African Petroleum, an independent oil and gas exploration company with assets offshore West Africa, has signed a transaction agreement with a London-listed oil and gas company regarding their Block CI-513 licence offshore Côte d’Ivoire.
According to the agreement, African Petroleum will provide a framework for the incoming third party to secure a 45% operated interest in a Production Sharing Contract covering the Block CI-513.
Upon the completion of the deal, African Petroleum will hold a non-operated interest of 45%, with the remaining 10% carried interest held by Petroci, the National Oil Company of Côte d’Ivoire.
As said in the press release, the completion of the transaction is subject to negotiation and entry into commercial agreements and several conditions precedent including, but not limited to, the agreement and approval of the Government of Côte d’Ivoire.
African Petroleum said that it will complete the transaction as soon as possible, and that it will further announce the identity of the third party and further details of commercial terms, in due course as progress is made.
African Petroleum’s Chief Executive Officer Dr Stuart Lake said: “We are delighted to have signed this agreement with a large London listed E&P company who is a proven operator in Africa. African Petroleum looks forward to completing the transaction so that we can commence an active near term exploration programme in Côte d’Ivoire.”