Sorry, have been waiting years to write a headline like that.
TCG
ASX/Media Release
16 February 2011
Conditional divestment of interest in Production Sharing
Contract, Block L8, Lamu Basin, Kenya
Origin Energy Limited, on behalf of its wholly owned subsidiary Origin Energy Kenya Pty Ltd (?Origin?) advises that it has reached agreement with a subsidiary of US
independent Apache Corporation (NYSE and Nasdaq: APA) (?Apache?), to divest a 50% undivided interest in a Production Sharing Contract (PSC) for petroleum
exploration and production, pertaining to Block L8 located in the Lamu Basin, offshore Republic of Kenya.
Under the terms of the agreement Origin will, on completion, be reimbursed historical costs of US $13.2 million and Apache will become operator of the PSC. In
addition, Apache will meet a component of Origin?s costs of an exploration well to be drilled in Block L8, on the Mbawa structure.
The agreement is subject to certain joint venture rights and to approvals from the other joint venture parties in Block L8, namely Pancontinental Oil & Gas NL (ASX:
PCL) and its wholly owned subsidiary Afrex Limited. Approvals are also required from the Kenyan Ministry of Energy. It is expected that these conditions will be
satisfied and completion will take place by the end of June.
Commenting on this agreement, Origin?s Executive General Manager, Geoscience & Exploration New Ventures, Dr Rob Willink said: ?Origin is pleased to have secured
this agreement ith Apache which, subject to joint venture and government approvals, will see the joint venture go forward and assume a commitment to drill.
We also welcome Apache, as incoming operator, bringing to the joint venture its specialist drilling expertise?.
Offshore East Africa at large has become an industry focus for exploration as a result of recent deepwater gas discoveries offshore Tanzania and Mozambique. Block L8
comprises 5,123 square kilometres with attractive exploration opportunities that include several large objectives. Prospectivity of the block centres on the Mbawa
structure, a large but complexly faulted anticline mapped on 3D seismic data with potential for both oil and gas at inferred Cretaceous and Jurassic reservoir levels.
Subject to joint venture and government approvals interest holders in PSC Block L8 will become:
Apache 50%
Origin Energy Kenya Pty Ltd 25%
Afrex Ltd * 15%
Pancontinental Oil & Gas NL 10%
*Wholly owned subsidiary of Pancontinental Oil & Gas NL
ends.
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