APCL - Extension to Exclusivity Agreement - Senegal and the...

APCL - Extension to Exclusivity Agreement - Senegal and the Gambia

African Petroleum provides the following update to its previously announced non-binding heads of terms ("Exclusivity Agreement") with a well-funded, listed oil and gas company with a strong track record in Offshore deep-water drilling.
African Petroleum and the incoming party have been working together to finalize negotiations with the governments of Senegal and The Gambia, to continue due diligence and to negotiate farm-in documentation. Whilst good progress has been made to date, the period of exclusivity in the Exclusivity Agreement has been extended for a further six weeks until 20 July 2017 in order to ensure there is adequate time to complete this process.
The Heads of Terms and Exclusivity Agreement provide a framework for the incoming third party to secure a 70% operating interest in the Company's SOSP production sharing contract in Senegal and the A1 and A4 licenses in The Gambia.