ERHC Energy Inc., a publicly traded American company with oil and gas assets in Sub-Saharan Africa, issued the following update on exploration progress in Kenya Block 11A, where it continues to work relentlessly toward a spud date for the Tarach-1 well near the end of the first quarter of 2016.
The rig is being mobilized to the drill site where concreting work and installation of conductors have already been completed. The contracting parties have completed over 80 kilometers (50 miles) of access road. The Tarach-1 well is designed to drill from a 20-inch surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to total depth (TD) of 3,000 meters.
As disclosed previously, the Tarach-1 prospect's mean estimate of oil prospective unrisked resources is 66 million barrels. Mean unrisked prospective resources of all prospects and leads in Block 11A totals 662 million barrels.
ERHC holds a 35 percent interest in Block 11A. As previously disclosed, ERHC is obligated, under existing agreements, to pay 25 percent of its proportionate share of the costs of well and is carried for the remaining 75 percent of its proportionate share. ERHC has paid all cash calls relating to its obligations for the costs of the well to date.
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