Petroleum Africa
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Sunday, December 6, 2015
African Petroleum’s wholly owned subsidiary European Hydrocarbons Ltd. (EHL) has entered into the first extension period on the SL-03 license, offshore Sierra Leone. The expiry date of the extension is April 23, 2017. The initial exploration period on the SL-03 license expired on April 23 of this year with EHL fulfilling all obligations, including the acquisition of 2,500 sq km 3D seismic.
In April 2015 EHL gave notice to the Sierra Leone Petroleum Directorate of its intention to enter into the first extension period on the SL-03 license and this has recently been approved. In accordance with the requirements of the petroleum license agreement, EHL has relinquished 50% of the license area, reducing the license area from 3,860 sq km to 1,930 sq km.
Contemporaneously with the approval of the entry into the First Extension Period, the Petroleum Directorate agreed to modify the work program, minimum expenditure requirements and social obligations in favor of EHL during the first extension period on the license. The license amendments are subject to ratification by the parliament of Sierra Leone.
Detailed mapping of 3D seismic has identified a number of prospects. The Altair Channel is the most easterly of these and exhibits a high amplitude seismic expression within a stratigraphic trap. Independently assessed by ERC Equipoise, the estimated net un-risked mean prospective oil resources attributable to the Altair prospect is 434MMstb. The forward program provides an opportunity to analyze the seismic data fully prior to making a commitment to drill an exploration well.
Commenting on the announcement, Jens Pace, CEO of African Petroleum said: “We are pleased to be entering the next phase on license SL-03 in Sierra Leone. The First Extension Period provides a further 18 months to complete geoscience work over the block ahead of drilling an exploration well. With significant prospectivity identified in the Company’s adjacent license SL-4A-10 (the Vega and Leo prospects) which we believe extends into SL-03, the additional time allows us the opportunity for further mapping of the Campanian sand fairway and investigation of promising Direct Hydrocarbon Indicators.”
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