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Azonto Petroleum updated report for Block CI-202, Cote d'Ivoire

Tuesday, May 13, 2014
TagsCôte d'IvoireAfrica AIMOperations UpdateSeismic
The gross field contingent resources targeted by the proposed FDP are 47 bcf of gas plus 0.9 mmbbls of condensate on a 1C basis, and 92 bcf of gas plus 1.8 mmbbls of condensate on a 2C basis.
Azonto is pleased to announce the completion of an updated Resources Report (also known as a Competent Persons Report or "CPR") for Block CI-202 offshore Cote d'Ivoire prepared by RPS Energy Services Pty Ltd ("RPS") on behalf of Vioco Petroleum Ltd ("Vioco"), Azonto's 35% owned affiliate, as operator of the block. A copy of the CPR has been uploaded to the Azonto website www.azpetro.com.

The new CPR updates the previous CPR for Block CI-202 dated 15 January 2013, also prepared by RPS, specifically in relation to the Gazelle Field following further analysis of the results of the 2012 drilling programme and the 2012 3D seismic data, and in light of the revised Field Development Plan ("FDP") submitted in January 2014. The new CPR includes for the first time production profiles for the Gazelle Field and economics based on the terms of the new Production Sharing Contract signed in November 2013.

The gross field contingent resources targeted by the proposed FDP are 47 bcf of gas plus 0.9 mmbbls of condensate on a 1C basis, and 92 bcf of gas plus 1.8 mmbbls of condensate on a 2C basis. The resources are classified as contingent since the proposed FDP has yet to be approved and final investment decision ("FID") on the project has not yet been taken. The 1C, 2C and 3C resources net to Vioco are shown in the table below, both with and without PETROCI's back-in for an additional 16% interest (at its election). Vioco's current participating interest of 87% would fall to 71% should PETROCI exercise its back-in option. PETROCI is the state owned oil and gas company in Cote d'Ivoire.