Rift Energy Corp. has announced it is entering into the first additional two-year exploration program on Block L19 in Kenya after meeting or exceeding all contractual requirements of the initial two-year exploration program.
Under the additional two-year exploration program on Block L19 Rift Energy is now obligated to either acquire 500 KM of 3D seismic or drill an exploration well during the next two years.
The initial two-year exploration program required Rift Energy to acquire at least 1,000 KM of gravity and magnetic data, shoot at least 500 KM of 2D seismic data and to spend at least US$100,000 on community projects.
During the same period the company acquired 7,064 KM of gravity and magnetic data was acquired that identified multiple geological features of interest and was used to guide the 2D seismic program.
Rift has also carried out a geochemical survey with 640 samples taken was completed over prospective areas and integrated into the 2D seismic data.
A 724 KM 2D seismic program was also completed with results indicating numerous leads and prospects at various depths that correlate to the results of the geochemical survey.
Rift energy has also built six school rooms and four water development projects within Block L19 with community development expenditures having exceeded US$100,000.
In accordance with the terms of the PSC, Rift Energy has also relinquished 25% of Block L19 (which has approximately 12,000 KM2 or 2.9 million acres) including the northernmost section of the block which it says had previously been determined to not be prospective.
Rift Energy is now considering farming out a portion of its interest to further fund and accelerate its exploration program within Block L19.
The company has also announced that interested parties can access data acquired from the 724 KM seismic program which has been processed and interpreted yielding numerous leads and prospects at various depths.
“The results of our 2D Seismic Program have been outstanding. Numerous leads and prospects at various depths have been identified. Through the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner. As such, we believe we are in an excellent position to continue our exploration program on Block L19 and expect to commence an exploratory drilling program within the next 12 – 18 months,” says Rift Energy President and CEO Fred Zaziski.