Company News Summary
Pancontinental Oil & Gas Announces Results of Resources L6 EL Area Offshore Kenya
Original announcement: Kenya L6-Potential 3.7 Billion Barrels Oil Equiv Resources
Pancontinental Oil & Gas (PCL) announced the results of a new prospective resources report for its L6 exploration licence area offshore Kenya. The L6 area has potential to contain approx. 3.7Bn barrels of oil or 10.2 trillion cubic feet of gas prospective resources on a Gross, un-risked, best-estimate basis according to an assessment by operator FAR. 3 prospects covered by new 3D seismic have combined potential for approx. 630m barrels of oil on an un-risked, best estimate, undivided 100% basis. The Company holds a 40% interest in the L6 licence. The prospective resource estimations are derived from new 3D and older 2D seismic data. PCL's share of the Gross prospective resources is 1.48 billion barrels of oil or 4.08 trillion cubic feet of gas.
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