TSXV:CTE - Post Discussion
Post by
bregen on Sep 28, 2010 6:49am
Block 10AB
By NATION Correspondent
Posted Thursday, August 5 2010 at 18:26
Centric Energy has signed an agreement with Tullow Oil Plc fora joint oil and gas exploration of block 10BA near Lodwar in Kenya.
TheCanadian company said a binding agreement signed by the parties allowsTullow, a London Stock Exchange listed company, a 50 per cent interestin exploring oil and gas in the block in north western Kenya, subjectto government approval.
Mr Alec Robinson, Centric’schief executive officer, said Tullow will earn a 50 per cent stake andassume operatorship and in return, reimburse Centric’s acquisitioncosts for the production sharing contract ( PSC) of block 10BA, whichadds up to US$750,000 (Sh60 million).
EnergyMinister, Kiraitu Murungi, had in January signed an agreement withCentric for a block covering 16,000 square kilometres within the EastAfrican Rift System.
Block 10BA is strategically located in the East African RiftSystem, which is enjoying increasing exploration interests andsignificant success.
Tullow has discovered in Uganda’s Albertine rift, about 950 million barrels of recoverable oil.
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