African Petroleum Acquires Exploration Permit Offshore Ivory Coast

African Petroleum Corporation Limited, a West African focused oil and gas exploration company on Wednesday signed an agreement with the Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (“PETROCI”) and the Republic of Côte d’Ivoire to acquire one offshore exploration permit covering block CI‐509.

The CI-509 block is located in the Western Offshore area of Côte d’Ivoire, covering a total surface area of 1,091.37 sq km. African Petroleum Côte d’Ivoire, a subsidiary of African Petroleum Corporation Limited will be the Operator with a 90% interest in the Permit. The remaining 10% is owned by PETROCI.

This is the Company’s second award of a block, offshore Cote d’Ivoire. On 19 December 2011, African Petroleum was awarded the exploration rights over Block CI‐513.

African Petroleum Côte d’Ivoire’s exploration programme will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field, Ghana, Narina‐1, Liberia, the Jupiter and Mercury discoveries, Sierra Leone.

A 3D seismic programme over Blocks CI‐513 and CI‐509 is expected to commence in mid‐ April 2012.

Frank Timis, Non‐Executive Chairman, comments “African Petroleum is already one of the largest net exploration acreage holders in the West African transform margin focussed on the newly emerging and highly successful Upper Cretaceous exploration fairway. Together with the earlier award of Block CI‐513, this award of CI‐509, underlines African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Côte d’Ivoire and accelerating  exploration in the region. This additional block adds further to African Petroleum’s strategy of building an extensive portfolio in proven Upper Cretaceous basins in Côte d’Ivoire, Sierra Leone and  Liberia as well as building on our pre‐eminent position in the frontier Gambia/Senegal Western Margin”.    

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Offshore Energy Today Staff, March 23, 2012; Image: African Petroleum