- Water depth – 900 – 3,150m
- 90% working interest in offshore licences CI-509 and CI-513 with combined net acreage of 2,284Km2
- Acquired 4,200Km2 seismic data over Côte d’Ivoire licence blocks
- Key prospects identified with net unrisked mean prospective oil resources of 1,560 MMstb
- Significant well campaigns in neighbouring blocks will potentially de-risk acreage
- One year licence extensions on the exploration period granted in April 2014
In Côte d’Ivoire, African Petroleum Corporation holds a 90% working interest in offshore licences CI-509 and CI-513 (the “CI Licences”), the remaining 10% is held by Petroci- the national oil company of Côte d’Ivoire. The Company was awarded CI-513 in December 2011 and CI-509 in March 2012, with a combined net acreage of 2,284Km2.
In October 2012, the Company acquired 4,200Km2 of 3D seismic data over the CI Licences, fulfilling the seismic work commitments of the first exploration phase for both licences. Fast-track 3D seismic data was received in November 2012, while final 3D seismic processing for the entire survey was completed in June 2013. Interpretation of the data has identified a number of significant prospects, with net unrisked mean prospective oil resources of 1,560 MMstb (ERC Equipoise, CPR 2014).
African Petroleum Corporation is actively seeking strategic partners in our Côte d’Ivoire acreage. Significant well campaigns are due to take place offshore Côte d”Ivoire in 2014, with exploration and appraisal wells planned by, amongst others, Vitol, Anadarko and Total. In April 2014, Total announced a discovery of hydrocarbons in block CI-514, adjacent to African Petroleum Corporation’s acreage with 40M of net oil pay and 34 light API. These catalyst wells provide potential to de-risk the Company’s acreage.
On 22 April 2014 African Petroleum Corporation announced PSC Amendments to both licences CI-509 and CI-513. The PSC Amendments include an adjustment of the licence periods providing for one-year extensions to the first exploration periods of both licences at the expense of the duration of future exploration periods. This adjustment allows the Company more time for drilling of the first period commitment wells in these blocks. The first exploration period for block CI-509 is extended to March 2016 and block CI-513 has been extended to December 2015. The Company intends to use some of this additional time to integrate recently completed 3D seismic depth processing into the optimisation of exploration well locations, secure the appropriate sixth generation rig for a wider drilling programme, and build a partnership group to explore in the promising area of the Côte d’Ivoire deep-water margin.
Blocks - CI-509 and CI-513
Acreage - 2,284Km2
Working Interest - 90%
Estimated Resources - 1,560MMstb*
*Net unrisked estimate of prospective oil resources taken from CPR ERC Equipoise 2014