Petroleum Africa
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Friday, March 11, 2016
African Petroleum’s new PSC in Cote d’Ivoire with Ophir Energy has been signed by state officials and is now effective. The PSC covers Block CI-513 offshore the West African country.
Under the PSC Ophir will make a contribution of $16.9 million towards African Petroleum’s back costs in relation to the block. The deal makes Ophir operator with a 45% stake, African Petroleum also has 45% with Petroci holding the remaining 10% carried interest.
The firms received an extension to previous minimum work commitments on the block.
Jens Pace, CEO of African Petroleum commenting on the news 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 in these countries are most certainly in this category. As such, we have a reinforced confidence in our ability to conclude negotiations in the near term and look forward to updating our shareholders on progress in due course.”
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