Azonto Petroleum Limited gets extension for offshore Ghanaian activities

offshore ghana-marianne muegenburg cothern flickrAzonto Petroleum (Ghana) and Afex Oil (Ghana) Limited will be carrying out further geophysical studies to incorporate the results from Starfish-1 well, and further enhance the definition of the additional identified prospectivity on the block. (Image source: Mariamme Muegemburg Cothern/Flickr)Azonto Petroleum Limited has been granted a six-month extension to explore the Accra Block, situated offshore Ghana

The current exploration period now extends up to 23 September 2014, the Australia-based explorer said.

The extension of the exploration period is expected to enable Azonto Petroleum (Ghana) and its joint venture partner Afex Oil (Ghana) Limited to work closely alongside Ghana National Petroleum Corporation (GNPC) to develop the oil block.

The explorers have reportedly identified high potential opportunities within the block. These include prospects in both the shallow water syn-rift Albian play and also in the deeper water Cenomanian/Turonian turbiditic and hinge-line plays.

Rob Shepherd, MD of Azonto Petroleum (Ghana) said, “The extension to the initial exploration period has created a low-cost option to enable us to ensure that we take full advantage of this exciting opportunity. During the extension period, we plan to consider bringing in new partners to the joint venture and to that end, initial discussions with a number of potentially interested major industry partners have been encouraging.”

Meanwhile, the company also said that the Starfish-1 well drilled on the block was an initial exploration well to test a new fairway in a proven petroleum system.

“Our experienced geological teams are encouraged by the initial evaluation of the data from that well and believe that the block warrants further evaluation. The block offers potentially significant upside potential which in our view is both interesting and compelling,” Shepherd added.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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