Bowleven has entered into a farm-in agreement to acquire a 50% equity interest in exploration block 11B, onshore Kenya.
Block 11B covers an area of approximately 14,000km2 covering the Loeli, Lotikipi, Gatome and South Gatome basins. The basins are to the north of the Lokichar Basin where a significant oil discovery has been made in recent months with the Ngamia-1 well.
Analysis of the existing gravity and magnetics and seismic datasets suggest the basins in block 11B are of similar form to Lokichar and analogous geological plays and petroleum system elements are expected.
Completion of the farm-in is subject to normal approval from the Kenyan authorities.