United Kingdom, 26 September 2016.
RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced today the completion of a four-year, $850 million field development programme by operator Foxtrot International LDC in Block CI-27 offshore Côte d'Ivoire. Two new gas fields, Marlin and Manta, have been brought on stream following the installation of a four-legged, manned platform and related processing and pipeline facilities and the drilling of one exploration and seven production wells.
Gas production from Block CI-27 has climbed to an average of 170 million cubic feet per day in August 2016, constituting more than three-quarters of Côte d'Ivoire's total. Production of oil and condensates from the block averaged 3,000 barrels per day. In 2015, gas production from the block averaged 145 million cubic feet per day, while liquids production averaged 1,140 barrels per day. Gas is sold at a current price of $6 per million btu and liquids are sold at international market prices.
The new platform, installed in 110 meters of water depth, doubles Block CI-27's gas and liquids handling capacity and increases the reliability of gas deliveries to the Ivorian electrical sector. The first platform on the block has been in operation since 1999 and processes gas and liquids from the previously developed Foxtrot and Mahi gas fields. Capital expenditures on Block CI-27 have topped $1 billion since 2010, including drilling of one exploration and two production wells between 2010 and 2012.
Through Mondoil Enterprises, LLC, RAK Petroleum has a one-third ownership of Foxtrot International, which operates Block CI-27 with a 24 percent direct stake. Other partners on the block are the state oil company, PETROCI SA (40 percent), SECI SA (24 percent) and ENERCI SA (12 percent). Foxtrot International also has a 27.27 percent interest in ENERCI, bringing Mondoil Enterprises' overall stake in Block CI-27 to 9.1 percent.
Foxtrot International has identified significant additions to the gas reserves and contingent resources on Block CI-27 across the four producing fields, including in previously untapped lower and upper Turonian compartments in the Marlin field. A reserves certification study by an independent petroleum engineering firm is expected to be completed shortly.
For further queries, please contact:
Kevin Toner, Managing Director
RAK Petroleum plc
About RAK Petroleum plc
RAK Petroleum plc is an Oslo Børs listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 40.45 percent of DNO ASA and 33.33 percent of Foxtrot International LDC held through Mondoil Enterprises, LLC. DNO ASA is a Norwegian oil and gas operator active in the Middle East and North Africa. Founded in 1971 and listed on the Oslo Børs since 1981, DNO ASA holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Middle East-North Africa region. Foxtrot International LDC is a privately-held company active in West Africa whose principal asset is a 27.27 percent interest in and operatorship of Block CI-27 offshore Côte d'Ivoire.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.