Bowleven has announced that it has received a license extension to enable evaluation ahead of second phase decision.
Following the license extension to May 2015 Bowleven says that the completion of acquisition processing and interpretation of 2D seismic on block 11B remains among the key objectives for the next 12 months.
Already the company has processed airborne geophysical survey (FTG) on Block 11B which highlighted several basins on the block and provides clear imaging of primary structural features, facilitating a targeted 2D seismic programme.
Block 11B encompasses an area covering the Loeli, Lotikipi, Gatome and South Gatome basins. These basins are a part of the geologically young East African Rift system to the north of the Lokichar Basin, where significant discoveries have recently been made.
Bowleven entered block 11B by farming in to Adamantine in September 2012 and was set to see its license expire in May 2014 two years after the operator was awarded a Petroleum Sharing Contract by the Kenyan government.
Bowleven holds 50 percent stake and provides technical and other services while Adamantine which is the operator holds the remaining 50 percent stake.
Other partners in the block include First Oil, a privately owned UK E&P company which in July 2013 acquired a 30% holding in Bowleven’s East African focused new ventures subsidiary, in return for funding exploration activities.
Under the arrangement, First Oil committed to fund up to $9 million of an initial work programme (net carry of $6 million), with a further commitment to fund up to $12.5 million (net carry of $5 million) of an additional contingent work programme.