which have prospective resources of 327, 178 and 130 million barrels of oil (un-risked best estimate, 100% basis) respectively, or in a gas only success case, 807, 517 and 388 billion cubic feet of gas.<\/p>\n

The chances of a discovery of the three prospects have been assessed to be 21%, 19% and 18% respectively.<\/p>\n

With a current licence area of 3,134km2, the L6 permit has both onshore and offshore potential with water depths varying from\u00a0shallow transition zones\u00a0to approximately 400m.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian explorer which has a 60 percent equity position and operates block L6 and a 30% equity position in the L9 block in Lamu may be looking into reducing their … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[59,236,313,316,868,1377,1811,1960,2431],"class_list":["post-1241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren","tag-bg-group","tag-block-l6","tag-block-l9","tag-far-limited","tag-lamu-basin","tag-offshore-kenya","tag-pancontinental","tag-sunbird-prospect","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-k1","jetpack-related-posts":[{"id":1155,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-to-raise-kes-700-million-for-offshore-kenya-exploration\/","url_meta":{"origin":1241,"position":0},"title":"Far to raise KES 700 million for offshore Kenya exploration","author":"Samuel Kamau Mbote","date":"June 5, 2014","format":false,"excerpt":"Australian explorer FAR Ltd has announced an equity raising placement which is expected to raise $8 million before expenses. The placement is being undertaken to fund further exploration in offshore Kenya potentially including accelerating the evaluation of the Miocene reef oil play offshore Kenya in which the company has a\u2026","rel":"","context":"In "Elsewhere in Africa"","block_context":{"text":"Elsewhere in Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/elsewhere-in-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/kenya-map_900.jpg?fit=900%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/kenya-map_900.jpg?fit=900%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/kenya-map_900.jpg?fit=900%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/kenya-map_900.jpg?fit=900%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1529,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-ltd-delays-2d-seismic-acquisition-in-kenyas-block-l6-over-security-concerns\/","url_meta":{"origin":1241,"position":1},"title":"FAR Ltd delays 2D seismic acquisition in Kenya\u2019s Block L6 over security concerns","author":"Samuel Kamau Mbote","date":"July 31, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] FAR has said it has delayed a planned onshore well and an onshore 2D seismic survey and associated processing and interpretation in Northern part of coast Kenya due to insecurity in the area. According to a statement from the company the operations which were to start in June\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/far-blocks.png?fit=301%2C273&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1760,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-ltd-receives-term-extension-in-kenyas-block-l6\/","url_meta":{"origin":1241,"position":2},"title":"Far Ltd receives term extension in Kenya\u2019s Block L6","author":"Samuel Kamau Mbote","date":"September 12, 2014","format":false,"excerpt":"Australian explorer Far Ltd has announced that it has received a 1 year extension in the PSC term of Block L6 after the company delayed planned activities Government of Kenya due to the inability to access the ground to complete planned seismic operations because of security incidents in the country.\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/block-l6-new.jpg?fit=900%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/block-l6-new.jpg?fit=900%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/block-l6-new.jpg?fit=900%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/block-l6-new.jpg?fit=900%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1866,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-ltd-announces-trading-halt-ahead-of-major-announcement\/","url_meta":{"origin":1241,"position":3},"title":"FAR Ltd announces trading halt ahead of major announcement","author":"Samuel Kamau Mbote","date":"October 6, 2014","format":false,"excerpt":"The securities of FAR Limited will be placed in Trading Halt Session State from the commencement of trading starting today at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/far-ltd.png?fit=640%2C428&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/far-ltd.png?fit=640%2C428&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/far-ltd.png?fit=640%2C428&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2380,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-block-l6-farmout-pushed-further-to-late-2015\/","url_meta":{"origin":1241,"position":4},"title":"Kenya\u2019s Block L6 farmout pushed further to late 2015","author":"Samuel Kamau Mbote","date":"January 30, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Block L6 operator Australian explorer Far Ltd has said it does not expect a farmout deal on the northern extent of the block until late in 2015. In the offshore portion where the company holds 60 percent paying interest Far says it continues to progress with a farmout\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/far-blocks.png?fit=301%2C273&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":482,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-onshore-kenya-l6-farmed-out-for-seismic-and-drilling\/","url_meta":{"origin":1241,"position":5},"title":"PanContinental: Onshore Kenya L6 Farmed-Out For Seismic and Drilling","author":"Samuel Kamau Mbote","date":"February 10, 2014","format":false,"excerpt":"Pancontinental Oil & Gas and its wholly owned subsidiary Afrex Limited (together\u00a0\u201cPancontinental\u201d) has entered a farm-in\u00a0agreement for the onshore portion of Kenyan exploration area Block L6 in the Lamu Basin. Block L6 is partly onshore and partly offshore. Under the terms agreed with farminee Milio E&P Limited (\u201cMilio\u201d) and Milio\u00a0International\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/02\/pancontinental.png?fit=505%2C508&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=1241"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1241\/revisions"}],"predecessor-version":[{"id":3685,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1241\/revisions\/3685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1242"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=1241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=1241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=1241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}