{"id":2792,"date":"2015-04-08T11:29:37","date_gmt":"2015-04-08T11:29:37","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=2792"},"modified":"2015-05-18T18:55:24","modified_gmt":"2015-05-18T18:55:24","slug":"pancontinental-oil-gas-withdraws-kenyas-block-l10b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-oil-gas-withdraws-kenyas-block-l10b\/","title":{"rendered":"Pancontinental Oil and Gas withdraws from Kenya\u2019s Block L10B"},"content":{"rendered":"

Australian explorer Pancontinental has served a notice of withdrawal on BG Kenya L10B Limited the only remaining participant and operator of Kenya Licence L10B from the Joint Operating Agreement with BG and from the PSC governing L10B.<\/p>\n

Pancontinental holds a 25% interest in L10B, while BG holds 75%. Licence area L10B lies immediately to the south of area L10A, in which a joint venture also operated by BG Group (50%) drilled the Sunbird-1 oil discovery well in 2014.<\/p>\n

Pancontinental now remains with a license in Block L10A where it holds 18.75% and PTTEP of Thailand holds 31.25%. Pancontinental believes that it has sufficient exposure to the prospectivity of the area through its 18.75% interest in the adjoining Block L10A.<\/p>\n

The Blocks have similar geological features that in some cases straddle the permit boundary, while exploration in L10A is more advanced.<\/p>\n

\"Block<\/a><\/p>\n

According to CEO and Executive director Barry Rushworth the move has been guided by the interest of prudent financial management.<\/p>\n

\u201cThe Company considers that the withdrawal is in the interest of prudent financial management, whilst maintaining a manageable and prospective exploration portfolio,\u201d said Rushworth.<\/p>\n

The withdrawal comes at a time that Anadarko is planning to drill<\/a> its first well in the north eastern neighbouring Block L11A .<\/p>\n

The move by Pancontinental is contrasting to an announcement last year following a 12 month extension<\/a> of the license as to when the explorer said it would be increasing its stake in L10B from 15 percent to 20 percent by taking up its pro-rata share of the interest held by Premier Oil, which had also elected to withdraw.<\/p>\n

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

Australian explorer Pancontinental has served a notice of withdrawal on BG Kenya L10B Limited the only remaining participant and operator of Kenya Licence L10B from the Joint Operating Agreement with … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1060,"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":true,"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":[147,236,294,295,2913,1252,1961],"class_list":["post-2792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-anadarko","tag-bg-group","tag-block-l10a","tag-block-l10b","tag-block-l11a","tag-kenya","tag-pancontinental-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/block-l10b.jpg?fit=751%2C451&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-J2","jetpack-related-posts":[{"id":1059,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-receives-12-months-license-extension-in-block-10a\/","url_meta":{"origin":2792,"position":0},"title":"Pancontinental receives 12 months license extension in Block L10B","author":"Samuel Kamau Mbote","date":"May 19, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Pancontinental Oil & Gas has announced that the Kenyan government has granted it a 12-month extension to the current Initial Exploration Period of the L10B offshore license. Pancontinental says it considers this to be extremely favourable because it gives the joint venture partners more time to assess 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\/05\/block-l10b.jpg?fit=751%2C451&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/block-l10b.jpg?fit=751%2C451&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/block-l10b.jpg?fit=751%2C451&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/block-l10b.jpg?fit=751%2C451&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3038,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-oil-gas-pttep-withdraw-kenyas-block-l10a\/","url_meta":{"origin":2792,"position":1},"title":"Pancontinental Oil & Gas, PTTEP Withdraw from Kenya\u2019s Block L10A","author":"","date":"June 2, 2015","format":false,"excerpt":"Pancontinental Oil & Gas and its L10A joint venture partner PTTEP of Thailand have issued Operator BG Kenya L10A Limited notices of withdrawal from Block L10A in the Lamu Basin offshore Kenya. \u00a0 This is subject to Ministerial consent where Pancontinental\u2019s 18.75% interest and PTTEP\u2019s 31.25% interest will be transferred\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\/11\/blockl10a-l10b.png?fit=698%2C402&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/blockl10a-l10b.png?fit=698%2C402&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/blockl10a-l10b.png?fit=698%2C402&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5705,"url":"https:\/\/www.oilnewskenya.com\/index.php\/shell-to-commence-frontier-seeps-survey-in-blocks-l10a-l10b-offshore-kenya\/","url_meta":{"origin":2792,"position":2},"title":"Shell To Commence Frontier Seeps Survey in Blocks L10A, L10B Offshore Kenya","author":"","date":"February 22, 2017","format":false,"excerpt":"Shell\/BG Kenya have awarded Fugro a contract for the execution of a seabed survey to detect natural leakages of hydrocarbons in their\u00a0operated blocks in Kenya namely block\u00a0L10A and L10B. 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