Promising potential off African east coast

LEADING African-focused explorer FAR Limited has announced the successful securing of an additional 1876 square kilometre acreage in offshore Kenya, coinciding with the publication of promising preliminary results from the reserves in its new L6 acquisition.
The ASX-listed company confirmed a 60 per cent expansion from its previous permit allowance, with the total granted permit area now more than 5000sqkm across the highly prospective Lamu Basin region in the Kenyan eastern seaboard.
Divided into several exploration blocks, FAR Limited holds 60 per cent and 30 per cent interests respectively in the basin’s L6 and L9 blocks.
Preliminary 3D and 2D seismic data, recovered via sound wave tests exploring the subsurface strata, was released by the company and confirms several different play types and prospects across the new L6 permit.
FAR has stated via company reports that planning activities for drilling at the L6 site have begun, with estimations of new acreage citing prospective resources of up to 773 million barrels of oil.
In a gas only success case, the acreage is estimated to hold 2141 billion cubic feet of gas, bringing the prospective resource estimate for the total L6 permit to 3962mbbl, or in a gas only success case, 10,689bcf.
“Being the longest standing operator of exploration acreage in the Kenyan Lamu Basin, this award speaks to our good standing in the country,” said FAR managing director Cath Norman.
“With our increased acreage in L6, in conjunction with our existing L9 permit, FAR has now established a significant acreage position over the carbonate reef play, which a number of companies have now recognised as having great potential.
“Being the first company to have acquired modern 3D data over the carbonate reef play, FAR shareholders are well positioned to benefit from this potential,” she said.
The Lamu Basin has maintained significant appeal within the wider oil and gas industry, with the new site lying just north of the recent world-scale natural gas discoveries, totalling around 100 trillion cubic feet, off the coasts of Mozambique and Tanzania.

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