Petroleum Africa
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Monday, May 8, 2017
African Petroleum issued a comment on the recent announcement by Total that it was awarded a majority stake in the Rufisque Offshore Profond Block (ROP). According to the company, it reiterated its position that it holds a 90% operated position in the ROP PSC.
Under the terms of the ROP PSC, the block remains active unless and until a termination procedure is enacted by the Republic of Senegal. To date, the Republic of Senegal has not validly enacted such termination procedure, and accordingly the company reserves its rights under the ROP PSC.
The company notes that the Heads of Terms announced on April 18 in relation to Senegal and The Gambia is in relation to the Senegal Offshore Sud Profond PSC (SOSP PSC) in Senegal, and not the ROP PSC. Accordingly, regardless of the company’s confidence in reserving its rights under the ROP PSC, the Heads of Terms announced on 18 April 2017 related to its SOSP PSC in Senegal and the A1 and A4 blocks in The Gambia, is unaffected by the speculation surrounding the ROP PSC.
Further, the company notes that it does not intend to use any of the proceeds raised in the Private Placement announced on May 2 for the ROP PSC.
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