senegal, page-14

The Senegal comments from Africa Pet are not really relevant at the moment, more pressing is what happens in The Gambia.
Latest comments;
African Petroleum Gambia Limited has a 60% operating interest in Blocks A1 and A4, offshore The Gambia
(Gambian Licence Blocks), acquired via a farm-in agreement with Buried Hill Gambia BV. The Gambian Licence
Blocks cover a combined total area of 2,668 sq km.
The Company completed the acquisition of 2,500 sq km of 3D data in relation to the Gambian Licence Blocks in
December 2010. Processed 3D seismic data was received in June 2011 and interpretation is ongoing.
More than 30 exploration prospects and leads have been identified on the Gambian Licence Blocks, including
five different play types. The four way dip closed Alhamdullilah structure has been confirmed, which extends
over an area of 24 sq km with five mapped reservoirs and a gross thickness of 1,000m. There are potential mean
unrisked recoverable prospective undiscovered resources of approximately 500 million barrels (Source: ERC
Equipoise independent review of African Petroleum resource, April 2011).
Other play types in the Gambian Licence Blocks include stratigraphically-trapped fans and slope channel
complexes of Turonian-Campanian age, Upper Jurassic and lower Cretaceous karstified reef build-ups and fourway
closures and eroded shelf clastics onlapping the shelf edge.
Following the acquisition of the 3D seismic data, detailed mapping of the Alhamdullilah prospect has been
completed, targeting a series of stacked submarine fan complexes. A well location has been agreed and the
Company has advanced the well planning. The Company plans to drill in 2,300m of water depth and target
multiple reservoirs within structural closure, to a target depth of 6,300 m. The drilling of the Alhamdullilah
prospect will be the first deepwater well in the Senegal-Gambia offshore region. The Company is now planning
to drill the first well in The Gambia during the second half of 2013.

It does appear that this well will be continually pushed back unless Africa Pet can secure the investment from the Chinese in its Liberian assets. Capital constraints may be the limitation here.

The question in relation to Senegal is the fact that it is unlikely a well will be drilled on FARs lease in 2013, something will need to be done in terms of lease expiry, renewal.

Main interest here is in the East Africa plays, it appears that anything out of the West African assets will be a bonus.