African Petroleum Corporation has agreed a farm-out deal with Buried Hill Africa on Block CI-509 offshore Côte d’Ivoire (Ivory Coast), west Africa.
Buried Hill will get a 10% interest in the block in return for funding 21.1% of the cost of the next exploration well and an additional cash payment to African Petroleum Corporation representing 10% of past costs incurred.
Under the terms of the Farm-out Agreement, African Petroleum Corporation will remain operator.
African Petroleum Corporation operates eight licences located offshore West Africa. The company is actively seeking partners to share risk and reward across all assets.
The firm said dialogue will continue with other potentially interested parties with a view of securing an additional farm-in partner for Block CI-509.
African Petroleum Corporation’s CEO Dr Stuart Lake said: "We are very pleased to have secured an initial farm-in on Block CI-509. Alongside the adjacent Block CI-513, Block CI-509 forms part of our highly prospective acreage position offshore Côte d’Ivoire, and we look forward to announcing further farm-in deals on our West African offshore acreage in due course."
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