{"id":4326,"date":"2016-02-04T09:40:52","date_gmt":"2016-02-04T09:40:52","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=4326"},"modified":"2017-01-26T09:23:32","modified_gmt":"2017-01-26T09:23:32","slug":"genel-energy-exits-adigala-block-onshore-ethiopia","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/genel-energy-exits-adigala-block-onshore-ethiopia\/","title":{"rendered":"Genel Energy Exits Adigala block onshore Ethiopia"},"content":{"rendered":"

Genel Energy has announced that after a review of license potential, it has decided to exit its 44% working interest in the Adigala block onshore Ethiopia.<\/p>\n

According to Genel Energy the Adigala block which lies close to Somaliland, and was thought to be geologically analogous to the prolific producing Jurassic Rift Basins of Yemen.<\/p>\n

The explorer had earlier announced that a drill or drop decision<\/a> would be reached in the first quarter of 2016 as it continued further processing and interpretation of new 2D seismic acquired in 2014.<\/p>\n

The\u00a0seismic<\/a>\u00a0that commenced in the second quarter of 2014 was to refine a number of existing leads into drill ready prospects and de-risk the prospectivity of the license.<\/p>\n

It is exactly clear how much the relinquishment of this block will cost the company although Genel reports an exploration expense of $173 million will be recorded in the 2015 accounts relating to the relinquishment of interests in the Ber Bahr, Dohuk, CI-508 (C\u00f4te d\u2019Ivoire), Adigala (Ethiopia) and Mir Left (Morocco) licences.<\/p>\n

Other joint venture partners include the operator\u00a0New Age<\/a>\u00a0and Africa Oil with 10 percent working interest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genel Energy has announced that after a review of license potential, it has decided to exit its 44% working interest in the Adigala block onshore Ethiopia. According to Genel Energy … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1573,"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":[55,70,809,976,1722,2356,2752],"class_list":["post-4326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-adigala-block","tag-africa-oil","tag-ethiopia","tag-genel-energy","tag-new-age","tag-somaliland","tag-yemen","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/adigala.png?fit=460%2C380&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-17M","jetpack-related-posts":[{"id":1572,"url":"https:\/\/www.oilnewskenya.com\/index.php\/adigala-block-2d-seismic-50-percent-complete-genel-energy\/","url_meta":{"origin":4326,"position":0},"title":"Ethiopia’s Adigala Block 2D seismic 50 percent complete \u2013 Genel Energy","author":"Samuel Kamau Mbote","date":"August 6, 2014","format":false,"excerpt":"Genel Energy has announced that it is half way through \u00a0a 2D seismic survey commenced in the second quarter of 2014 in the Ethiopia's onshore Adigala block. According to the latest report the seismic that was to refine a number of existing leads into drill ready prospects. The Adigala block\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\/adigala.png?fit=460%2C380&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3641,"url":"https:\/\/www.oilnewskenya.com\/index.php\/drill-drop-decision-ethiopias-adigala-block-expected-january-2016\/","url_meta":{"origin":4326,"position":1},"title":"Drill or Drop Decision in Ethiopia\u2019s Adigala Block expected in January 2016","author":"","date":"September 8, 2015","format":false,"excerpt":"Genel Energy a partner at the Adigala block in Ethiopia says a drill or drop decision is expected in the first quarter of 2016 as it continues further processing and interpretation of new 2D seismic acquired in 2014. According to the latest investor presentation the seismic that commenced in the\u2026","rel":"","context":"In \"2D seismic\"","block_context":{"text":"2D seismic","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/2d-seismic\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/adigala.png?fit=460%2C380&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":4326,"position":2},"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":[]},{"id":1591,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ethiopias-wells-costs-africa-oil-30-8-million-in-losses\/","url_meta":{"origin":4326,"position":3},"title":"Ethiopia\u2019s wells costs Africa Oil $30.8 million in losses","author":"Samuel Kamau Mbote","date":"August 11, 2014","format":false,"excerpt":"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 well on block 8 which was drilled in the first half of 2014 and which is currently suspended pending further\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":4417,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exit-from-somalia-ethiopia-blocks-cost-africa-oil-over-100-million-in-201415\/","url_meta":{"origin":4326,"position":4},"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. 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