African Petroleum farms out Côte d’Ivoire block interest
July 14, 2014
African Petroleum Corp. has entered into an agreement with Buried Hill Africa Ltd to farm out a 10% interest in block CI-509 offshore Côte d’Ivoire in return for Buried Hill funding 21.1% of the cost of the next exploration well to be drilled on the block and an additional cash payment to African Petroleum representing 10% of past costs incurred.
Offshore staff
LONDON – African Petroleum Corp. has entered into an agreement with Buried Hill Africa Ltd to farm out a 10% interest in block CI-509 offshore Côte d’Ivoire in return for Buried Hill funding 21.1% of the cost of the next exploration well to be drilled on the block and an additional cash payment to African Petroleum representing 10% of past costs incurred.
Under the terms of the farm-out agreement, African Petroleum will continue as operator on the license. Completion of the farm-out agreement must be satisfied or waived no later than Nov. 1, unless extended.
