The venture’s otherpartners exited the block last March. Azonto Petroleum (Ghana), in which Vitol E&P Limited has a 43% interest, and Afex then secured a six-month extension of the license to Sept. 23, 2014.
During the extension period, they undertook extensive technical work, including further evaluation of the seismic data and remapping, and created a Data Room that was visited by more than 10 companies.
However, the deteriorating market conditions prevented finalization of a farm-out agreement.
Azonto adds that there are no outstanding commitments under the work program, which was completed in the period to Dec. 31, 2013.
Managing director Gregory Stoupnitzky said the relinquishment would reduce the company’s annual operating costs by up to $500,000, allowing it to focus on delivery of its shallow-water gas development project off Côte d’Ivoire.