Rift Energy Corp (Rift Energy) is pleased to announce the signing of a Production Sharing Contract (PSC) covering oil and gas exploration activities on Block L19 in the onshore Lamu Basin within the Republic of Kenya on June 21, 2012. Block L19 encompasses approximately 12,000 KM2 (2.9 million acres) onshore in southern Kenya beginning at the Tanzania border and flanked by the Indian Ocean to the east and extends approximately 160 km to the north.
After review of gravity maps and other data by the company’s technical team, multiple structures have been identified and an exploration program is being planned to commence soon to assess the hydrocarbon potential of Block L19. There has been only one well drilled on this block to date, the Ria Kaluli 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation. Additional seismic surveys and technical studies will be conducted in order to build a prospect inventory and high grade potential drilling locations.
Fred Zaziski, President and CEO of Rift, stated “We are very excited to commence an exploration program in Kenya. Block L19 has tremendous upside potential. It is on trend with several offshore blocks where Apache, Anadarko, Total and other large companies each have multi-million dollar exploration programs in progress. Additionally, this block is located very near the port city of Mombasa, which could give us a ready market should we make a major oil or gas discovery”.