Bloomberg News

Pancontinental, Apache Plan Kenya Offshore Drilling by Mid-Year

March 28, 2012

Drilling may begin as early as mid- year in Kenya’s Mbawa prospect, an offshore area in the Lamu Basin that may contain 5 billion barrels of oil potential in place, Pancontinental Oil & Gas NL (PCL) Chief Executive Officer Barry Rushworth said.

Apache Corp. operates the block with 50 percent ownership and its partners include Origin Energy at 25 percent, with Tullow Oil Plc and Pancontinental each holding a 15 percent stake. The estimate for crude reserves in Mbawa is Pancontinental’s and doesn’t necessarily reflect the view of its partners in the project, according to a PowerPoint slide presented by Rushworth.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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