{"id":3038,"date":"2015-06-02T07:11:05","date_gmt":"2015-06-02T07:11:05","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3038"},"modified":"2015-06-02T07:13:15","modified_gmt":"2015-06-02T07:13:15","slug":"pancontinental-oil-gas-pttep-withdraw-kenyas-block-l10a","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-oil-gas-pttep-withdraw-kenyas-block-l10a\/","title":{"rendered":"Pancontinental Oil & Gas, PTTEP Withdraw from Kenya\u2019s Block L10A"},"content":{"rendered":"

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.<\/p>\n

 <\/p>\n

This is subject to Ministerial consent where Pancontinental\u2019s 18.75% interest and PTTEP\u2019s 31.25% interest will be transferred to the Operator BG who will then be the only remaining participant and hold 100% of the L10A licence.<\/p>\n

According to Pancontinental CEO and Executive Director Barry Rushworth the Company is committed to the prudent deployment of its resources and as such it has decided to withdraw from the L10A project, given the project\u2019s cost and potential benefit profile with respect to the Company.<\/p>\n

Block L10A will go down in Kenya\u2019s history as the only offshore block in the region to see an oil discovery<\/a> at the Sunbird-1 well despite decades of exploration.<\/p>\n

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

According to Pancontinental that confirmed\u00a0 the gross oil column in the well was assessed to be 14m thick beneath a gross gas column of 29.6m in a reefal limestone reservoir in the Sunbird Miocene Pinnacle Reef in area L10A.<\/p>\n

Pancontinental says it will advance and look to grow its African portfolio in the near term, consistent with its continued belief in the high prospectivity of parts of the continent and their future high potential to produce commercial oil and gas.<\/p>\n

This is the second Kenyan offshore block the company has withdrawn from in 2015 after withdrawing from adjacent Block L10B<\/a> also controlled by BG Group<\/a>.<\/p>\n

While withdrawing from block L10B Rushworth cited that the move had 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

Pancontinental remains in a unique position, with its remaining asset portfolio in Namibia (EL0037 with Tullow Oil) and Kenya (Block L6 with FAR Limited, Milio International) fully funded for the next phase of exploration commitments.<\/p>\n

Prior to the withdrawal by Pancontinental Oil and Gas withdrawal the block has also witnessed the exit of Premier Oil<\/a> in 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1992,"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":[236,237,295,313,3272,868,1252,1377,1570,1962,2071,2096,3036],"class_list":["post-3038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-bg-group","tag-bg-group-kenya","tag-block-l10b","tag-block-l6","tag-blocl-l10a","tag-far-limited","tag-kenya","tag-lamu-basin","tag-milio-international","tag-pancontinental-oil-and-gas","tag-premier-oil","tag-pttep","tag-sunbird-1-well","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/blockl10a-l10b.png?fit=698%2C402&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-N0","jetpack-related-posts":[{"id":1567,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-first-offshore-discovery-misses-commercial-threshold\/","url_meta":{"origin":3038,"position":0},"title":"Kenya\u2019s sunbird-1 offshore well discovery misses commercial threshold","author":"Samuel Kamau Mbote","date":"August 5, 2014","format":false,"excerpt":"The sunbird-1 well in Kenya\u2019s offshore block L10A that which showed oil and gas samples did not register enough reserves to constitute a commercial discovery according to PTTEP one of the companies with interest on the block. According to the company\u2019s latest operating results PTTEP expects to write off this\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\/block-l10a.png?fit=440%2C264&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":339,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-oil-and-gas-and-bg-group-spud-sunbird-1-well-offshore-kenya\/","url_meta":{"origin":3038,"position":1},"title":"Pancontinental Oil and Gas, BG Group starts offshore drilling in Kenya","author":"Samuel Kamau Mbote","date":"January 7, 2014","format":false,"excerpt":"Pancontinental Oil & Gas\u00a0 and BG Group \u00a0have spudded exploration well Sunbird-1 in licence area L10A offshore Kenya. The Kenya L10A consortium consists of BG Group, operator, with 50% working interest; PTTEP with 31.25% working interest, and Pancontinental with 18.75% working interest. Sunbird-1 is expected to take 50 to 60\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":"","width":0,"height":0},"classes":[]},{"id":2792,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-oil-gas-withdraws-kenyas-block-l10b\/","url_meta":{"origin":3038,"position":2},"title":"Pancontinental Oil and Gas withdraws from Kenya\u2019s Block L10B","author":"","date":"April 8, 2015","format":false,"excerpt":"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. Pancontinental holds a 25% interest in L10B, while BG holds 75%. Licence area\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":1236,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-confirms-first-oil-deposits-offshore\/","url_meta":{"origin":3038,"position":3},"title":"Kenya confirms first oil deposits offshore","author":"Samuel Kamau Mbote","date":"June 17, 2014","format":false,"excerpt":"Pancontinental Oil and Gas has announced that after lengthy analysis, it has been verified that the recently completed Sunbird-1 well off the southern Kenyan coast has intersected an oil column \u2013 the first-ever oil discovered off the East African coast. 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It has held on to its 25% ownership in\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\/premier-oil.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/premier-oil.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/premier-oil.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/premier-oil.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/premier-oil.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3038","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=3038"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3038\/revisions"}],"predecessor-version":[{"id":3040,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3038\/revisions\/3040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1992"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}