Petroleum Africa
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Monday, August 4, 2014
Azonto Petroleum issued a report on its operations in West Africa, specifically in Cote d’Ivoire and the development of the Gazelle field and the Accra Block in Ghana. Azonto holds a 35% ownership interest in Vioco Petroleum, which holds an 87% operating interest in Block CI-202 offshore Cote d’Ivoire.
Azonto’s Managing Director, Rob Sheperd said: “As we announced in our operations update on May 28 less progress than anticipated had been made in recent months in regard to the gas pipeline that the government of Cote d’Ivoire had indicated it was planning to build from Grand Bassam to Abidjan where the current installed thermal power capacity is located. Recent developments however are positive with the Government advising Vioco Petroleum of its intention to develop new thermal power capacity in the Grand Bassam area close to where Gazelle is to be developed. Vioco fully supports this revised approach as it should simplify the steps required to enable the Gazelle project to move forward expeditiously, which is clearly in the interests of all parties.
“Vioco recently submitted a revised field development plan to the Government for approval, predicated on project sanction by the end of 2014. In recent discussions with the Minister of Energy, he re-emphasized the importance of the Gazelle project to the government, given the clear economic benefits of using gas to generate power rather than heavy fuel oil. Consequently, Vioco continues to push forwards on multiple fronts including: negotiations regarding the gas supply agreement with CI-Energies, with pre-engineering, and with financing. We look forward to updating our shareholders on further progress in due course.
“With respect to the Accra Block in Ghana, as we previously advised, following receipt of a six month extension to the current exploration period, a data room was opened in June 2014 with a view to finding new partners to support progression into the next period. Good initial interest has been shown, with a number of major oil companies having visited to review the technical information contained therein. We also continue to review potential new opportunities in our area of focus, being West Africa, as we seek to grow the asset base and create material value for our shareholders.”
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