Tullow Oil has acquired a 50% operated interest in six adjacent licences covering the East African Rift Basins of Kenya and Ethiopia, an area of 97,000 km2. The company has signed agreements with Africa Oil to gain a 50% interest in five licences; Blocks 10BB, 10A, 12A, and 13T in Kenya and the South Omo Block in Ethiopia. The acquisition expands on the farm-in to Block 10BA from Centric Energy announced in August.
Under the terms of the agreements with Africa Oil, Tullow will reimburse pro-rata past costs in each of the blocks and will carry Africa Oil for future net expenditures up to $23.75 million. The East African Rift Basin acreage shares many geological attributes with Tullow’s Lake Albert Rift Basin position in Uganda, but is approximately 10 times larger. The acreage, which is located 500 km to the east of Lake Albert is said to have good evidence of a live oil system. The Loperot-1 well drilled in 1992 recovered 290 API waxy crude from Miocene sandstones. Seismic programmes are planned for the acreage in 2010 and 2011 and the first wells are expected to be drilled next year.
Angus McCoss, exploration director, said: ‘We are delighted to be extending our acreage across the prospective East African Rift Basins of Kenya and Ethiopia. Rift Basins are a core play for Tullow and to date we have discovered and identified resources in excess of 2.5 billion barrels in the Lake Albert Rift Basin in Uganda. We look forward to working with our new partners and applying our valuable technical insights to this under-explored frontier region of East Africa.’
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