CNR backs into Cote d’Ivoire block

Canadian Natural Resources (CNR) has taken a 36% interest in block 514 off Cote d’Ivoire.

Offshore staff

CALGARY, Canada – Canadian Natural Resources (CNR) has taken a 36% interest in block 514 off Cote d’Ivoire.

The permit for the 1,250-sq km (482-sq mi) block has an initial three-year term during which 3D seismic data will be acquired and a well drilled.

CNR believes the acreage is prospective for deepwater channel/fan plays similar to recent finds off Ghana and elsewhere in northwest Africa.

Over the first quarter of this year, the company’s production from its share of projects offshore Cote d’Ivoire and Gabon fell 19% compared with 1Q 2011, due to natural field declines.

However, infill drilling should start late this year at theEspoir field off Cote d’Ivoire, targeting additional production of 6,500 boe/d.

5/7/2012

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