FOXTROT INTERNATIONAL REPORTS START OF PRODUCTION FROM ITS SECOND CÔTE D’IVOIRE OFFSHORE PLATFORM

Foxtrot International LDC, operator of Block CI-27 offshore Côte d’Ivoire, announced today commencement of production from a second platform on the Block.

The Marlin-B1ST well, the first in an initial five-well drilling campaign to develop two previously discovered fields on the Block, is currently flowing an average of 1,100 barrels per day of 26 degree API oil through a 35/64 -inch choke. It encountered 62 meters of gross pay in the Cenomanian interval; an 18.5 meters section of this interval was oil bearing, of which a 6.4 meters section has been perforated. The well, drilled in 100 meters of water, reached a total depth of 2,660 meters.

The new Marlin platform was installed in April 2015 as part of a four-year, USD 1 billion expansion program to bring the Marlin oil and gas field and the Manta gas field on production. The platform will double Block CI-27’s hydrocarbons treatment capacity and increase the reliability of gas deliveries. The first platform on the Block has been in operation since 1999 and processes natural gas and liquids from the Foxtrot and Mahi fields.

Drilling of the top holes of the remaining wells in this phase of the development program is ongoing.

Gas production from Block CI-27 in 2015 through the end of the third quarter averaged 145 million cubic feet per day. Production of oil and condensates averaged just below 1,000 barrels per day prior to startup of the new well.

Foxtrot International operates Block CI-27 with a 24 percent direct participating interest. Other partners in the Block joint venture are the State oil company PETROCI SA (40 percent), SECI SA (24 percent) and ENERCI SA (12 percent).