Rift Energy has announced that it is looking to farm-out a portion of its interest in Kenya’s Block L19
The explorer also added that it is entering into the first additional two-year exploration programme on the onshore block after exceeding all contractual requirements of the initial two-year exploration programme. Rift Energy is now obligated to either acquire 500 km of 2D seismic or drill an exploration well during the next two years.
The initial programme required the company to acquire at least 1,000 km of gravity and magnetic data, shoot at least 500 km of 2D seismic data and spend US$100,000 on community projects.
Rift Energy acquired 7,064 km of gravity and magnetic data, completed a geochemical survey with 640 samples taken over prospective areas and integrated into the 2D seismic data. The data acquired from the 724 km seismic programme has been processed and interpreted, company officials added.
Fred Zaziski, CEO of Rift Energy said, “Numerous leads and prospects at various depths have been identified. Through the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner.
“We believe we are in an excellent position to continue our exploration program on Block L19 and expect to commence an exploratory drilling program within the next 12-18 months.”