LETTER OF INTENT SIGNED - BLOCKS A1 & A4, THE GAMBIA
08/31/2016 | 08:00 am
African Petroleum Corporation Limited ("African
Petroleum" or the "Company"), an independent oil and
gas exploration company with interests in ten licences
in five countries offshore West Africa, is pleased to
announce that it has signed a Letter of Intent ("LOI")
with an undisclosed International E&P company with
respect to Licences A1 and A4, offshore The Gambia.
The LOI represents a non-binding commercial proposal
regarding the possible acquisition of interests in
Licences A1 and A4 where African Petroleumholds 100%
operated working interest in both blocks.
The proposal set forth within the LOI is conditional
upon African Petroleum confirming the extension of the
exploration periods of both licences by at least 12
months by the Government of The Gambia, and is subject
to ongoing due diligence and commercial negotiations.
Further updates will be provided as appropriate.
Commenting on the agreement, CEO Jens Pacesaid: "We
are pleased to have formalised our discussions with
this potential partner through the signing of a non-
binding LOI. Whilst conversion of this LOI into any
commercial agreement is subject to a number of
conditions, including our ability to obtain an
extension to the exploration period of both blocks, we
are encouraged by the level of industry interest that
we continue to generate in our portfolio. Based on our
advanced discussions with the relevant authorities in
The Gambia, we remain confident that we will be able
to achieve a satisfactory outcome that enables us to
move forward with exploration activity of these
exciting assets."
For further information, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
For UK and International media - Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000
For Norwegian media - First House
Geir Arne Drangeid
Tel: +47 913 10 458
About African Petroleum
African Petroleum is an independent oil and gas
exploration company with an equity interest in ten
licences in five countries offshore West Africa. 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. With a combined net acreage
position of 27,797km2 through its licences in Côte
d'Ivoire, Liberia, Senegal, Sierra Leone and The
Gambia, the Company has matured its portfolio through
the acquisition of more than 18,500km2 of 3D seismic
data and successfully drilling three deep-water wells,
one of which was the first hydrocarbons discovery in
the offshore Liberian - Sierra Leone Basin. The
Company is working with its partner Ophir Energy
(operator) on the CI-513 licence in Côte d'Ivoire to
drill an exploration well in H2 2017.
