Pancontinental Oil & Gas NL 4.9Billion Barrels Oil Block in KenyaApril 22 | Posted by David Goldman | Energy Intelligence
Pancontinental Oil & Gas NL an oil and gas exploration company listed on the Australian Stock Exchange (ASX) under code PCL will drill an oil well offshore Kenya to confirm oil deposits worth over 4.9billion barrels, intelligence shows.
Intelligence obtained from the company show that Kenya’s offshore has vast oil deposits as its geology is similar to that in Tanzania and Mozambique, while some wells drilled in the past had oil and gas.
Pancontinental has identified an ‘oil-prone spot’ offshore Kenya which they plan to verify by drilling, Barry Rushworth, chief executive of the firm which has interests in blocks L6, L8, L10A and L10B Kenya has confirmed.
The spot owned by Pancontinental Oil & Gas NL has a potential for over 4.9 billion barrels of crude, and the company has plans to farm the oil before the end of 2012.