M a r k e t N e w s

Rift Energy identifies 5 drillable targets within Kenya s Block L9

Posted on : Tuesday, 9th December 2014

 Rift Energy Corp has confirmed it has identified five drillable prospects and at least 21 leads within Block L19 in Kenya.

 
This follows completion of the interpreting or mapping phase of its 724 KM 2D seismic program as well as information from the Aerial Gravity & Magnetic Survey and Geochemical Survey, both of which were completed during 2013.
 
Rift Energy President and CEO Fred Zaziski says the results puts the company in a position to to begin an exploratory drilling program within the coming year.
 
Fred Zaziski, President and CEO of Rift Energy stated, “I am very pleased with the outstanding progress we continue to make on Block L19. As a result of integrating our proprietary G&G data set (aerial gravity/magnetic survey, geochemical survey and 724 KM 2D seismic program), we now  have five high-quality drillable prospects, some of which are ‘drill ready’. In addition, at least 21 leads have been mapped to date.”
 
Rift Expects now expects to present its operational plans to the Kenya Ministry of Energy and Petroleum in January for approval.
 
The company adds that it continues with plans to take on a farm-out partner for the next stage of our exploration program as it seeks to further fund and accelerate its exploration program within Block L19.
 
In September this year the company announced  that interested parties could access data acquired from the 724 KM seismic program which has been processed and interpreted.
 
“Through the geological and geophysical data we have acquired to date, we believe we have substantially decreased the exploration risk within Block L19, making it very attractive for a potential farm-out partner.”
 
In the statement the company had announced plans to commence an exploratory drilling program within the next 12 – 18 months.
 
To date there has been only one well drilled on Block L19 to date the Ria Kalui 1 well which was drilled off structure to a depth of 1,538 meters  and was plugged after encountering oil shows in the Karoo formation.
 
Rift Energy has already met or exceeded all of the contractual requirements of the initial two-year exploration program, which concluded during September 2014.
 
Rift Energy is the operator and owns a 100% participating interest.

Source : OIL NEWS KENYA
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