Further to the company’s announcement of 21 December 2015, African Petroleum, an independent oil and gas exploration company with ten licences in five countries offshore West Africa, has announced that the new Production Sharing Contract (PSC) with Ophir Energy plc covering the company’s CI-513 licence area in Côte d’Ivoire is now effective, having been signed by the final government Ministry.
Key highlights of the new PSC are as follows:
Commenting on the announcement, Jens Pace, CEO of African Petroleum said:
“We are pleased to have received the final ministerial signature on this new CI-513 PSC with Ophir Energy in Côte 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.
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 are most certainly in this category. As such, we have reinforced confidence in our ability to conclude negotiations in the near term and look forward to updating our shareholders on progress in due course.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/10032016/cote-divoire-block-ci-513-new-psc-transaction-completed/