African TV




Lawyers - Legal Representation






Archives

April 2014
M T W T F S S
« Mar    
 123456
78910111213
14151617181920
21222324252627
282930  

Page added on March 26, 2012

Progress on African Petroleum in West Africa

Progress on African Petroleum in West Africa thumbnail

Between 21 and 23, March 2012 African Petroleum Corporation, one of the largest net exploration acreage holders in the West Africa, has confirmed some discoveries, adding to its portfolio of oil exploration exploit in the region.

According to Petroleum Africa, the world’s leading magazine dedicated to following the petroleum industry in Africa, the company, which is looking to build on its success with the drilling of the Narina-1 well offshore Liberia, has secured a rig for further drilling.

It has signed a contract with Ocean Rig UDW, for a two-well program with the option for a third well, to continue its drilling program in Blocks 8 and 9 in its concession area.

The wells will be drilled using a sophisticated deep water semi-submersible drilling rig. Works are scheduled to start between September and December 2012.

In a related move African Petroleum Corporation’s wholly owned subsidiary in Côte d’Ivoire has picked up more acreage in that country. The company has just entered into an agreement with state-run Petroci and the government to acquire one offshore exploration permit covering Block CI-509. The block is located in offshore western Cote d’Ivoire and covers a total surface area of 1,091.37 square kilometres. African Petroleum will be the operator holding a 90% stake while the government owned Petroci will hold the remaining 10%.

The company’s exploration program will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field in Ghana, the Narina-1 in Liberia, and the Jupiter and Mercury discoveries in Sierra Leone. All works in this regard are expected to commence any time soon.

Frank Timis, non-executive chairman noted that African Petroleum was already “one of the largest net exploration acreage holders in the West African transform margin focussed on the newly emerging and highly successful Upper Cretaceous exploration fairway.”

He concluded that: “Together with the earlier award of Block CI‐513, this award of CI‐509 underlines African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Côte d’Ivoire and accelerating exploration in the region. This additional block adds further to African Petroleum’s strategy of building an extensive portfolio in proven Upper Cretaceous basins in Côte d’Ivoire, Sierra Leone and Liberia as well as building on our pre-eminent position in the frontier Gambia/Senegal Western Margin.”

Tanu Jalloh, Freetown

Stay with Sierra Express Media, for your trusted place in news!


© 2012, Sierra Express Media. All rights reserved.

Share


Comments are closed.




RELATED STORIES

Search This Site



LATEST NEWS HEADLINES

ALSO IN THE NEWS

Nineteen Fragile States to Meet in Sierra Leone June 2014 thumbnail Nineteen Fragile States to Meet in Sierra Leone June 2014

“The group of eighteen of the world’s fragile and conflict affected countries, which have come together to share experiences and encourage international actions to engage more effectively in support of state led transitions from fragility to agility will meet in Sierra Leone, June 2014” said Dr. Kaifala Marah, Sierra Leone’s Finance and Economic Development Minister. […]

Share

MORE STORIES

Sierra Leone launches US$217.5m youth programme thumbnail Sierra Leone launches US$217.5m youth programme

HAVE YOUR SAY

HAVE YOUR SAY Share you views: What would you like to see more/less of on Sierra Express Media? Send us your ideas and include your name and the area you are writing from.

Our New Website Has a More Efficient Layout

Our New Website Has a More Efficient Layout We invite you to give us your feedback

MORE NEWS HEADLINES