LONDON (ShareCast) - Oil and gas exploration group DekelOil announced it has started to supply crude palm oil to a second local customer in the Ivory Coast.

The delivery forms part of an off-take agreement signed recently with local refining company Adam-Afrique for a minimum of 5,000 metric tonnes of crude palm oil annually and up to a maximum of 10,000 metric tonnes.

Adam-Afrique is expected to meet quality standards in return for the official AIPH price, which is similar to the CIF Rotterdam price. The agreement is anticipated to run until the end of 2016, at which point it will be renewed for consecutive three-year periods unless either party ends the agreement.

Lincoln Moore Executive Director said: "Combined with our off-take agreement with local refiner SAR announced earlier this year, we have now secured buyers for our 2014 production.

"Following operating profitability being achieved during March 2014, the Mill's first full month of operations, we have as anticipated increased production volumes in April and are maintaining our focus on increasing revenues."

As of 08:48 the share price was unchanged at 1.4p.

WS

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