Excerpts from a report of another Kenya block holder.
Kenya
This area is attracting a lot of capital right now. The industry is willing to pay Big Money to play here: Marathon Oil (MRO-NYSE) paid roughly $50 million to joint venture into Block 9.
Kenya block 9
Africa Oil and Marathon Oil plan to drill the Bahasi-1 (Q3 2013) and possibly the Sala-1 prospect, with Tertiary and Cretaceous targets. These are large prospects with most likely gross oil prospective resources of 320 and 402 mmbbls respectively.
Values of Holdings in Kenya.
Judging by the prices paid by third parties on other deals, the market is willing to pay a premium to acquire resources in Kenyan and other parts of East Africa. So even at this very early stage of exploration, the market is willing to pay an average of roughly $1.00 per prospective barrel.
Being able to place much of this prospective resource into a more confident “contingent” resource, based on the drilling of the company and its neighbours, along with enhanced seismic operations have produced values in the region of about $4.50 per barrel. This is 2D seismic.
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