African Petroleum Corporation Limited ("African Petroleum"
or the "Company") provides the following update regarding
the A1 and A4 licences in The Gambia.
Further to the announcement issued on 21 August 2017,
management confirms that the Company has not received any
feedback, formal or otherwise, from the Government of The
Gambia despite its best efforts to engage in dialogue with
the relevant authorities. As a result, the Company is
preparing to formally commence arbitration. African
Petroleum will provide further updates to shareholders as
this process proceeds.
Commenting on the update, CEO Jens Pace said:
"It is a matter of regret that it has come to this; however,
we are confident in our legal position and have made great
efforts to proactively engage in sensible dialogue with the
relevant authorities. Previous assurances that we would
receive feedback during the month of August do not seem to
have been followed up. We now believe that in order to
protect our historical investment, we have no choice but to
take this case to arbitration. We remain open to
progressive dialogue and sensible resolutions with the
Gambian authorities but must proactively seek to protect our
rights through this process."
For further information, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000
About African Petroleum
African Petroleum is an independent oil and gas exploration
company with an equity interest in eight licences in four
countries offshore West Africa (Senegal, The Gambia, Côte
d'Ivoire and Sierra Leone). The Company's assets are located
in proven hydrocarbon basins in the West African Transform
Margin and the Atlantic Margin, where several discoveries
have been made in recent years.
For more information about African Petroleum, please see
www.africanpetroleum.com.au