Petroleum Africa
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Wednesday, April 23, 2014
African Petroleum Cote d’Ivoire and the government of Cote d’Ivoire have agreed on amendments to the PSCs related to Blocks CI-509 and CI513. The PSC amendments include and adjustment of the license periods providing for one year extensions to the first exploration periods of both licenses at the expense of the duration of future exploration periods.
According to the company this adjustment allows it more time for drilling the first period commitment wells; up to March 2016 on block CI-509 and up to December 2015 for Block CI-513. African Petroleum intends to use some of this time to integrate recently completed 3D seismic depth processing into the optimization of exploration well locations, secure the appropriate rig for a wider drilling program, and build a partnership group.
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