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African Petroleum Corporation lauds West Africa operations to bait new investors

01st September 2014

African Petroleum Corporation has highlighted the potential gains to be made offshore West Africa in a bid to entice joint venture partners

African Petroleum Corporation has highlighted the potential gains to be made offshore West Africa in a bid to entice joint venture partners
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

“It has been a strong start to the year for African Petroleum Corporation,” said Stuart Lake, African Petroleum Corporation’s CEO in statement. “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.”

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 farm-out a 10 per cent 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.

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.

On 26 August 2014, African Petroleum Corporation commenced the acquisition of approximately 1,000 square kilometres 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.

Due to the recent Ebola outbreak in West Africa, African Petroleum Corporation has implemented precautionary measures to ensure the health and safety of its staff as the outbreak affects two of the four countries it operates in.

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