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Friday, November 25, 2016
African Petroleum reported that its PSCs for Liberian blocks LB-08 and LB-09 have expired and will not be extended. The PSCs formally expired in June 2016 and while the company negotiated with the government, no agreement on the terms could be reached.
As previously reported by the company is had been seeking partners for the blocks for a significant period of time; however, given the state of the industry and the lack of commercial discoveries in Liberia no firm deal to bring in a partner was forthcoming. African Petroleum said that while the licenses have played an important role within its portfolio in the early stages of its development, its portfolio has evolved significantly in recent years and the company is now focusing on the licenses where we see the most potential and industry interest to partner with African Petroleum.
Commenting on this development CEO Jens Pace said “African Petroleum has been active in Liberia for some time and has played a major role in helping to progress the industry in the country through the successful drilling of three exploration wells, including the non-commercial discovery at Narina-1. It is therefore disappointing to be exiting the country; however, our near term focus and resources must go towards the other more exciting assets within our portfolio that are generating the most industry interest and lie within proven hydrocarbon systems adjacent to world class commercial discoveries.”
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