Petroleum Africa
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Wednesday, March 5, 2014
African Petroleum Corp. updated its prospective petroleum resources on its West African licenses. The company contracted ERC Equipoise Ltd. (ERCE) to prepare an updated assessment of the prospectivity of the petroleum exploration interests of the company and its associated companies in Blocks LB-08 and LB-09 offshore Liberia, Licenses CI‐509 and CI‐513 offshore Côte d’Ivoire, and Block SL‐03 offshore Sierra Leone, and to prepare estimates of the prospective petroleum resources using information and data available up to December 31.
The assessment in the Competent Persons Report reflects the purported termination of the company’s Gambia license interests on January 3. In addition, no assessment has been made on the company’s exploration license interests in Senegal as it is at an early stage of interpretation of the 3D seismic data available over this acreage.
The report tagged the company’s net unrisked prospective resources in Liberia at 3,230 Mmstb, in Cote d’Ivoire at 1,560 Mmstb, and Sierra Leone at 434 Mmstb for a total of 5,224 Mmstb. African Petroleum’s net risked prospective resources in Liberia at 496 Mmstb, Cote d’Ivoire’s at 209.4 Mmstb, while in Sierra Leone ERCE tagged them at 78.8 Mmstb or a total of 784.2 Mmstb
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