ACQUISITION OF TWO NEW BLOCKS

FOXTROT International and its partners SECI and PETROCI signed this Monday, January 8th, 2018 with the Government of Côte d’Ivoire two petroleum production sharing contracts (PSCs) for exploration, production and exploitation of hydrocarbons on the offshore blocks CI-12 and CI-502. FOXTROT International is the designated operator under these contracts. The signing ceremony took place at the Cabinet of the Ministry of Petroleum, Energy and Development of Renewable Energies in the presence of the representatives of the Ivorian Government: Mr. Thierry TANOH, Minister of Petroleum, Energy and Development of Renewable Energies, Mr. Adama KONE, Minister of Economy and Finance and Mr. Moussa SANOGO, Secretary of State to the Prime Minister, in charge of Budget and Portfolio of the State.

The co-contracting private companies were also represented by their legal representatives: SECI by its Chairman and Chief Executive Officer Mr. Olivier BOUYGUES; PETROCI by its General Manager Dr. Ibrahima DIABY and FOXTROT International by its General Manager Mr. Jean Michel BONNET.

These new acquisitions reinforce FOXTROT International and its partners’ role of major player in the development of energy of Côte d’Ivoire.

Blocks CI-12 (1085 km2) and CI-502 (222 km2) are located offshore Jacqueville in water depths of 0 to 1000 m for CI-12 and 1000 to 2000 m for block CI-502.

During the first phases of the contracts, FOXTROT will undertake seismic processing, geological and geophysical studies to confirm the presence of hydrocarbons (gas and oil) and thus be able to consider the development of the fields, in order to meet the energy needs of Côte d’Ivoire.

The minimum investment during the 3 exploration periods included in the contract is over seventy million dollars (USD 70 MM) for both blocks.