Kenya: Pancontinental, PTTEP quit L10A

Australia’s Pancontinental Oil & Gas and Thailand’s PTTEP are withdrawing from Lamu Basin Block L10A. Pancontinental’s 18.75% interest and PTTEP’s 31.25% will be transferred to operator BG Group, which will then hold 100% of the licence. Pancontinental said it had made its decision “given the project’s cost and potential benefit profile with respect to the company”. Its other African assets, Namibia EL0037 with Tullow Oil, and Kenya Block L6 with FAR and Milio International, are fully funded for the next phase of exploration commitments.