The option PetroChina had to pick up a stake in Liberia from African Petroleum Corp. has expired. African Petroleum said it is continuing to negotiate with the Chinese firm in good faith.

The two firms had entered into an MoU in July that granted PetroChina exclusivity to acquire up to 20% of the company’s Liberian Block LB-09 and up to 20% in one or more exploration blocks in Cote d’Ivoire, the Gambia, Liberia, Senegal, and Sierra Leone.

African Petroleum said it will keep shareholders informed of developments in the process.

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