Côte d'Ivoire - Country Profile
Location: Between Liberia and Ghana
Capital City: Yamoussoukro
Official Language: French
President: His Excellency Alassane Ouattara
Blocks - CI-509 and CI-513
Contract Type - Product Sharing Contract (''PSC'')
Interest - APCL 90% / PETROCI 10%
African Petroleum Cote D’Ivoire Limited holds a 90% operating interest in exploration Blocks CI-509 and CI-513 offshore western Cote d’Ivoire, the remaining 10% carried interest is held by Petroci (the national oil company of Cote d’Ivoire). Block CI-509 covers 1,091 sq km and Block CI-513 covers 1,440 sq km, with a combined surface area of 2,531 sq km.
African Petroleum contracted BGP Marine (Prospector PTE Ltd) for the acquisition of a 4,200 sq km 3D seismic survey over Blocks CI-513, CI-509 and CI-508. The acquisition commenced in April 2012, using the 12-streamer vessel “BGP Prospector”. The vessel continued directly onto the CI-508 & CI-509 survey, which was completed, on 9 October 2012. The CI-508 survey was acquired by African Petroleum on behalf of Vitol and partners, and the acquisition and processing is subject to a cost sharing agreement. The fast-track 3D data was received in November 2012, and is currently being interpreted. Final 3D seismic processing for the entire survey will be completed by May 2013.
The Company will again focus on targeting deepwater Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee Field. The existing 2D seismic dataset shows encouraging leads and prospects over the two blocks, and the recent discoveries at Paon-1 (Tullow Oil plc, June 2012) and Independance-1 (Lukoil, December 2011), have confirmed the viability of the play in western Cote D’Ivoire. The initial fast-track data has confirmed the presence of major turbidite fan systems.
The Company currently plans to drill one well on each Block (Block CI-513 and CI-509) in 2014.