Pancontinental Oil and Gas to conduct survey of Kenyan coastline

31/08/2011 - Kenya property & investment news Posted by Bob Brunskill
Pancontinental Oil and Gas to conduct survey of Kenyan coastline

Pancontinental Oil and Gas, the Australian firm, has confirmed that it will begin seismic surveys on two blocks off the Kenyan coastline in late 2011.Although Kenya has no proven oil reserves, interest in the hydrocarbon potential of the east African region has shot up in recent years.This spike in interest, of course, is linked to gas discoveries in Tanzania and Mozambique as well as billions of barrels of oil in Uganda.Pancontinental and partners holds exploration licences for four blocks off Lamu, in addition to the south of the east Africa country's coast.According to the firm, 3D and 2D marine seismic surveys will commence late this year on blocks L10A and L10B."The aim of the surveys is to identify the most prospective prospects for drilling. Two wells are required under the licences in the second exploration period commencing in August 2013," a statement confirmed.The exercise will be completed by mid-2012, Pancontinental said.