PERTH (miningweekly.com) – West Africa-focused oil and gas hopeful Azonto Petroleum told shareholders on Tuesday that the company was weighing a number of strategic options to manage cost and preserve shareholder value, including an asset sale or a possible merger.
Azonto holds a 35% interest in Vioco Petroleum, which, in turn, holds an 87% interest and is the operator of 707 km2 exploration acreage, offshore Côte d’Ivoire.
The block was considered highly prospective and had five oil and gas discoveries, 15 wells and 20 production tests, some of which have produced gas at up to 37 mmscfd and oil at over 2 000 b/d.
The ASX-listed Azonto was trading at 0.6c a share on Tuesday.