Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

AP completes farmout of Block CI-513 to Ophir

maxresdefault (1)Further to the Company’s announcement of 21 December 2015, African Petroleum, an independent oil and gas exploration company with ten licences in five countries offshore West Africa, has announced that the new Production Sharing Contract (PSC) with Ophir Energy plc covering the Company’s CI-513 licence area in Côte d’Ivoire is now effective, having been signed by the final government Ministry.


Key highlights of the new PSC are as follows:

– Ophir Energy will make a contribution of US$16.9 million towards African Petroleum’s back costs in relation to the block

– Ophir Energy holds a 45% interest and is Operator, African Petroleum holds a 45% interest and Petroci (the National Oil Company of Côte d’Ivoire) holds a 10% carried interest

– Extension to previous minimum work commitments on the block

– The transaction represents successful achievement of key corporate milestone

Jens Pace, CEO of African Petroleum said in a statement that: “We are pleased to have received the final ministerial signature on this new CI-513 PSC with Ophir Energy in Côte d’Ivoire and complete this important transaction. We look forward to working with our new partner Ophir Energy and Petroci to jointly explore the potential of this exciting block”.

“Completion of this transaction enables us to shift our full focus onto our ongoing and progressive discussions with potential partners for our world class acreage in Senegal and the Gambia. As highlighted by this transaction with Ophir Energy, industry appetite remains for world class exploration acreage and our assets in these countries are most certainly in this category. As such, we have a reinforced confidence in our ability to conclude negotiations in the near term and look forward to updating our shareholders on progress in due course,” Pace added.

source: http://classfmonline.com/1.8778354

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Mr Egbert Faibille Jnr

    Mr Egbert Faibille Jnr

    Egbert Faibille Jnr is the successor of  Theophilius Ahwireng Mr Egbert Faibille Jnr was a…
Follow Us Online
About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar