Petroleum Africa
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Tuesday, July 15, 2014
African Petroleum and Buried Hill Africa have entered into an agreement that has Buried Hill Africa picking up a 10% stake in African Petroleum’s Block CI-509 offshore Cote d’Ivoire. The 10% stake is in return for Buried Hill funding 21.1% of the cost of the next exploration well to be drilled on the block and an additional cash payment to African Petroleum representing 10% of past costs incurred.
Under the terms of the farm-out agreement, African Petroleum will remain operator on the license.
Completion of the agreement is subject to the satisfaction or waiving of certain conditions precedent, which, apart from one pertaining to government approval of the transfer, must be satisfied or waived no later than November 1 (unless extended in accordance with the agreement).
African Petroleum’s CEO, Dr Stuart Lake commented: “We are very pleased to have secured an initial farm-in on Block CI-509. Alongside the adjacent Block CI-513, Block CI-509 forms part of our highly prospective acreage position offshore Côte d’Ivoire, and we look forward to announcing further farm-in deals on our West African offshore acreage in due course.”
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