Good Oil Conference Presentation on website, page-45

Some excerpts from African Petroleum 2Q report

African Petroleum Corporation Ltd
Interim Financial Report for the Second Quarter 2015
Highlights
 Binding joint bidding agreement signed with a large London listed oil and gas company on
licence Block CI-513 in Côte d’Ivoire. Completion of the transaction is subject to
negotiation and entry into commercial agreements
 Advanced farm-out discussions with numerous interested parties across the Company’s
assets, including The Gambia and Senegal. Recent exploration success by third party
operators in the area has led to a significant increase in the level of interest in these assets
 The Company shares were listed on the Open Market of the Frankfurt Stock Exchange in
June 2015
 Upgraded prospective resources were announced for the Company’s 100% owned and
operated Licence Blocks SL-03 and SL-4A-10 in Sierra Leone. The independently assessed
net mean prospective oil resources relating to the Sierra Leone Licences are 1,354MMstb.
Further resource updates are planned before year end; however, internal work has shown
a further >2.7 billion barrels of potential in the acreage (these numbers will be
independently assessed in due course)
 Approximately US$3.0 million cash at bank as at 30 June 2015, together with US$13.1
million restricted cash
 In line with current industry practice, the Company has implemented a cost cutting
initiative from 1 July 2015, and the Company continues to explore further cost saving
measures



The Gambia & Senegal
The Company is in advanced farm out discussions with several interested parties across the
Company’s Gambia and Senegal assets. The recent exploration success of third party
operators within this area, namely Cairn Energy in Senegal and Kosmos in Mauritania, has led
to a significant increase in the level of interest in these assets. There has been a 60% increase
in visits to the Company’s data room during H1 2015 from a high calibre of companies, a
number of whom have confirmed their interest in pursuing a transaction and have initiated
detailed due diligence. The Company seeks to attract binding offers as soon as possible.
Further announcements on progress will be made in due course.