Petroleum Africa
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Tuesday, October 17, 2017
African Petroleum Corp. is continuing its negotiations in Sierra Leone. The company said that the talks with authorities to formalize documentation for the next phases of work on licenses SL-03 and SL-04A-10, and to modify work programs, are at an advanced stage.
In anticipation of entering into the next phases of the licenses, the company has been working with ERC Equipoise to re-assess the resources on both licenses through the inclusion of two new material prospects; the Leo and the Vega. Itisexpectedthat the revised prospective resources for the SL-03 and SL-4A-10 will be published shortly after entry into the next phases of the licenses.
The location of these blocks in ultra-deepwater has been a deterrent to attracting investment given the low oil price environment, however African Petroleum said that it has recently experienced an uptick in industry interest in this acreage. It attributes the interest to technology improvements and cost reductions inultra-deepwater drilling, together with the materiality of the prospects identified on the licenses.
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