Rift energy has advertised for a farm-in partner in Block L19 who will help in work commitments that include additional seismic or drilling in the first exploration period at a cost of US$20M and the drilling of an exploratory well in 2nd additional exploration period.
In its advertisement Rift Energy highlights the positive geological details in the block including: multiple large structures, a proven hydrocarbon system, multiple analog basins in region and multiple oil and gas discoveries in region.
Unlike other blocks such as those in the Lokichar basin that have struck oil the block also boasts of close proximity to the Mombasa port and refinery thus lowering the economic threshold on discoveries.
The farm-in partner will receive an initial exploration period of 2 year initial as well two additional optional exploration periods of 2 years each according to the concessionary terms set by Rift energy.
Meanwhile the acquisition of a 2D seismic program covering 68- line kilometers on Block L19 that commenced in Mid-March is expected to be through this month with the operator Rift Energy estimating the process to take 60 – 90 days.
Following the completion of the seismic the company will carry out data processing and interpretation.
Upon completion of the 2D Seismic Program, Rift Energy will have completed all of the minimum work requirements for the first two year exploration period under terms of the Block L19 Production Sharing Contract.
The 2D seismic was meant to better define areas of interest arising from an Aerial Gravity and Magnetic Survey (AGM) and a Geochemical Survey both of which were completed in 2013 and yielded positive results according to Rift Energy.
The AGM formed the basis for a depth to basement map that identified multiple large basement structures and play types while the Geochemical Survey resulted in indications of hydrocarbons over areas of interest identified by the AGM.
The parameters of the 2D Seismic Program were designed to maximize the coverage of the identified areas of interest by the Aerial Gravity and Magnetic Survey (AGM) and the Geochemical Survey.