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African Petroleum Awarded Offshore Block CI-513

Source: www.gulfoilandgas.com 1/9/2012, Location: Africa

African Petroleum Corporation Limited, a West African focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, African Petroleum Cote d’Ivoire Limited, has entered into an agreement with the Societe Nationale d’Opérations Petrolieres de la Cote d’Ivoire (PETROCI) and the Republic of Cote d’Ivoire (the “State of Cote d’Ivoire”) to acquire one offshore exploration permit covering block CI-513 (Permit).

Block CI-513 is situated in the Western Offshore area of Cote d’Ivoire, with a total surface area of 1440 sqkm. African Petroleum Cote d’Ivoire will be the Operator with 90% interest in the block. The other 10% is owned by PETROCI. African Petroleum Cote d’Ivoire exploration programme will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field, Ghana and Mercury discovery, Sierra Leone.

Karl Thompson, Chief Executive Officer, comments “African Petroleum is already one of the largest net exploration acreage holders in the West African transform margin focussed on the newly emerging and highly successful Upper Cretaceous exploration fairway. The award of CI-513 initiates African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Cote d’Ivoire and accelerating exploration in the region. The new entry into Cote d’Ivoire is part of African Petroleum’s strategy to build an extensive portfolio in proven Upper Cretaceous basins of Cote d’Ivoire, Sierra Leone and Liberia as well as building on our pre-eminent position in the frontier Gambia/Senegal Western Margin. We anticipate announcing significant additional new exploration awards in 2012”.

African Petroleum has recently been awarded licences in Senegal over two blocks: Rufisque Offshore Profond and Senegal Offshore Sud Profond. The area covers 18,277sq km. The Company holds 90% interest with its partner Petrosen holding the remaining 10%.

African Petroleum currently holds a 100% interest in blocks LB-08 and LB-09 offshore Liberia, where it has completed 5,100sq km of 3D seismic data. It has drilled one well in LB-09 with encouraging results.

African Petroleum holds a 100% interest in block SL-03 offshore Sierra Leone where it has recently completed 3D seismic acquisition covering 2,500 sq km.

The Company also holds a 60% operating interest in blocks A1 and A4 offshore Gambia where it has completed 2,500 sq km of 3D seismic. This is in conjunction with its partner Buried Hill Gambia BV.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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