African Petroleum has completed its production sharing contract (PSC) transaction with Ophir Energy for the offshore CI-513 licence area in the Ivory Coast.

Under the PSC, Ophir Energy will contribute $16.9m towards African Petroleum’s back costs in relation to the licence.

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The company owns a 45% interest and operates the block. African Petroleum holds a 45% interest and the national oil company of Ivory Coast, Petroci, holds the remaining 10%.

"Completion of this transaction enables us to shift our full focus onto our ongoing and progressive discussions with potential partners for our world class acreage in Senegal and the Gambia."

African Petroleum CEO Jens Pace said: "We are pleased to have received the final ministerial signature on this new CI-513 PSC with Ophir Energy in Côte d’Ivoire and complete this important transaction.

"We look forward to working with our new partner Ophir Energy and Petroci to jointly explore the potential of this exciting block.

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"Completion of this transaction enables us to shift our full focus onto our ongoing and progressive discussions with potential partners for our world class acreage in Senegal and the Gambia."

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The agreement resulted in an extension to the previous minimum work commitments on CI-513, and at present requires drilling of an exploration within two years of the contract being signed.

African Petroleum announced in June 2015 that it had signed an agreement with an oil and gas company in the UK to provide a framework for the incoming party to secure a 45% interest in a PSC covering the block in Côte d’Ivoire.

Since then, African Petroleum and Ophir Energy have been working with the Government of Côte d’Ivoire to agree the revised terms of the new contract.