Continental Focus, International Reach

African Petroleum Sees Gambia Licenses Reinstated

Monday, December 1, 2014

African Petroleum Corp. entered into an agreement with the government of Gambia to reinstate its Alhamdulilah License Block A1 and License Block A4, and settle all prior issues concerning the Gambia licenses including the discontinuation of arbitration proceedings.

The reinstatement of the company’s acreage is a significant and positive step for the company, particularly following the recent oil discoveries by Cairn Energy in Senegal.

“We are delighted that the government of the Republic of The Gambia has reinstated Alhamdulilah License Block A1 and License Block A4,” said Stuart Lake, African Petroleum’s CEO. “The company looks forward to continuing its exploration efforts on this highly prospective acreage, particularly in light of the recent oil discoveries made by Cairn Energy nearby in Senegal.

“These two discoveries made at FAN-1 and SNE-1 are reported to have proved excellent quality reservoirs, with the SNE-1 well analysis showing net oil pay of 36 meters and oil of 32° API from samples of gas, oil and water recovered to surface. According to this announcement, preliminary estimates suggest that the SNE-1 discovery is highly likely to be a commercial discovery.”

African Petroleum holds a 100% interest in the Gambia licenses through its wholly owned subsidiaries African Petroleum Gambia Ltd. and APCL Gambia B.V.

 


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