Azonto Provides Operations Update in Ghana

Source: www.gulfoilandgas.com 5/28/2014, Location: Africa

Azonto is pleased to provide the following operations update for its assets in Ghana.

Accra Block, Ghana

Further to the ASX announcement made on 26 March 2014, Azonto Petroleum (Ghana) Limited (57% Azonto Petroleum Ltd / 43% Vitol E&P) (Azonto Ghana) has been granted a six month extension to the current exploration period which now extends to 23 September 2014. During the extension period, Azonto Ghana will be working closely with its Joint Venture partner Afex Oil (Ghana) Limited (Afex Ghana) alongside GNPC (which holds a 10% carried interest in the Block) to further explore the potential of the Block.

Both Ophir Energy Limited and TAP Oil Limited have announced in separate releases that they have elected to withdraw from the Contractor Group, although this remains subject to Government approval. Assuming the Government approves the withdrawals, Azonto Ghana and Afex Ghana will each hold an effective 45% working interest (50% paying interest) in the Block. Given Ophir's intention to withdraw, Azonto Ghana is acting as Operator during the Extension Period.

As advised in March 2014, notwithstanding the results of the recent Starfish-1 well, which appears to have penetrated an Albian aged stratigraphic reservoir (as opposed to the Cenomanian-Turonian age predicted prior to drilling), there is evidence of possible residual oil in those sands, but more importantly a number of further high potential opportunities have been identified within the Block based on detailed interpretation of the previously acquired 3D seismic. These include prospects in both the shallow water syn-rift Albian play and also in the deeper water Cenomanian/Turonian turbiditic and hinge-line plays.

Initial re-mapping work by Azonto Ghana has focused on the Sealion complex in the south western part of the Block that contains a number of structural as well as stratigraphic traps in water depths of between 1,650 and 1,880 m. Five horizons have been mapped in the complex with a combined P50 trap area of some 216 km2 and estimated gross unrisked P50 recoverable resources of some 2.2 billion barrels.

Azonto Ghana and Afex Ghana have initiated a process to seek additional partners before electing to move into the next exploration period on or before 23 September 2014 in order to obtain an exposure to this high impact Block that reflects the size and strategy of our Company. Whilst there can be no assurance these efforts will be successful, initial interest from potential partners has been encouraging.

Commenting on this announcement, Azonto's Managing Director, Mr. Rob Shepherd said:

Separately, the initial work our geoscience team has been doing on the Accra block is extremely encouraging and so, whilst there can be no assurance we will be successful in finding a partner to support the next period of exploration there, our ability to do so could create material value for our shareholders and the extension therefore represents a highly compelling and low cost opportunity for us to pursue."

For more information about related Opportunities and Key Players visit West Africa Projects


Brazil >>  5/13/2022 - Petrobras, following up on the release disclosed on 07/20/2018, informs that it has decided to conclude the current competitive process, which was in ...
Russia >>  5/12/2022 - Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij subsidiaries of Shell plc have signed an agreement to sell Shell Neft LL...

Australia >>  5/11/2022 - NeuRizer - (formerly Leigh Creek Energy) wholly owned subsidiary Leigh Creek Oil and Gas (LCOG) has announced that Santos will farm-in and take operat...
Brazil >>  5/10/2022 - Petro Rio has entered into an agreement with Aquadrill that gives PRIO the opportunity to acquire the Capricorn semi-submersible rig.

The s...


Brazil >>  5/10/2022 - Petrobras, following up on the release disclosed on July 1 2020, has started the binding phase regarding the sale of its total participation in the T...
Brazil >>  5/10/2022 - Petrobras, following up on the release disclosed on 12/17/2020, informs that it concluded the sale of its entire stake in fourteen onshore exploration...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.