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.

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