Having conducted a further exploration review, Premier Oil has withdrawn from Block L10A, offshore Kenya.
The company retains its 25 per cent equity in the adjacent Block L10B. Prospect maturation of this block is ongoing and a ‘drill or drop’ decision will be made by mid-2014.
Simon Lockett, Chief Executive, said: “Whilst we remain committed to exploration in Kenya, we continue to focus our resources on projects that meet our internal corporate investment metrics and to high grade our exploration portfolio accordingly.”
Premier held a 20 per cent equity stake in Block L10A. Partners in Block L10B are BG Group (45 per cent, operator), Premier (25 per cent), PTTEP (15 per cent) and Pancontinental Oil & Gas (15 per cent).
[mappress] Press Release, December 09, 2013