RAK Petroleum increases stake in Cote d'Ivoire oil field

UAE-based oil and gas investment firm says it has invested more than $10m on deal
RAK Petroleum increases stake in Cote d'Ivoire oil field
(Photo for illustrative purposes only)
By Andy Sambidge
Tue 02 Dec 2014 12:35 PM

RAK Petroleum plc said on Tuesday it has invested more than $10 million as part of a joint venture acquisition of an oil and gas field block in Côte d’Ivoire.

The UAE-based, Oslo-listed oil and gas investment company said in a statement that it has increased its stake in Block CI-27 to 9.1 percent following the acquisition by Foxtrot International LDC and other members of the joint venture of their pro-rata shares of the 12 percent interest previously held in the block by Energie de Côte d’Ivoire SA.

RAK Petroleum’s share of the purchase price was $10.6 million (subject to certain cash and working capital adjustments).

The company has a one-third ownership of Foxtrot International held through Mondoil Enterprises. Following the transaction, Foxtrot International holds a 27.5 percent interest in the block of which it is the operator.

RAK Petroleum said the development of the previously discovered Marlin oil and gas field and the nearby Manta gas field is on track following the successful installation last month of the jacket over the Marlin field, part of a four-year, $1 billion, expansion programme on Block CI-27. 

Once completed, the platform, the second production platform on the block, will support development of both fields and increase deliverability from Block CI-27 commencing in 2015.

The first platform on Block CI-27, in operation since 1999, currently processes a daily average of 145 million cubic feet of gas, 70 percent of Côte d’Ivoire’s total, and 1,000 barrels of oil and condensate from the Foxtrot and Mahi fields.

Also in November, Foxtrot International commenced drilling of the Marlin North 1 well to test the existence of a commercial Cenomanian accumulation north of the Marlin oil and gas field. 

The well is located in water depths of about 60 metres and will be completed in January.

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