Pancontinental hands back Kenya deep to cut costs

摘要

Pancontinental Oil & Gas has withdrawn from of one of two deepwater blocks off Kenya "in the interest of prudent financial management". The company holds a minority interest in Blocks L10A and L10B, both of which are operated by BG. Last year the non-commercial Sunbird gas discovery was made in L10A and Pancontinental has kept its interest in this but given up its 25% in neighbouring L10B. The company has done so in order to be able to keep some exploration assets but reduce costs.