from Tower re: badada On 23 February, Tower announced the result of the Badada-1 well, onshore Block-2B, Kenya, which has now been plugged and abandoned following the completion of logging operations. The Operator, Lion Petroleum Inc. (“Lion” 30%), is in discussions with the Kenyan Ministry of Energy as how best to complete its evaluation of the remaining prospectivity of Block-2B.
Badada-1 was the first well to target Tertiary rather than Cretaceous age source and reservoirs within the Anza Basin. We were encouraged that the overall geological model was confirmed by the results of the well. There is a great deal of analysis to be performed on samples and data obtained. The information obtained from Badada-1 should enable us to make better predictions of seal and source for any future drilling, thus reducing prospect specific risks.
Financial commitments are fully met and we do not anticipate significant additional expenditure during 2015. Any future drilling is likely to require a farm-out.
-What does this last sentence mean? They need another Farm out to drill a 2nd well? Or the do the 3 partners together need one, ie. more capital?
Any info/insights?