Australian exploration firm Pancontinental Oil and Gas NL's sale of a portion of its interest in Block L6 onshore on the Kenyan coast to a third party has shielded it from ongoing exploration expenditure. In its 2014 annual report, the firm says it farmed out over half of its previous holding in the block, 24 per cent stake, to Milio International and retains 16 per cent interest from 40 per cent previously. Milio is now the operator of Block L6 onshore with 60 per cent interest. Pancontinental's report discloses that its joint venture partner, FAR Ltd, ceded 36 per cent and now retains 24...
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