BGP completes 2D seismic survey on Block 2B in Kenya

BGP has completed a 196km 2D seismic survey on Block 2B owned by oil exploration company Taipan Resources in Kenya.

Processing of the seismic data is underway and is expected to be completed by mid-March. The data will be used to finalise the drilling location for the prospect that is planned to be drilled later this year.

The new 2D seismic data acquired confirms a robust closure at the Badada prospect, formerly known as Pearl prospect.

Taipan’s 2D seismic database totals almost 2,500km at present, which includes the 440km survey acquired in early 2013 and around 1,850km of vintage data.

During the same year, the company also acquired 12,175km of full tensor gravity gradiomety (FTG) data.

The Badada prospect has been independently estimated by Sproule International, and found to have mean gross unrisked prospective resources of 251 million barrels of oil equivalent (mmboe) and high (P10) estimate gross unrisked prospective resources of 498 mmboe. The total estimated mean gross unrisked prospective resources on Block 2B is said to be 1,593 mmboe based on 19 exploration leads.

For the first additional exploration period, Premier Oil will carry Taipan through the cost of the work programme on Block 2B, totalling up to $29.5m in gross costs.

The programme includes the drilling and testing of the Badada prospect.

The company holding a 45% interest operates Block 2B during the exploration phase with Premier have the right to assume operatorship of any development.

Sproule International completed an updated independent assessment of the company’s prospective resources on the block with an effective date of 31 December 2013.