Petroleum Africa
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Tuesday, June 30, 2015
African Petroleum signed a binding joint bidding agreement with a large London -listed oil and gas company to provide a framework for the incoming third party to secure a 45% operated interest in a PSC (on terms to be agreed) covering the company’s Block CIP513 license area in Côte d’Ivoire. It is intended that African Petroleum will hold a non-operated interest of 45%, with the remaining 10% carried interest held by Petroci, Côte d’Ivoire’s state run oil company.
Completion of the transaction is subject to negotiation and entry into commercial agreements and several conditions precedent including, but not limited to, the agreement and approval of the government.
African Petroleum and the unnamed third party are working together towards completion of the transaction as soon as possible, and the company expects to make further announcements, including the identity of the third party and further details of commercial terms, in due course as progress is made.
Commenting on this announcement, African Petroleum’s Chief Executive Officer Dr Stuart Lake said: “We are delighted to have signed this agreement with a large London listed E&P company who is a proven operator in Africa. African Petroleum looks forward to completing the transaction so that we can commence an active near term exploration program in Côte d’Ivoire.”
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