Tullow, Centric Energy to explore oil in northern Kenya

CENTRIC ENERGY HAS signed an agreement with Tullow for a joint oil and gas exploration in northern Kenya block 10BA.

The Canadian company said a binding agreement signed by the parties allows Tullow a 50 per cent interest in exploring oil and gas in the block, subject to government approval.

Alec Robinson, Centric's chief executive, said Tullow will earn a 50 per cent stake and assume operatorship and in return, will reimburse Centric's acquisition costs for the production-sharing contract of block 10BA, which totals US$750,000.

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