Vioco gains exclusive presidential exploration licence off Cote d'Ivoire

Submitted by Paddy Harris on Thu, 2014-12-18 15:24

18th December 2014

Azonto Petroleum has been advised by its affiliate Vioco Petroleum (owned 35 per cent by Azonto, and 65 per cent by Vitol) that the president of Cote d'Ivoire, Alassane Ouattara, has signed an Exclusive Exploitation Authorisation (EEA) covering the Gazelle field in Block CI-202, offshore Cote d'Ivoire

Vioco gains exclusive presidential exploration licence off Cote d'Ivoire

Award of the EEA follows approval of the Field Development Plan for Gazelle by PetroCI, the state oil company, as announced in October. Source: Vioco Petroleum

"Today's announcement is a welcome development for Azonto and its shareholders,” said Rob Shepherd, Azonto's managing director.

“Overall progress on Gazelle has been much slower than originally anticipated but award of the EEA by the President is visible confirmation of continued support for the project from the highest level."

Award of the EEA follows approval of the Field Development Plan for Gazelle by PetroCI, the state oil company, as announced in October.

Vioco is now working towards project sanction that they anticipate will be taken in the first half of 2015 with first gas anticipated some 14 to 16 months thereafter in the second half of 2016.