First Energy - Company Update, page-11

African Petroleum holds interests in Senegal and Gambia where its licences surround the Cairn/FAR blocks. The company’s prospects have been de-risked by the SNE-1 and FAN-1 discoveries and in total, the blocks hold independently assessed net unrisked prospective resources of 1.4bnbbls in Senegal and 1.9bnbbls in Gambia.

African Petroleum

African Petroleum (APLC) holds large interests in four blocks in Senegal and Gambia surrounding the block containing the discoveries by Cairn/FAR at FAN-1 and SNE-1. In Senegal, APCL has identified one lead, Baobab, in the Rufisque Offshore Profond licence (ROP), which it is confident is similar to FAN-1 and this prospect is currently being matured. As in ROP, its Senegal Offshore Sud Profond (SOSP) licence to the south of Gambia is expected to contain deepwater basin fans, but crucially some shelf-edge prospects more analogous to that encountered in the SNE-1 discovery should also be present. In its two Gambian licences, A1 and A4, immediately to the south of Sangomar a number of prospects have been identified on the shelf edge and in the deepwater basin.

The FAN-1 and SNE-1 discoveries have de-risked APCL’s prospects and an independent audit of prospective resources released in March 2015 indicate best estimate gross unrisked prospective resources of 1.4bnbbls in the Senegalese blocks and 1.9bnbbls in Gambia. The company is currently looking to farm-down its blocks with a view to drilling in 2016/17 and the proximity to the 2014 exploration successes is likely to increase industry interest in this process.