ERHC Energy Inc (ERHE)

[arnim-v-b]

Kenya...Rift Energy proceeds with Block L19 exploration onshore Kenya

Submitted by Paddy Harris on 30th September 2014









0
inShare.
.

Rift Energy has announced it is entering into the first additional two-year exploration programme on Block L19 in Kenya after meeting or exceeding all contractual requirements of the initial two-year exploration programme



Rift Energy proceeds with Block L19 exploration onshore Kenya
Block L19 now encompasses approximately 9,000 square kilometres onshore in southeast Kenya, where Rift Energy is the operator and owns a 100 per cent participating interest




Rift Energy is now obligated to either acquire 500 kilometres of 3D seismic or drill an exploration well during the next two years.

“The results of our 2D seismic programme have been outstanding. Numerous leads and prospects at various depths have been identified,” said Fred Zaziski, president and CEO of Rift Energy.

“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. As such, we believe we are in an excellent position to continue our exploration programme on Block L19 and expect to commence an exploratory drilling programme within the next 12 – 18 months.”

The initial two-year exploration program required Rift Energy to acquire at least 1,000 kilometres of gravity and magnetic data, shoot at least 500 kilometres of 2D seismic data and to spend at least USD 100,000 on community projects.

Over the past two years Rift has acquired 7,064 kilometres of gravity and magnetic data. The data was the basis for a map that identified multiple geological features of interest and was used to guide the 2D seismic programme.

A geochemical survey with 640 samples taken was completed over prospective areas and integrated into the 2D seismic data.

A 724 kilometre 2D seismic programme was completed. Results indicate numerous leads and prospects at various depths that correlate to the results of the geochemical survey.

In accordance with the terms of the PSC, Rift Energy relinquished 25 per cent of Block L19. The relinquished area included the northernmost section of the block, which had previously been determined to not be prospective.

Block L19 now encompasses approximately 9,000 square kilometres onshore in southeast Kenya, where Rift Energy is the operator and owns a 100 per cent participating interest. There has been only one well drilled on Block L19 to date, the Ria Kalui 1 well, which was drilled off structure to a depth of 1,538 metres in 1962 and was plugged after encountering oil shows in the Karoo formation.

http://www.oilandgastechnology.net/upstream-news/rift-energy-proceeds-block-l19-exploration-onshore-kenya