Australian-listed Azonto Petroleum is looking to finalise a development plan for its Gazelle gas field offshore Cote d’Ivoire toward the end of this year, with project sanction aimed for by December.

A revised development plan was submitted to government authorities in July, Azonto reported in its latest results for the six months ending 30 June. That plan is based on sending gas to a new onshore power plant adjacent to onshore gas reception facilities for Gazelle, which is due to be constructed by the state electricity company CI Energies.

A gas sales contract has already been agreed, and a project team is now working towards sanction of the development, which is targeted for the end of 2014, subject to the power project staying on a similar schedule, Azonto reports.

Azonto holds 35% equity in another company, Vioco, which has an 87% operated interest in offshore block CI 202 containing Gazelle. Vitol owns the remaining 65% of Vioco. However the equity position could change if Petroci, the state oil company, exercises its back-in right for 16% in the block, which would reduce Vioco’s working interest to 71%.

Block CI 202 encompasses a total of 707 sq km (272 sq miles) and in addition to the Gazelle field includes a number of exploration and appraisal targets, in water depths ranging from 50-1,000 m (164-3,280 ft).

Azonto also is working on interpretation of previously acquired pre-stack depth migration seismic data, which has remapped existing prospects and identified others. The most attractive of these will be matured to drill ready status for possible inclusion as an exploration well within a Gazelle development drilling program, the company has indicated.

Offshore