14 July 2014 - African Petroleum Corporation Limited
("African Petroleum Corporation" or the "Company") is
pleased to announce that it has entered into an
agreement with Buried Hill Africa Limited ("Buried
Hill") to farm-out a 10% interest in Block CI-509
offshore Côte d'Ivoire in return for Buried Hill
funding 21.1% of the cost of the next exploration well
to be drilled on Block CI-509 and an additional cash
payment to African Petroleum Corporation representing
10% of past costs incurred ("Farm-out Agreement").
Under the terms of the Farm-out Agreement, African
Petroleum Corporation shall continue as Operator on
the licence.
Completion of the Farm-out Agreement is subject to the
satisfaction or waiving of certain conditions
precedent, which, apart from one pertaining to
government approval of the transfer, must be satisfied
or waived no later than 1 November 2014 (unless
extended in accordance with the Farm-out Agreement).
African Petroleum Corporation operates eight licences
located in fast-emerging hydrocarbon basins offshore
West Africa. The Company is actively seeking partners
to share risk and reward across all assets. In line
with this clearly communicated strategy, dialogue will
continue with other potentially interested parties
with a view of securing an additional farm-in partner
for Block CI-509.
African Petroleum Corporation's Chief Executive
Officer, Dr Stuart Lake commented: "We are very
pleased to have secured an initial farm-in on Block
CI-509. Alongside the adjacent Block CI-513, Block
CI-509 forms part of our highly prospective acreage
position offshore Côte d'Ivoire, and we look forward
to announcing further farm-in deals on our West
African offshore acreage in due course."
For further information, please contact:
Stuart Lake, Chief Executive Officer
Stephen West, Finance Director
Tel: +44 20 3435 7700
Angeline Hicks , Company Secretary
Tel: + 61 401 489 883
Media Contacts:
For UK and International media:
Mark Antelme/Charlie Stewart, Bell Pottinger
Tel: +44 207 861 3800
For Norwegian media:
Geir Arne Drangeid, First House
Tel: +47 913 10 458
Geir Gjervan, First House
Tel: +47 908 79 108
About African Petroleum Corporation Limited
African Petroleum Corporation is a dynamic,
independent oil and gas exploration company operating
eight licences in four countries offshore West Africa.
The Company's assets are located in fast-emerging
hydrocarbon basins, principally the West African
Transform Margin, where several discoveries have been
made in recent years, including African Petroleum
Corporation's Narina-1 discovery in February 2012,
which proved a working hydrocarbon system in the
Liberian basin. With a combined net acreage position
of 28,295km2 through its licences in Côte d'Ivoire,
Liberia, Senegal and Sierra Leone, the Company has
matured its portfolio rapidly, acquiring more than
15,000km2 of 3D seismic data and successfully drilling
three wells, one of which was the first hydrocarbons
discovery in the offshore Liberian deep-water basin.
For more information about African Petroleum
Corporation, please see www.africanpetroleum.com.au
This information is subject to disclosure requirements
pursuant to section 5-12 of the Norwegian Securities
Trading Act.