RAK Petroleum said on Tuesday it has invested more than $10mn as part of a joint venture acquisition of an oil and gas field block in Côte d’Ivoire.
The UAE-based oil and gas investment company said in a statement that it has increased its stake in Block CI-27 to 9.1%.
Foxtrot International LDC and other members of the joint venture were part of the acquisition with pro-rata shares of the 12% interest previously held in the block by Energie de Côte d’Ivoire SA.
RAK Petroleum’s share of the purchase price was $10.6mn (subject to certain cash and working capital adjustments).
The company has a one-third ownership of Foxtrot International held through Mondoil Enterprises.
Foxtrot International is the operator of the block with a 27.5% interest following the transaction.Â
RAK Petroleum said the development of the previously discovered Marlin oil and gas field and the nearby Manta gas field is on track after the jacket over the Marlin field was successfully installed last month.
The installation was made as part of a four-year, $1bn expansion programme on Block CI-27.
Once completed, the second production platform on the block, will support development of both fields and increase deliverability from Block CI-27 estimated to start in 2015.
The first platform on Block CI-27 currently processes a daily average of 145mn 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.
In November, Foxtrot started drilling in 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 60m and will be completed in January.
