- Cameroonian government has contracted Addax Petroleum for the exploration of its Iroko exploration license area.
An agreement signed by both parties on Thursday empowered the Canadian oil and exploration company to acquire a 100% interest in the licensed area and serve as operator.
Cameroon's national oil company, Société Nationale des Hydrocarbures holds a back-in right of 30% in case of a development.
The Iroko license area, which covers an area of 15.75 square km [3,890 acres], lies about 30 km offshore Cameroon where the water depth is approximately 40 metres. There are no wells drilled on Iroko at the moment, although there is oil production nearby from the Pecten (Shell)-operated Mokoko-Abana field complex.
"I am delighted that Addax Petroleum has been awarded this promising exploration acreage by the Republic of Cameroon, situated in the prolific Rio del Rey Basin where the overwhelming majority of Cameroon's production is located," says Jean Claude Gandur, the President and Chief Executive Officer of Addax Petroleum.
"We are excited by our exploration potential offshore Cameroon which we believe can deliver near-term value for our shareholders and the country," he said.
"We are presently drilling our first exploration wells on the Ngosso license area and later in 2008 we plan to drill on Iroko."
In consideration for its interest in Iroko, Addax is obligated to pay a signature bonus of US $ 3 million and undertake within the first three years a minimum work program valued at US $17.5, which includes the acquisition of 3D seismic data and the drilling of one well.
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