Kenya’s government approved the farm-out of a 50% interest in Block 10BA to Tullow Oil PLC, said Centric Energy Corp., London.
By OGJ editors
HOUSTON, Nov. 5 – Kenya’s government approved the farm-out of a 50% interest in Block 10BA to Tullow Oil PLC, said Centric Energy Corp., London.
The block covers 16,205 sq km in northwestern Kenya, including 75% of Lake Turkana. It is located in the eastern arm of the Tertiary-age East African Rift system and is considered analogous to the Tullow-operated Albert rift in Uganda, where an estimated 1 billion bbl of reserves are proven and another 1.5 billion bbl are considered prospective.
Vintage 1984 seismic data on Lake Turkana demonstrate the presence of several subbasins and a very thick sedimentary section of Tertiary age. Evidence of a working petroleum system is provided by analysis of satellite synthetic aperture radar data that indicate slicks on the lake surface that may be related to oil seeps. UK geologists found an oil seep on the lake’s north shore in the mid-1980s.
The last condition for finalizing the farm-out to Tullow is settlement of the judicial review application filed against the Kenyan Ministry of Energy relating to six exploration permits granted by the ministry, including Centric’s PSC covering Block 10BA. The next court hearing is set for Nov. 16, 2010, and meanwhile the ministry has advised Centric that it can proceed with its work program and that its PSC remains in good standing.