Petroleum Africa
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Sunday, November 4, 2018
African Petroleum issued an update on its Sierra Leone SL-03-17 and SL-4A17 blocks. Through the company’s wholly owned subsidiaries – European Hydrocarbon Ltd and African Petroleum Sierra Leone Ltd – it has entered into the Second Extension Periods for the two blocks taking them to April 23, 2019 and September 17, 2019 respectively, and modified the work programs for both licenses.
In accordance with the modified work programs, the subsidiaries were required to commit to the drilling of one exploration well in each license during the remaining term of the respective license.
During the past 12 months the companies have been utilizing state owned well and seismic data, together with existing seismic data, to further de-risk the licenses, and to host data-rooms and engage in discussions with interested deep-water industry players. The agreed work program elements have been completed and the conclusions reviewed with the Petroleum Directorate of Sierra Leone. The work to date has confirmed the company’s positive views on the prospectivity of the license area. However, due to the ultra-deep water (3,000 – 3,900 meters) setting of these licenses it is the considered view of the company that additional detailed geological and geophysical work is necessary prior to the subsidiary companies committing to the drilling of an exploration well.
Following a recent meeting with the Petroleum Directorate in Sierra Leone, the company submitted to the Sierra Leone government for an extension to the well commitment and second extensions periods in order to allow additional time for the subsidiary companies to complete additional geological and geophysical work and commit to the drilling of exploration wells. The company is awaiting a response from the Sierra Leone government to the proposal and will provide a further update once received.
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