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Wednesday, March 18, 2015
African Petroleum updated its prospective oil resources at its 90% owned and operated Senegal Offshore SudProfond and Rufisque Offshore Profond license blocks in Senegal and its 100% owned and operated A1 and A4 offshore blocks in Gambia.
The company engaged the independent petroleum consultant, ERC Equipoise (ERCE) to prepare an updated assessment of prospective oil resources attributable to the company’s Gambian licenses, and an initial assessment of the Senegal licenses.
The ERCE Letter of prospective resources includes 20 prospects and estimates the net prospective oil resources relating to the licenses in both countries. In Senegal net unrisked prospective oil is 1.779 billion barrels and net risked oil resources are 325 million barrels. In the Gambia the net unrisked prospective resources is 3.079 billion and the net risked is 445 million.
The ERCE Letter, in conjunction with the April 2014 CPR and ERCE Audit published in January 2015, independently assesses African Petroleum’s net unrisked mean prospective oil resources at 11,614MMstb.
Stuart Lake, African Petroleum’s CEO, comments: “We are delighted to see that our net unrisked prospective oil resources, assessed by independent advisor ERCE, have been significantly increased to a total of 11.6 billion barrels. The two discoveries by Cairn Energy in Senegal at FAN-1 and SNE-1 during 2014 have significantly reduced our exploration risk and give us further encouragement with regards to our strategic goals to attract quality partners on these assets going forward.
African Petroleum’s diverse portfolio provides real potential to create significant value in the event of exploration success. Each of the company’s prospects selected for drilling have robust economics, even at a lower oil price, and upon drilling these wells, if they are successful, there is extensive follow up in the rest of the portfolio.”
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