Côte d’Ivoire amends PSCs to blocks CI-509, CI-513

African Petroleum Côte d’Ivoire Ltd., a wholly owned subsidiary of African Petroleum Corp. Ltd., and the government of Côte d’Ivoire have agreed on amendments to the production sharing contracts related to blocks CI-509 and CI-513.

Apr 22nd, 2014

Offshore staff

LONDON – African Petroleum Côte d’Ivoire Ltd., a wholly owned subsidiary of African Petroleum Corp. Ltd. (NSX: AOQ), and the government of Côte d’Ivoire have agreed on amendments to the production sharing contracts (PSCs) related to blocks CI-509 and CI-513. The PSC amendments include an adjustment of the license periods providing for one-year extensions to the first exploration periods of both licenses at the expense of the duration of future exploration periods.

This adjustment allows the company more time to drill the first period commitment wells up to March 2016 for CI-509 and up to December 2015 for CI-513.

The company intends to use some of this additional time to integrate recently completed 3D seismic depth processing to optimize exploration well locations, secure the appropriate sixth-generation rig for a wider drilling program, and build a partnership group to explore in this area of the Côte d’Ivoiredeepwater margin.

04/22/2014

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