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Total Acquires a 40% Stake in 5 Blocks in Lamu Basin

Source: www.gulfoilandgas.com 9/21/2011, Location: Africa

Total announces its acquisition, through its Total E&P Kenya B.V. subsidiary, of a 40% interest in five offshore exploration blocks in the Lamu Basin, blocks L5, L7, L11a, L11b and L12. Subject to the approval of the Kenyan authorities, Total will acquire:

- a 20% stake from Anadarko Kenya Company, which will continue to be the operator with a 50% interest in the permits ;
- a 5% stake from Cove Energy, which will maintain a 10% interest in the permits ;
- a 15% stake from Dynamic Global Advisors, which is selling all of its interest to Total.

Covering an area of more than 30,500 square kilometres, the exploration blocks are located offshore the Lamu Archipelago in water depths of between 100 and 3,000 metres.

A 3,500 square kilometres 3D seismic survey is currently underway. If the results are satisfactory, one or more exploration wells will be drilled once the survey has been completed.

“This transaction is part of a bold exploration strategy that consists in acquiring large stakes in high-potential frontier plays,” says Marc Blaizot, Total’s Senior Vice President, Exploration. “Recent discoveries in offshore Mozambique and Tanzania offer a very promising outlook for these Kenyan permits.”

Following its recent entry in the exploration and development of reserves in Uganda’s Lake Albert region, and its selection to develop exploration activities in Tanzania, this acquisition is another step in Total’s strategic focus on strengthening its exploration and production presence in East Africa.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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