{"id":5049,"date":"2016-08-15T12:20:59","date_gmt":"2016-08-15T12:20:59","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5049"},"modified":"2017-01-24T20:13:06","modified_gmt":"2017-01-24T20:13:06","slug":"africa-oil-has-spent-kshs-2-25-billion-in-exploration-development-expenses-in-kenyas-in-2016","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-has-spent-kshs-2-25-billion-in-exploration-development-expenses-in-kenyas-in-2016\/","title":{"rendered":"Africa Oil Has Spent Kshs.2.25 Billion in Exploration, Development Expenses in Kenya in 2016"},"content":{"rendered":"

The Company incurred (Kshs2.25 billion) $22.5 million \u00a0of intangible exploration expenditures in Kenya for the six months ended June 30, 2016 according to the latest half year results by the company.<\/p>\n

Drilling and completion expenditures primarily relate to the Cheptuket-1 exploration well in Block 12A and costs associated with demobilizing the PR Marriott 46 Rig and associated services cost 1.04 billion shillings.<\/p>\n

Another 460 million shillings was used in development studies, while exploration surveys and studies consumed another 270 million shillings. PSA and G&A related cost 473 million shillings.<\/p>\n

These costs are however a fraction of expenditures during the same time in 2015 when total expenditures were 14.6 billion shillings broken down into 10.85 billion shillings in drilling and completion expenditures, Kshs 1.96 billion in development studies and 665 million in exploration surveys and studies.<\/p>\n

Going forward drilling costs continue to be incurred in association with development planning and preparation for the upcoming drilling program as well as development study expenditures are associated with studies aimed at progressing towards project sanction<\/a> for the South Lokichar Basin.<\/p>\n

Exploration studies<\/a> costs continue to be incurred in Kenya as the joint venture (Tullow Oil, Maersk Oil and Gas, Africa Oil) is preparing an exploration and appraisal drilling campaign<\/a> which will commence later this year.<\/p>\n

In Ethiopia the Company incurred 800 million shillings of intangible exploration expenditures for the six months ended June 30, 2016, which consists of license fees and general and administrative costs.<\/p>\n

$1 equals to Kshs 100<\/p>\n","protected":false},"excerpt":{"rendered":"

The Company incurred (Kshs2.25 billion) $22.5 million \u00a0of intangible exploration expenditures in Kenya for the six months ended June 30, 2016 according to the latest half year results by the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":190,"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":[70,3357,3515,4986,809,4985,837,4987,1252,3909,2378,2571],"class_list":["post-5049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa-oil","tag-cheptuket","tag-development","tag-drilling-and-completion","tag-ethiopia","tag-expenditures","tag-exploration","tag-exploration-surveys-and-studies","tag-kenya","tag-maersk-oil-and-gas","tag-south-lokichar-basin","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2013\/12\/africaoil.png?fit=280%2C273&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1jr","jetpack-related-posts":[{"id":5737,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-exits-kenyas-block-12a\/","url_meta":{"origin":5049,"position":0},"title":"Africa Oil Exits Kenya\u2019s Block 12A","author":"","date":"March 7, 2017","format":false,"excerpt":"Africa Oil has withdrawn from Block 12A according to its fourth quarter financial and full year financial and operating results and written off $2.0 million in intangible exploration assets relating to the block. The Block which is operated by Tullow Oil was the focus in Q1 2016 during the drilling\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\/11\/Block-12A.png?fit=447%2C346&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3241,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-exploration-expenditures-kenya-drops-146-2-million-2015\/","url_meta":{"origin":5049,"position":1},"title":"Africa Oil exploration expenditures in Kenya drop to $146.2 million in 2015","author":"","date":"August 13, 2015","format":false,"excerpt":"Canadian exploration company Africa Oil says it incurred $146.2 million of intangible exploration expenditures in Kenya for the six months ended June 30, 2015 a drop from $169.5 million in the same period last year. According to 2015 second quarter financial and operating results the company\u2019s drilling and completion expenditures\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\/02\/africa-oil-logo.jpg?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":5049,"position":2},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. The reduction is an overall cut in the group\u2019s capital expenditure associated with operating activities which has reduced from $1.7 billion 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\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":499,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-loss-of-kenyas-block-10-leads-to-kshs-38-4-billion-group-loss\/","url_meta":{"origin":5049,"position":3},"title":"Tullow Oil loss of Kenya’s Block 10A adds to Kshs. 38.4 billion group profit dip","author":"Samuel Kamau Mbote","date":"February 13, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] British explorer Tullow Oil which held the license to exploration Block 10 in Northern Kenya's Marsabit county has booked a 6.8 billion shilling loss after losing the expired permit. Block 10 which was licensed to tullow and its partner African Oil which had 30 percent stake saw Tullow's\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4498,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-expresses-optimism-despite-disappointment-at-cheptuket\/","url_meta":{"origin":5049,"position":4},"title":"Tullow Oil Expresses Optimism Despite Disappointment at Cheptuket","author":"","date":"March 16, 2016","format":false,"excerpt":"Tullow Oil has said despite the Cheptuket well discovering oil it was pleasing that the company established a petroleum system in the unexplored Kerio basin the first by the company outside the South Lokichar basin. According to Tullow\u2019s CEO Aidan Heavey in the company update the exploration company identified 700\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\/2016\/03\/Cheptuket-1-well.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/Cheptuket-1-well.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/Cheptuket-1-well.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2525,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-100m-equity-raise-fund-exploration-appraisal-plans-south-lokichar-onshore-kenya\/","url_meta":{"origin":5049,"position":5},"title":"Africa Oil in $100m Equity Raise to fund exploration, appraisal plans in South Lokichar onshore Kenya","author":"","date":"February 13, 2015","format":false,"excerpt":"Africa Oil has announced plans to raise US$100m in new equity through a private placement to fund the ongoing appraisal and pre-development activities in the core South Lokichar Basin onshore Kenya which falls on block 10BB and block 13T. 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