Rift Energy Hopeful of either Oil or Gas find in Kenya’s Block L19

Houston based Rift Energy says its preliminary resource reserve estimates for the top ten leads (including the four drill-ready prospects) says it is hopeful of  encountering oil or gas when it drills its first well later this year.

The block which has already seen one well  the Ria Kaluli 1 drilled in 1962 encountering oil shows before being plugged Rift Energy estimates include a mid-range recoverable estimate of 856 MMBLS oil and 10.425 TCF gas.

Already the company already in the first additional two-year exploration program  is in the process of completing Environmental Impact Assessments of four drill-ready prospects within Block L19 approximately 9,000 KM2 which it has a 100% participating interest.

In the case that a discovery is made the block is uniquely positioned due to our close proximity to markets in Mombasa for oil and/or gas.

“In the event of a commercial discovery on Block L19, the lead time to first production will be significantly less,” says Fred Zaziski, President and CEO.

Rift continues to seek a farm-in partner to fully fund an exploratory drilling program of up to four wells.

Besides Kenya the company is also seeking to acquire additional acreage in the Lake Albertine basin in what it terms as its goals of acquiring and developing high impact assets in East Africa and has been listed as approved as a qualified bidder for Uganda’s Licensing Round for Petroleum Exploration, Development and Production.

Uganda’s Ministry of Energy and Minerals Development intends to award each block to the successful bidder prior to the end of this year.