Pancontinental Oil & Gas (ASX: PCL) has received news that bids have been received for carrying out a minimum 300 square kilometres 3D seismic survey offshore Kenya in Licence Area L8. Interest is gaining as Pancontinental's share price spiked 35%.Cost of the seismic is US $10 million, including processing and interpretation. Pancontinental will have a 25% free carried interest in the survey. It will assess the huge Mbawa Prospect. Updated volumetric models show Mbawa to have potential to contain P10 recoverable volumes of 3.6 billion barrels of oil, or up to 1.5 billion barrels of oil plus a gas cap of 400 billion cubic feet. An alternate model indicates P10 potential for 11 trillion cubic feet of recoverable gas.
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