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ConocoPhillips Partner FAR Starts Effort to Sell Kenya drilling Stake

oil drill

FAR Ltd., exploring off Senegal with ConocoPhillips and Cairn Energy Plc, is looking for a partner in Kenya as drilling picks up in the region.

FAR started a process in London last week and Australia this week giving companies access to its data, Managing Director Cath Norman said today in a phone interview from Melbourne. The explorer may reduce its stake in one block in Kenya to as little as 25 percent from 60 percent and complete a deal by the end of the third quarter at the earliest, she said.

“There’s a fair bit of interest offshore Kenya at the moment,” she said. “In Kenya, the prize is oil.”

The Australian company is moving ahead with plans in Kenya, Senegal and Guinea Bissau as explorers including Woodside Petroleum Ltd. look at Africa. The industry is watching the Senegal drilling closely after disappointing exploration results in Africa in recent months, Norman said.

“Most of the junior end of the market has not actually come up with the goods,” she said. “With a little bit of success we’d have more interest flooding back into the sector.”

FAR rose 5.4 percent today to 3.9 cents in Sydney trading, valuing the company at A$105 million ($99 million).

In Senegal, FAR expects drilling to resume in about two weeks after a delay caused by rig maintenance and to complete the well in about a month, according to Norman.

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