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Sunday, December 24, 2017
African Petroleum, through its wholly owned subsidiaries European Hydrocarbon Ltd. and African Petroleum Sierra Leone Ltd., updated its prospective oil resources at the 100% owned and operated license blocks SL-03 and SL-4A-10 in Sierra Leone.
The company engaged the independent petroleum consultant, ERC Equipoise, to prepare an updated assessment of prospective oil resources attributable to its Sierra Leone assets. The ERCE Letter of prospective resources includes six undrilled prospects and estimates the net prospective oil resources relating to the Sierra Leone licenses give the company a76% increase in its resources.
The upgrade takes into account two new material prospects identified by African Petroleum; the Leo and the Vega. Pursuant to the company’s commitments on the licenses, African Petroleum will, on conclusion of further assessment with ERCE, provide the Sierra Leone Petroleum Directorate with confirmation of its drilling program ahead of the notification deadline of October 31, 2018 for both SL-03 and SL-4A-10.
Commenting on the update, African Petroleum’s CEO Jens Pace said: “We are delighted that we have seen such a material increase in our independently assessed prospective oil resources in Sierra Leone to over 2.5 billion barrels (unrisked). African Petroleum has experienced increased industry interest in this acreage due to technology improvements and cost reductions in ultra-deep water drilling together with the materiality of the prospects identified by the company on the SL-03 and SL-4A-10 licenses. We will continue our de-risking efforts on these licenses and, in due course, work towards formulating a suitable drilling strategy that meets with the current license commitments.”
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