I asked Dan K if they had officially entered phase 2 in Kenya. Dans response below. I don't believe the could bail now without breaking the terms of the PSC. If they did that I doubt the Govt of Kenya would look kindly on that and put CEPSA in jeopardy for participating in any future blocks in Keyna.
Dan's reply::
recent shareholder update had a subheadline that stated, "Proceeding with Exploration Phase 2 in Kenya Block 11A," and in the text of the update the company explained, "Under the second phase of exploration, which lasts a further two years from the end of the first phase, CEPSA Kenya Limited (a wholly owned affiliate of Compañía Española de Petróleos, S.A.U. (CEPSA)) and ERHC are required to either acquire 3D seismic or proceed directly to drilling one exploration well during the additional two-year exploration period."
So yes, the second phase of exploration is underway. The contracting parties are in the process of identifying the most highly prospective areas through processing, interpreting and analyzing the data that has been gathered to date. They will then determine whether additional 3D seismic is needed or if they have a high enough level of confidence with the existing data to move directly to drilling.
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