{"id":1591,"date":"2014-08-11T00:00:36","date_gmt":"2014-08-10T21:00:36","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=1591"},"modified":"2015-09-07T14:47:14","modified_gmt":"2015-09-07T14:47:14","slug":"ethiopias-wells-costs-africa-oil-30-8-million-in-losses","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/ethiopias-wells-costs-africa-oil-30-8-million-in-losses\/","title":{"rendered":"Ethiopia\u2019s wells costs Africa Oil $30.8 million in losses"},"content":{"rendered":"

Africa Oil has announced it will be writing off $30.8 million previously capitalized in blocks 7 and 8 on expenditures in Ethiopia.<\/p>\n

According to the company the El Kuran-3 appraisal well on block 8 which was drilled in the first half of 2014 and which is currently suspended pending further evaluation after it encountered a significant but tight gas-condensate zone in Jurassic Hammanlei carbonates will be written off as Africa Oil weighs options regarding the future of the blocks that are being evaluated.<\/p>\n

\u201cUpon further evaluating the drilling results of the El Kuran-3 well, the Company has written off $30.8 million of previously capitalized Blocks 7\/8 exploration expenditures in Ethiopia,\u201d reads the latest statement from the company.<\/p>\n

El Kuran-3 was an appraisal of a discovery made by Tenneco in the 1970’s and is part of the $37.5 million in operating expenses that the company has spent in the last six months compared to the same period in the prior year.<\/p>\n

Africa Oil has had a shaky start in Ethiopia in the first half after the Gardim-1<\/a> exploration well on the eastern flank of the Chew Bahir Basin disappointed led to it being plugged and being abandoned.<\/p>\n

The company and its partners say that drilling operations are being demobilized while these results are integrated into the regional basin model even as seismic interpretation continues on independent prospectivity.<\/p>\n

Currently the company which is a operator in the Rift basin with 50 percent interest together with its partners are making preparations to acquire a minimum 400 kilometer 2D seismic program over the Rift Basin Area commencing in the fourth quarter as it continues to acquire a 1,000 kilometer 2D seismic program on the Adigala Block<\/a>.<\/p>\n

In Blocks 7&8 Africa Oil has 30 percent interest alongside\u00a0 New age and EAX with 40 percent and 30 percent respectively while in the Adigala Block the company has 10 percent interest alongside New age with 50 percent and Genel Energy with 40 percent.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Africa Oil has announced it will be writing off $30.8 million previously capitalized in blocks 7 and 8 on expenditures in Ethiopia. According to the company the El Kuran-3 appraisal … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1592,"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":[55,70,325,451,700,725,809,952,1722,2506],"class_list":["post-1591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-adigala-block","tag-africa-oil","tag-blocks-7-and-8","tag-chew-bahir-basin","tag-eax","tag-el-kuran-3","tag-ethiopia","tag-gardim-1","tag-new-age","tag-tenneco","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/ethiopia.jpg?fit=318%2C159&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-pF","jetpack-related-posts":[{"id":4417,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exit-from-somalia-ethiopia-blocks-cost-africa-oil-over-100-million-in-201415\/","url_meta":{"origin":1591,"position":0},"title":"Exit from Somalia, Ethiopia Blocks cost Africa Oil over $100 million in 2014\/15","author":"","date":"March 1, 2016","format":false,"excerpt":"Africa Oil which earlier said it has elected to not continue exploration activities in the Dharoor and Nugaal exploration blocks in Puntand, Somalia and Adigala Block in Ethiopia reveals this resulted to an impairment of $90.6 million and $5.8 million respectively. The fourth quarter financial and full year financial and\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\/puntlandoil.jpg?fit=640%2C423&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/puntlandoil.jpg?fit=640%2C423&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/puntlandoil.jpg?fit=640%2C423&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1694,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-withdraws-from-ethiopias-block-7-and-8\/","url_meta":{"origin":1591,"position":1},"title":"Africa Oil withdraws from Ethiopia\u2019s block 7 and 8","author":"Samuel Kamau Mbote","date":"August 29, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Africa Oil has announced it will be withdrawing from blocks 7 and 8 in the Somali region where it has 30 percent interest together with New age which is the operator with 40 percent and EAX with 30 percent. The company says its decision has been informed by\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\/08\/ethiopia-blocks.png?fit=545%2C368&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/ethiopia-blocks.png?fit=545%2C368&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/ethiopia-blocks.png?fit=545%2C368&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5850,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ethiopia-oil-and-gas-sector-overview\/","url_meta":{"origin":1591,"position":2},"title":"Ethiopia Oil and Gas Sector Overview","author":"","date":"April 5, 2017","format":false,"excerpt":"Ethiopia sedimentary basins are located between old and new discovery areas in the Middle East (Yemen), the East Africa Rift System (Kenya),the Melut and Muglad basins (Sudan and South Sudan). Sedimentary basins cover more than 30 percent of the entire country and the known basins include: Ogaden basin, The Abay\/Blue\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\/2017\/04\/Petroleum-Concession-Map-Ethiopia.png?fit=613%2C465&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/04\/Petroleum-Concession-Map-Ethiopia.png?fit=613%2C465&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/04\/Petroleum-Concession-Map-Ethiopia.png?fit=613%2C465&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4405,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-receives-12-month-extension-in-rift-basin-area-ethiopia\/","url_meta":{"origin":1591,"position":3},"title":"Africa Oil Receives 12 month extension in Rift Basin Area Ethiopia","author":"","date":"February 28, 2016","format":false,"excerpt":"Africa Oil has received a twelve month extension to the initial exploration period in the Rift Basin Area and will now expire in February 2017. A 2D seismic crew program was completed of approximately 600 kilometers of land and lake seismic during 2015 with source rock outcrops and oil slicks\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\/2015\/01\/rift-basin-block-map.png?fit=395%2C243&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1647,"url":"https:\/\/www.oilnewskenya.com\/index.php\/2d-seismic-in-ethiopias-rift-basin-area-set-for-q4\/","url_meta":{"origin":1591,"position":4},"title":"2D seismic in Ethiopia\u2019s Rift basin Area set for Q4","author":"Samuel Kamau Mbote","date":"August 20, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Africa Oil is set to commence with a 2D seismic program in the Rift Basin Area, located north of the South Omo block in Ethiopia, next quarter. This is part of the planned work program by the block operator Africa Oil which is expected to range between 400\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\/08\/rift-basin-area.png?fit=472%2C279&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-farmouts-in-the-rift-basin-area-and-adigala-blocks-in-ethiopia\/","url_meta":{"origin":1591,"position":5},"title":"Africa Oil Announces Farmouts in the Rift Basin Area and Adigala Blocks in Ethiopia","author":"Samuel Kamau Mbote","date":"March 4, 2014","format":false,"excerpt":"Africa Oil has announced that it has received Ethiopian government approval in respect of two farmout agreements with Marathon Oil and New age Ethiopia Limited. Under the terms of the Marathon Oil farmout agreement, Marathon Oil will acquire a 50% interest in the Rift Basin Area in Ethiopia. Africa Oil\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\/2013\/12\/africaoil.png?fit=280%2C273&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\/1591","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=1591"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1591\/revisions"}],"predecessor-version":[{"id":3625,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1591\/revisions\/3625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1592"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=1591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=1591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=1591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}