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.
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
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