Kenya: Cove takes stakes in BG-operated blocks

By OGJ editors
HOUSTON, May 17
-- Cove Energy PLC has taken equity interests in two blocks off Kenya operated by BG Group PLC.

Cove signed production sharing contracts and will hold a 25% interest in Block L10A and a 15% interest in Block L10B.

The blocks cover a combined area of more than 10,400 sq km in the southern Lamu basin in 200-1,900 m of water. They are adjacent to and inboard of deepwater blocks L11A and L12, part of a package of five contiguous deepwater blocks in which Cove has a 15% interest.

Interests in the blocks are BG Group 40% in L10A and 45% in L10B, Premier Oil Investments Ltd. 20% in L10A and 25% in L10B, and Pancontinental Oil & Gas NL has 15% interest in both blocks.

The partnership will shoot seismic in coming months. Cove said it sees potential hydrocarbon fairways in continuity with its adjacent deepwater blocks L11A and L12.

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