The company yesterday said the $US4 million ($A5.2 million) survey, fully-funded by Origin, acquired 3759km of 2D seismic data in Blocks L-8 and L-9, including 360km of detail over specific leads to develop them to possible drilling status.
Pancontinental said all seismic data have now been sent to Fugro Seismic Imaging in Perth for processing, with results expected in June.
The company farmed-out 75% of Blocks L-8 and L-9 to Origin in September 2006, in return for full funding of the seismic program and the drilling of an exploration well in each block.
Pancontinental has retained a 25% interest in both blocks.
Following interpretation of the new seismic data and under the farm-out agreement, Origin has the option, before October, to proceed into the next permit year by drilling an exploration well in Block L-8 and earning up to 75%. The same option exists over Block L-9 the following year.
Meanwhile, Pancontinental, which also holds a 40% interest in nearby Block L-6, said its JV partner there, Gippsland Offshore Petroleum, is expected to begin seismic acquisition next month with the same seismic contractor.
Gippsland will also begin acquisition of airborne gravity data, using the “Falcon” system, over onshore and offshore areas, beginning the same month.
“Blocks L-6, L-8 and L-9 contain large anticlinal traps with multiple reservoir targets of significant size at various stratigraphic levels,” Pancontinental chief executive Andrew Svalbe said.
“The disappointing results of the Woodside Pomboo-1 well have not discouraged Origin Energy or Gippsland to proceed with significant investments in their Kenyan exploration activities.
“The prospectivity of the L-6, L-8 & L-9 Pancontinental blocks is significantly different to that in the Pomboo area, due to the inferred presence of two major sediment depocentres believed to contain hydrocarbon generative source rocks.”
Svalbe said the presence of thick, good quality sandstone reservoirs in the Pomboo well is a positive element for the three Pancontinental areas.
