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African Petroleum Côte d’Ivoire Awarded Oil Block

By on January 10, 2012

African Petroleum, a multi-national Oil and Gas Exploration Company based in Australia focused on offshore West Africa with current projects off the coast of The Gambia and Liberia has been awarded an exploration license in Ivory Coast.

According to a press release from the parent company in Australia, “its wholly owned subsidiary, African Petroleum Côte d’Ivoire Limited (“African Petroleum Côte d’Ivoire”), has entered into an agreement with the  Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire(“PETROCI”) and the Republic of Côte d’Ivoire  (the “State of Côte d’Ivoire”) to acquire one offshore exploration permit covering block CI-513.

African Petroleum Côte d’Ivoire is to be the operator of the block with a 90% interest, whilst the remaining 10% is owned by Petroci.

Mr. Karl Thompson, CEO of African Petroleum said, “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.  The award of CI-513 initiates 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.  The new entry into Côte d’Ivoire is part of African Petroleum’s strategy to build an extensive portfolio in proven Upper Cretaceous basins of Côte d’Ivoire, Sierra Leone and Liberia as well as building on our pre-eminent position in the frontier Gambia/Senegal Western Margin.   We anticipate announcing significant additional new exploration awards in 2012”.

The Australian company has oil assets in Senegal, offshore Liberia, Sierra Leone and Gambia.