Petroleum Africa
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Thursday, March 12, 2015
Azonto Petroleum has taken the decision to exit its acreage offshore Ghana, specifically the deepwater exploration acreage of the Accra Block. This decision is a result of the company’s strategic review of its operations and prolonged discussions with the government of Ghana and potential partners with regard to ongoing participation in the block.
Following the exit from the block of Ophir Energy in March 2014 Azonto’s subsidiary, Azonto Petroleum (Ghana) Ltd. (57% Azonto Petroleum and 43% Vitol E&P) and partner Afex Oil (Ghana) Ltd. secured a six-month extension of the license. The extension was to determine whether suitable operating partners could be found to proceed with the next phase of exploration.
Given the current market condition a farm-out agreement could not be finalized and the JV partners elected not to seek another extension period for the initial exploration period or apply to enter the first extension period under the agreement.
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