Cote d'Ivoire Approves Ophir's Acquisition of 45% Stake in Block CI-513

African Petroleum Corp. Ltd, a West Africa-focused oil and gas exploration firm, disclosed Thursday that the new Production Sharing Contract (PSC) with Ophir Energy plc covering the CI-513 license area in Cote d’Ivoire has been approved by the government.

Under the terms of the PSC, Ophir Energy will make a contribution of $16.9 million towards African Petroleum’s back costs in relation to the block and acquire a 45 percent operating interest. African Petroleum will holds a 45 percent stake in Block CI-512, while Petroci, the national oil company of Cote d’Ivoire, will own the remaining 10 percent.

“We are pleased to have received the final ministerial signature on this new CI-513 PSC with Ophir Energy in Cote 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," Jens Pace, CEO of African Petroleum, said in a press release.

"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," Pace added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  CNOOC to Drill 126 Exploration Wells i... (Jan 19)
 -  Sound Energy Looks to Buy OGIF's Asset... (Jan 19)
 -  Lundin's Development Expenditure to To... (Jan 19)
 -  The Church of England Conditionally Ba... (Jan 19)
 -  CNOOC Commences Production from Enping... (Jan 18)


Most Popular Articles

From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
search for more jobs

Brent Crude Oil : $54.16/BBL 0.44%
Light Crude Oil : $51.37/BBL 0.56%
Natural Gas : $3.37/MMBtu 2.12%
Updated in last 24 hours