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African Petroleum enter contract with Ophir Energy

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Oilfield Technology,



African Petroleum, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa, has announced that it has entered into a new Production Sharing Contract (PSC) with Ophir Energy plc covering the Company’s CI-513 licence area in Côte d’Ivoire.

Highlights:

  • New PSC with Ophir Energy plc covering the Company’s CI-513 licence area in Côte d’Ivoire.
  • 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.
  • Transaction represents successful achievement of key corporate milestone.
  • In accordance with the terms of the new PSC, 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. The new PSC incorporates adjustments to fiscal terms and holding costs agreed with the Government of Côte d’Ivoire that reflect the current commodity price environment and outlook for development of the deepwater prospects identified through interpretation of the Company’s 3D seismic. The agreement has resulted in an extension to the previous minimum work commitments on the block and now requires that an exploration well be drilled within two years of the signing of this new PSC.


    Adapted from a press release by Louise Mulhall

    Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21122015/african-petroleum-enter-contract-with-ophir-energy/

     

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