Erin Energy seeks term extension on four blocks in Kenya

Erin Energy formerly CAMAC Energy has said it has met with the Kenyan government and submitted the required applications to enter the First Additional Exploration Period (FAEP) of both onshore blocks L1B and L16 after licenses on both blocks expired on June 8th 2015 .

The company is also awaiting the decision of the Kenyan government after it applied for a two-year extension of the Initial Exploration Period for the offshore Kenya blocks L27 and L28 in order to seek a farm-in partner and to acquire 3D seismic data. Initial exploration period expires August 2015

The blocks located in the Lamu basin have a combined acreage of 36,913 km2   with Block L1B 100 percent onshore while block L16 is along the coast and is partly onshore and partly offshore in shallow water. Blocks L27 and L28 are located offshore in the ultradeep water of the Indian Ocean.

Recently the company concluded acquiring 2D seismic data in all 4 blocks and says it’s Geoscience and Engineering Team has identified several very exciting leads in the area that are analogous to hydrocarbon discoveries in the greater East African area.

Seismic data from offshore Blocks L27 and L28 acquired in March 2014 are currently being processed by WesternGeco, a division of Schlumberger.

Following the seismic acquisition Erin says it continues to evaluate the leads and is working on getting partners to spread the risk and maximize investment value.

According to company presentations Erin plans to drill an exploration well on blocks L1B and L16 after licenses in 2016 and a well on each of the blocks L27 and L28 in the financial year 2016/2017.

The Company expects the FAEP on blocks L1B and L16 will be granted during the third quarter 2015.