According to the Company’s Non-Executive Chairman Mr. Ken Russell  it is however still not possible to name the new partners due to confidentiality agreements until the receipt of those signed documents.

 

“In our market update issued on 14 May 2015 we mentioned that the final steps were being undertaken. Those steps are being completed by the other party and we are now awaiting receipt of the final signed documentation. Obviously we were hoping to be in receipt of those documents for today’s AGM however wheels do not always revolve as quickly as we would all like so I’m afraid that is about all we can say on the subject at the moment due to confidentiality agreements associated with the project but we expect to be able to make a more detailed statement in the very near future,” says Rusell.

 

The new partner is expected to fill the funding gap the company faces to complete its contract commitments with the company expected to drill three wells in three licenses in 2016.

 

The announcement by Russell comes even as the company said it would conduct continue with its 2016 drilling programme in three licenses including at Ahero-A prospect in Kenya, 4 moshi basin leads in the Pangani license as well as the Kito Prospect and Ngazi lead in the Kidatu basin in the Kilosa Kilombero license.

Source : OIL NEWS KENYA