PANCONTINENTAL OIL & GAS NL ACN 003 029 543 ASX : PCL Ground Floor P O Box 8260 Tel: (61 8) 9227 3220 288 Stirling Street, Perth Perth Business Centre Fax: (61 8) 9227 3211 Western Australia 6000 Western Australia 6849 Email: info@pancon.com.au Web: www.pancon.com.au PANCONTINENTAL | ||
ASX Companies Announcement Office 18 January 2012 KENYA L10A & L10B - COMPLETION OF 3D AND 2D SEISMIC ACQUISTION Completion of Major 3D and 2D Surveys Pancontinental Oil & Gas NL ("Pancontinental") is pleased to announce that the 3D and 2D seismic survey acquisition has been completed in offshore Kenya licence areas L10A and L10B. The 3D seismic survey was carried out in the eastern portion of the areas commencing mid- November 2011 and this was followed by a 2D survey in the western portion of the areas. The surveys cover ten strong "leads" identified under a "fast track" exploration programme by project operator BG Group. The leads are in diverse geological "play" types and some of the leads are on-trend and similar to the giant Mbawa Prospect to the north in licence area L8 (Pancontinental 15%). The L10A and L10B licences were awarded to Pancontinental and other joint venture members on 17 May 2011, with an effective date of 15 August 2011. It is anticipated that the seismic data will be fully processed by mid 2012 and interpretation and mapping will be completed later in the year. The aim of the survey is to fully map a number of prospects prior to drilling. The L10A and L10B joint ventures consist of- L10AL10BBG Group plc (Operator) 40% 45% Premier Oil plc 20% 25% Cove Energy plc 25% 15% Pancontinental Oil & Gas NL 15% 15% Offshore Kenya Prospectivity and Pancontinental Activities The offshore East African margin, including Kenya, has become an international "hot spot" for oil and gas exploration. A number of recent major gas discoveries offshore Mozambique and Tanzania have led to a manyfold increase in exploration activity. Along the East African margin the geological sequence is relatively continuous, although depositional environments have varied over time as well as location. From the number of recent major gas discoveries, it is beginning to appear that deeper water locations may prove to be "gas prone" along the margin. |
L8 - 5,115km2
Apache 50% Origin 25%
Pancontinental 15%
Tullow 10%
L10A - 4,962km2
BG 40% Cove 25% Premier 20%
Pancontinental 15%
L10B - 5,585km2
BG 45% Premier 25% Pancontinental 15% Cove 15%
L6 - 3,100km2
Flow 60%
Pancontinental 40%
KENYA
L6
L8
L10A L10B
KENYAL6 & L8
L6Tanzania
KENYA
Mombasa
L10AL10A & L10B
L6 PCL 40%
•5 Play Types
•> 10 Leads/Prospects
•3D late 2011
•1 well 2012 -2013
L8L8 Mbawa Potential
Mbawa Drilling 2012 - PCL 15%
free carried
Tertiary / Cretaceous (P10)
• 4.9 Billion Barrels oil in place plus-
• 284 Billion Cubic Feet gas in place
L10B L10A & L10B PCL 15%•5 Play Types
•> 10 Leads
•3D & 2D late 2011
• Dual flatspots (DHI's)
• Oil slicks
Jurassic (P10)
• 323 Million Barrels oil in place or
---------------
0 Km 20
•2 wells 2013 -2014
• 525 Bcf in place gas cap
Tertiary - further potential 2
Pancontinental believes that it has identified an oil- prone
"sweet spot" offshore Kenya and this will first be tested by
drilling planned for mid 2012 on the giant Mbawa Prospect in
L8.
Pancontinental has a free-carried 15% interest in the Mbawa
well and was one of the originating companies of the project
alongside its then co -venture partner and subsequent merger
partner Afrex Limited. Mbawa has potential to contain more
than 4.9 billion barrels of oil, although this can only be
verified by drilling.
Using the "sweet spot" concept, Pancontinental has acquired
four licences offshore Kenya, L6, L8, L10A and L10B covering
more than 18,000 square kilometres.
Yours sincerely for and on behalf of
distribué par | Ce noodl a été diffusé par Pancontinental Oil & Gas NL et initialement mise en ligne sur le site http://www.pancon.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-18 09:19:19 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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