African Petroleum Gains More Acreage in West Africa
African Petroleum’s wholly owned subsidiary, African Petroleum Côte d’Ivoire, has entered into an agreement with state-run firm Petroci to acquire one offshore exploration permit covering Block CI-513.
The block is located in the western offshore area of Cote d’Ivoire and covers a total surface area of 1,440 sq km. African Petroleum will hold the block with a 90% interest and operatorship. Petroci holds the remaining 10%.
The company’s exploration program in Cote d’Ivoire will target deepwater Upper Cretaceous submarine fans, which are considered to have similar high impact potential as discoveries in the Jubilee Field in Ghana and the Mercury discovery in Sierra Leone.
Karl Thompson, CEO, comments “African Petroleum is already one of the largest net exploration acreage holders in the West African transform margin focused on the newly emerging and highly successful Upper Cretaceous exploration fairway. The award of CI-513 initiates African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Côte d’Ivoire and accelerating exploration in the region. The new entry into Côte d’Ivoire is part of African Petroleum’s strategy to build an extensive portfolio in proven Upper Cretaceous basins of Côte d’Ivoire, Sierra Leone and Liberia as well as building on our pre-eminent position in the frontier Gambia/Senegal Western Margin. We anticipate announcing significant additional new exploration awards in 2012.”
The signing of the PSA in Cote d’Ivoire follows the award of two blocks in Senegal – Rufisque Offshore Profond and Senegal Offshore Sud Profond. The Senegal acreage covers 18,277 sq km. The company holds 90% interest with its partner Petrosen holding the remaining 10%. African Petroleum currently holds a 100% interest in Blocks LB-08 and LB-09 offshore Liberia, where it has completed 5,100 sq km of 3D seismic data. It has drilled one well in LB-09 with encouraging results and recently spud its second well.
The company also holds acreage in Sierra Leone with a 100% interest in Block SL-03 where it recently completed a 3D seismic acquisition program covering 2,500 sq km. In Gambia the company has a 60% operating interest in offshoreblocks A1 and A4 where it has completed 2,500 sq km of 3D seismic. This is in conjunction with its partner Buried Hill Gambia.
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