The Production Sharing Contract (PSC) between African Petroleum, Ophir Energy and Petroci for Côte d'Ivoire Block CI-513 has now come into effect
It received the final ministerial signature this week and exploration can now go ahead in this block. Ophir Energy, the project's operator and 45 per cent stakeholder, will make a contribution of US$16.9 mn towards African Petroleum's back costs in relation to the block. African Petroleum also holds a 45 per cent stake and Petroci holds a 10 per cent carried interest.
The PSC will extend the previous minimum work commitments on the block and represents a significant corporate milestone as well as an important step forward for the Côte d'Ivoire hydrocarbons sector.
"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," said Jens Pace, CEO of African Petroleum. "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."