Azonto gets more time for Accra Block exploration

 Azonto Petroleum (Ghana) Limited announces that it has been granted a six month extension to the current exploration period on the Accra Block in Ghana which now extends to the 23rd of September 2014.

The extension of the exploration period will enable Azonto Ghana and its Joint Venture partner Afex Oil (Ghana) Limited  to work closely alongside GNPC (which holds a 10% carried interest in the Block) over the coming months as the company seeks to further explore the potential of the Block.

Notwithstanding the results of the recent Starfish-1 well, which appears to have penetrated an Albian aged stratigraphic reservoir and discovered possible evidence of residual oil in those sands, Azonto Ghana and Afex Ghana have identified further 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.

Whilst all of the commitments for the extended exploration period have already been satisfied, Azonto Ghana and Afex Ghana will be carrying out further geophysical studies to fully incorporate the results from the Starfish-1 well, and further enhance the definition of the additional identified prospectivity on the Block.

Commenting on today’s announcement, Azonto’s Managing Director, Rob Shepherd 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 – we are now able together with Afex Ghana and GNPC to properly assess the knowledge gleaned from the drilling of Starfish-1 and understand the implications on the broader prospectivity previously identified within the Block. 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 and we are therefore confident that we can obtain a risk and reward exposure to this exciting high impact asset that reflects the size and strategy of the Company.

The Starfish-1 well was an initial exploration well to test a new fairway in a proven petroleum system and 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.”

 

Press Release, March 26, 2014

 

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