PCL 0.00% 1.4¢ pancontinental energy nl

An extract from an article posted on the Oil review Africas web...

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    An extract from an article posted on the Oil review Africas web site....down memory lane it seems quite a while ago now..

    BGhttp://www.oilreviewafrica.com/exploration/exploration/bg-group-and-partners-strike-oil-offshore-kenya Group and partners strike oil offshore Kenya

    Tuesday, 07 January 2014 06:22

    The Kenya L10A Licence consortium consists of BG Group as operator and owning 50 per cent interest.BG Group has announced the spudding of oil exploration well Sunbird-1 in licence area L10A offshore Kenya using drillship Deepsea Metro 1

    Joint venture partner Pancontinental Oil & Gas said that the Sunbird-1 well will take 50 to 60 days to drill to 3,000 metres at a water depth of 721 metres, with an option to extend to 3,700 metres. Extensive wireline logging and both pressure and fluid sampling were planned, the company added.

    However, the well would be abandoned initially after drilling even after a good outcome, but the partners intend to re-enter the well operations at a later date, according to a company statement.

    Sunbird-1 is reportedly the first-ever test of a Miocene Pinnacle Reef offshore East Africa and the first-ever exploration well in L10A in the Lamu Basin offshore Kenya.

    An extensive trend of Miocene Reefs is already evident in Pancontinental Oil & Gas’ four licence areas offshore southern Kenya.

    The Kenya L10A area consortium consists of BG Group as operator and owning 50 per cent interest. PTTEP holds 31.25 per cent stake and Pancontinental Oil & Gas has the remaining 18.75 per cent stake.

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    Hoping for a positive outcome !!
 
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