andarko & others, page-9

Some comments on offshore Kenya from Anadarko, and further down some comments from BG.......

Anadarko has just done a webcast at the 2013 Credit Suisse Energy Summit.

The webcast started live this morning at 2:40am AEST, and yes, I stayed awake for it.

Here's my transcript of what Anadarko management said.....


"..Kenya, we are planning 2 wells up there, we are on the first one right now."

Question: "Can you talk a little bit about the play concept regarding Kenya, I think the one well we've seen found gas (referring to Mbawa) and I suspect you are looking for oil."

Reply: "The play concept in Kenya... we've got 2 wells there, very similar play concept to Mozambique, with a little bit older fan complexes. So we're looking at upper cretaceous & lower tertiary, where in Mozambique it was middle tertiary, oligocene and eocene fans, but the concepts are very similar and in the southern portion of one of them we also have a structural component to it, it's not just stratographic."

"All of them have at least 2 objectives where we see one fan complex and a different fan complex, trying to test them both with the same well bore, one of the wells has structural component also."

"Source rock we think is going to be a very similar source rock, which we know is oil-prone, I mean, when you do the analysis it's an oil-prone source rock, then it goes into the thermal maturity, how thermally mature it is."

"One of the prospects we think has a much better chance of having liquids than the other, just based on thermal maturity."

"East Africa, the bulk of it is going to be gas, and you are going to find pockets of where you have preservation of liquids."


Also, BG had a webcast of their 4th quarter and full year results the other night.

BG is of course the operator and partner of PCL in blocks L10A (which is right next to FAR's L9 block) & L10B offshore Kenya.

There were a few comments in the webcast regarding the Kenya blocks that I could find. Here they are:

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"So now turning to 2013. We plan to drill key exploration wells in Egypt, Brazil and the U.K. and importantly we expect to spud our first well in Kenya around the end of the year."
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"We have major seismic programs in Uruguay, Kenya, Tanzania & Egypt."
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"Tanzania is an incredibly rapidly developing story. We've drilled, I think, 8 or 10 wells already, and we can be coming back for more later. And now people say, 'What comes next?', well, what comes next for us is actually Kenya."
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