FOXTROT International Successfully Completes...

FOXTROT International Successfully Completes Four-Year Development Campaign in Côte d’Ivoire

Abidjan, 30 September 2016.

FOXTROT International LDC a private Oil and Gas company, operator of Block CI-27 offshore Cote d’Ivoire, announced today the successful completion of a four-year field development program in the block. 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. The development cost of this project is around $850 million.

Natural Gas deliveries from Block CI-27 which averaged 145 million cubic feet per day last year, has climbed to an average of 170 million cubic feet per day since last August, representing more than three-quarters of Côte d’Ivoire’s total gas production. Gas is sold at a current price of $6 per million btu and liquids are sold at international market prices.

The block liquids output including oil and condensates, is now reaching 3,000 barrels per day going up from last year’s average near 1,140 barrels per day.

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 within the block has been in operation since 1999 and processes natural 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.

The CI-27 Consortium is owned by Foxtrot (24%), the state oil company PETROCI Holding (40 percent), SECI SA (24 percent) and ENERCI SA (12 percent).

FOXTROT International has identified significant additions to the natural 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 review by an independent petroleum engineering firm is expected to be completed shortly.

For further queries, please contact :
Jean Michel BONNET, General Manager
FOXTROT International LDC
Email : jmbonnet@foxtrot.ci