{"id":8147,"date":"2020-04-30T09:42:40","date_gmt":"2020-04-30T09:42:40","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8147"},"modified":"2020-06-08T09:56:07","modified_gmt":"2020-06-08T09:56:07","slug":"far-jv-partners-to-exit-kenyas-block-l6","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/far-jv-partners-to-exit-kenyas-block-l6\/","title":{"rendered":"FAR, JV Partners to Exit Kenya\u2019s Block L6"},"content":{"rendered":"

FAR the block operator to Kenya\u2019s Block L6 and JV Partners , PanContinental Oil & Gas and its wholly owned subsidiary\u00a0Afrex<\/em>\u00a0Limited have resolved to surrender the block according to an announcement by the Austalian company. FAR however says despite the resolve no resolution has been passed and discussions are underway to this end.<\/p>\n

The JV has been unable to access the license due to insecurity in the region and had secured a 24-month renewal<\/a> to the existing Environmental and Social Impact Assessment ahead of the planned 2D seismic<\/a> acquisition. It was expected that the seismic will define drillable locations on primary prospects Mamba, Kudu and Boundary Anticline within block L6.<\/p>\n

A farm-out to Milio International by FAR fell off as the company was unable to conclude the transaction due to delayed government approval. FAR was fully carried through a proposed onshore well and a 1,000 line kilometre\u00a0 onshore 2D seismic survey and associated processing and interpretation by Milio group of companies through the\u00a0farm-out<\/a>\u00a0completed in February 2014.<\/p>\n

There has also been an ongoing dispute between the JV partners on default notices (2015 Default Notices) issued to Pancontinental by FAR on the basis of the non-payment by Pancontinental of two cash calls in the same year and currently amounting to US $567,145.80.<\/p>\n

The L6 permit area in the Lamu Basin covers over 3,134km\u00b2 with about one quarter onshore and the remaining offshore in water depths up to approximately 400m. FAR\u2019s initial strategic interest was on the onshore exploration play which should there have been a discovery could be readily commercialized. The largest potential prospect identified to date is the Kifaru prospect in water depths of 80-100m in the southwest of the L6 permit. This prospect and several others have been covered by a 3D seismic survey (refer Table 3).<\/p>\n

Block L6 has the potential to contain approximately 3.7 billion barrels of oil or 10.2 trillion cubic feet of gas prospective resources on a gross, un-risked, best estimate basis, as assessed by FAR and audited by RISC.<\/p>\n","protected":false},"excerpt":{"rendered":"

FAR the block operator to Kenya\u2019s Block L6 and JV Partners , PanContinental Oil & Gas and its wholly owned subsidiary\u00a0Afrex\u00a0Limited have resolved to surrender the block according to an … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"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":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7443,11],"tags":[62,313,867,1252,1568,1961],"class_list":["post-8147","post","type-post","status-publish","format-standard","hentry","category-eastern-africa","category-top-news","tag-afrex","tag-block-l6","tag-far","tag-kenya","tag-milio","tag-pancontinental-oil-gas","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-27p","jetpack-related-posts":[{"id":482,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pancontinental-onshore-kenya-l6-farmed-out-for-seismic-and-drilling\/","url_meta":{"origin":8147,"position":0},"title":"PanContinental: Onshore Kenya L6 Farmed-Out For Seismic and Drilling","author":"Samuel Kamau Mbote","date":"February 10, 2014","format":false,"excerpt":"Pancontinental Oil & Gas and its wholly owned subsidiary Afrex Limited (together\u00a0\u201cPancontinental\u201d) has entered a farm-in\u00a0agreement for the onshore portion of Kenyan exploration area Block L6 in the Lamu Basin. Block L6 is partly onshore and partly offshore. Under the terms agreed with farminee Milio E&P Limited (\u201cMilio\u201d) and Milio\u00a0International\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\/02\/pancontinental.png?fit=505%2C508&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4054,"url":"https:\/\/www.oilnewskenya.com\/index.php\/milio-international-pancontinental-oil-and-gas-planning-2d-seismic-kenyas-onshore-block-l6\/","url_meta":{"origin":8147,"position":1},"title":"Milio International, Pancontinental Oil and Gas planning 2D seismic Kenya\u2019s onshore Block L6","author":"","date":"November 5, 2015","format":false,"excerpt":"Block L6 operator Dubai based Milio International is in the process of planning for the seismic acquisition \u00a0and is currently coordinating with local authorities according to JV partner Pancontinental Oil and Gas. This is part of a farm-out agreement where Milio negotiated entry into the onshore area of block L6\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"Block L6 map","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Block-L6-map.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4310,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-block-l6-jv-partners-far-pancontinental-oil-gas-clash-over-cash-calls\/","url_meta":{"origin":8147,"position":2},"title":"Kenya\u2019s Block L6 JV partners FAR, PanContinental Oil & Gas Clash Over Cash Calls","author":"","date":"February 1, 2016","format":false,"excerpt":"Kenya\u2019s Block L6 operator Australia\u2019s Far has said it issued a default notice to it\u2019s partner in the L6 Joint Venture (Pancontinental Oil and Gas) for continued failure to pay two cash calls from 12 Feb 2015 although the latter has disputed the notices in a new statement. \u201cUnder 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\/2016\/02\/Block-L6-new.jpg?fit=900%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Block-L6-new.jpg?fit=900%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Block-L6-new.jpg?fit=900%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Block-L6-new.jpg?fit=900%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6277,"url":"https:\/\/www.oilnewskenya.com\/index.php\/insecurity-hampers-operations-kenyas-block-l6\/","url_meta":{"origin":8147,"position":3},"title":"Insecurity Hampers Operations in Kenya\u2019s Block L6","author":"","date":"September 8, 2017","format":false,"excerpt":"Australian explorer and block L6 onshore operator FAR Ltd has formally notified the Ministry of Energy & Petroleum in Kenya of a force majeure event over Block L6 according to its latest half year results communication to shareholders. The 14 July 2017 notification highlights challenges the company is facing 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\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7163,"url":"https:\/\/www.oilnewskenya.com\/index.php\/farm-negotiations-between-far-ltd-milio-international-collapse\/","url_meta":{"origin":8147,"position":4},"title":"Farm-in Negotiations Between FAR Ltd & Milio International Collapse","author":"","date":"August 30, 2018","format":false,"excerpt":"Kenya's Block 6 operator Australia\u2019s FAR Ltd has said it has terminated farm-in negotiations with regards to Block L6 due to the enduring land issues that have stopped land access in the Kipini Conservancy. According to the operator which suspended activity within the block earlier this year citing insecurity 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\/2017\/09\/WWF-Block-L6.jpg?fit=1123%2C794&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/WWF-Block-L6.jpg?fit=1123%2C794&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/WWF-Block-L6.jpg?fit=1123%2C794&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/WWF-Block-L6.jpg?fit=1123%2C794&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/WWF-Block-L6.jpg?fit=1123%2C794&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1241,"url":"https:\/\/www.oilnewskenya.com\/index.php\/far-to-reduce-its-stake-to-under-25-in-kenyas-block-l6\/","url_meta":{"origin":8147,"position":5},"title":"Far to reduce its stake to under 25% in Kenya\u2019s block L6","author":"Samuel Kamau Mbote","date":"June 17, 2014","format":false,"excerpt":"Australian explorer which has a 60 percent equity position and operates block L6 and a 30% equity position in the L9 block in Lamu may be looking into reducing their stake in Block L6 to less than 25 percent. According to Bloomberg FAR has already started to share its data\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\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-l6.jpg?fit=900%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8147","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=8147"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8147\/revisions"}],"predecessor-version":[{"id":8149,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8147\/revisions\/8149"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}