1 September 2014 - African Petroleum Corporation Limited ("African
Petroleum Corporation" or the "Company") is pleased to provide an
operational update on its West African exploration portfolio.
Farm-out Update
As previously announced African Petroleum Corporation is seeking
strategic partners on its eight licences in Côte d'Ivoire, Liberia,
Senegal and Sierra Leone in order to share risk and potential reward of
the Company's exploration programme. Significant progress has been
made with the farm-out process, in particular, the Company has
received a high level of interest in its Côte d'Ivoire licences, CI-509
and CI-513, from a number of international companies and industry
majors. A number of factors have led to a significant increase in
interest in the Company's Côte d'Ivoire licences, primarily Total's
hydrocarbon discovery in block CI-514 (adjacent to African Petroleum
Corporation's block CI-513) and the Company's announcement on 14
July 2014 stating it has signed an agreement to farmout a 10%
interest in Block CI-509.
Significant third party exploration activity in the West African region
from majors and independents alike is driving interest in African
Petroleum Corporation's acreage. The Company expects this
heightened interest to culminate in farm-in offers in due course.
Further announcements on the farm-out process will be made by the
Company, as and when, farm-out terms are agreed between parties.
Preparations for 2015 Drilling Programme
In preparation for the Company's Côte d'Ivoire drilling campaign,
anticipated to commence in 2015, the Company has signed an
agreement with DrilQuip (Europe) Limited to provide two SS-15
wellheads. The purchase of these wellheads is a positive step for the
Company, and a move towards initiating the drilling campaign in
African Petroleum Corporation's acreage in Côte d'Ivoire.
2014 will be a significant year of exploration activity for Côte d'Ivoire,
with the hydrocarbon discovery announced by Total in April 2014, and
results expected from Anadarko and Vitol in the coming six months.
African Petroleum Corporation is in a strong position to leverage
learning's from this third party drilling activity and unlock the
potential of its highly prospective acreage.
Seismic Acquisition - Sierra Leone
On 26 August 2014, African Petroleum Corporation commenced the
acquisition of approximately 1,000 sq km of 3D seismic data over
offshore licence SL-4A-10, Sierra Leone. The 3D seismic survey is
being undertaken by TGS using the Polarcus 'Alima' and will be
complete within one month.
Completion of this 3D seismic acquisition will fulfil all remaining
commitments for the first exploration period in the Company's Sierra
Leone licences.
The Company's existing 2D seismic coverage and partial 3D seismic
data over its Sierra Leone licences has identified a number of key
prospects and leads, some of which are large dip closures with
amplitude support at multiple stratigraphic levels.
Health, Safety, Environment and Security
Due to the recent Ebola outbreak in West Africa, African Petroleum
Corporation has implemented precautionary measures to ensure the
health and safety of our staff as the outbreak affects two of the four
countries we operate in. Most critically our drill obligations in late
2015 are not in the countries where the outbreak is currently
occurring. We are, however, working with the national oil companies,
host government officials and Non Governmental Organisations to see
how strategic social investments can be utilised to help them combat
Ebola.
Dr Stuart Lake, African Petroleum Corporation's CEO commented:
"It has been a strong start to the year for African Petroleum
Corporation. The Company continues to work towards building its
reputation as a fast moving explorer in both emerging and frontier
basins. Having already achieved a number of significant milestones
set out in the strategic objectives for 2014, the Company's focus is to
secure long-term partners and finalise a drilling schedule for 2015.
Securing a partner to drill and meet licence obligations will
demonstrate to the market the value of our high potential exploration
portfolio, which has been significantly de-risked by recent successes
in adjacent acreage. Such moves will be an important step towards
our goal to deliver optimum value and return to our stakeholders."
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
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.