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Monday, September 15, 2014
Azonto Petroleum issued its audited results for H1 showing the progress made on the development of the Gazelle field in Cote d’Ivoire’s Block CI-202. The progress made on the field allows the company to target the end of 2014 for project sanction. During the period the company saw an updated resources report for the Gazelle Field completed by RPS Energy. The report confirmed Azonto’s internal estimates of the field’s contingent resources of 85 Bcf of gas and 2 million barrels of oil.
Post period the company reported that a revised draft of the Gazelle Field Development Plan was submitted to Ivoirian authorities in July based on the supply of gas directly to a new power plant to be constructed the state-run electricity company.
In Ghana on the Accra block the company saw an extension granted to its current exploration period which allowed for the farm-out process to commence in June 2014. It has also launched further discussions with the Ghanaian authorities aimed at possibly extending the exploration period for the Accra Block even further. Another extension would be aimed at completing the farm-out process.
Commenting on the company’s activities Rob Shepard, MD, of the company said: “The last six months has seen encouraging progress across the company’s assets. Most importantly, we have submitted the revised draft of the Field Development Plan for Gazelle and are targeting project sanction by the end of 2014, subject to the associated power project being on a similar schedule. The Accra Block dataroom has seen considerable interest and we are hopeful that we can extend the exploration period again to allow us the possibility of successfully completing the farm-out process. We have also been actively reviewing a number of new business opportunities and are making good progress in that regard. In summary, the period has seen a significant ramp up in activity and this is a trend expected to continue as we approach some key junctures in the coming months.”
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