Petroleum Africa
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Tuesday, June 26, 2018
African Petroleum issued an update on its ongoing legal issues in Senegal regarding the SOSP and ROP PSCs. According to the company formal notices of dispute were issued in January to the government of Senegal, and in accordance with the terms of the PSCs, the parties had three months to resolve the disputes.
Unfortunately, the parties were unable to resolve the disputes during the defined timeframe and during a period of subsequent discussions. Accordingly, its subsidiary African Petroleum Senegal Limited has lodged Request for Arbitration documents with the International Center for the Settlement of Investment Disputes (ICSID) in order to protect its interests in the ROP and SOSP blocks in Senegal.
Due to legal confidentiality considerations and commercial sensitivities associated with the arbitration process, the company intends to only provide material updates to shareholders as and when appropriate.
African Petroleum notes recent media reports that Total has completed a significant seismic acquisition on the ROP block and is planning to drill a well in 2019. The company continues to reserve its rights on the ROP PSC.
The company remains open to engaging in constructive dialogue with the Senegalese authorities through appropriate and official channels, with a view to establishing a satisfactory solution that is in the interests of all parties.
Jens Pace, African Petroleum’s CEO, comments: “Our legal position regarding our rights over the licenses in Senegal remains unchanged. We are taking this step of initiating official dispute resolution proceedings in order to underpin and shape discussions with the government, with the ultimate aim of protecting our interests. We believe in the significant potential of our licenses and are determined to find a way forward with all stakeholders to secure value for our shareholders.”
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