Rift Energy Corp has confirmed it has identified five drillable prospects and at least 21 leads within Block L19 in Kenya.<\/p>\n
This follows completion of the interpreting or mapping phase of its 724 KM 2D seismic program as well as information from the Aerial Gravity & Magnetic Survey and Geochemical Survey, both of which were completed during 2013.<\/p>\n
Rift Energy President and CEO Fred Zaziski says the results puts the company in a position to to begin an exploratory drilling program within the coming year.<\/p>\n
Fred Zaziski, President and CEO of Rift Energy stated, \u201cI 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\u00a0 have five high-quality drillable prospects, some of which are \u2018drill ready\u2019. In addition, at least 21 leads have been mapped to date.\u201d<\/p>\n
Rift Expects now expects to present its operational plans to the Kenya Ministry of Energy and Petroleum in January for approval.<\/p>\n
The company adds that it continues with plans to take on a farm-out partner for the next stage of our exploration program as it seeks to further fund and accelerate its exploration program within Block L19.<\/p>\n
In September this year the company announced\u00a0 that interested parties could access data acquired from the 724 KM seismic program which has been processed and interpreted.<\/p>\n
\u201cThrough the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner.\u201d<\/p>\n
In the statement the company had announced plans to commence an exploratory drilling program within the next 12 \u2013 18 months.<\/p>\n
To date 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 \u00a0and was plugged after encountering oil shows in the Karoo formation.<\/p>\n
Rift Energy has already met or exceeded all of the contractual requirements of the initial two-year exploration program, which concluded during September 2014.<\/p>\n
Rift Energy is the operator and owns a 100% participating interest.<\/p>\n","protected":false},"excerpt":{"rendered":"