African Petroleum Announce Update in Cote d’Ivoire and Liberia
African Petroleum Corporation, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa,is pleased to announce an update to its prospective oil resources at its 90% owned and operated CI-509 and CI-513 offshore licence blocks in Côte d’Ivoire (“Côte d’Ivoire Licences”) and its 100% owned and operated LB-08 and LB-09 offshore blocks in Liberia (“Liberia Licences”).
The Company engaged the independent petroleum consultant,ERC Equipoise Ltd (“ERCE”), to prepare an updated assessment of prospective oil resources attributable to the Company’s Côte d’Ivoire and Liberia Licences (the “ERCE Audit”).
The ERCE Audit of prospective resources includes the addition of eight new prospects and has taken into account information gathered from third party drilling campaigns in the margin during 2014,particularly the oil discovery made by Total in CI-514 in April 2014. The ERCE Audit, in conjunction with the ERCE Competent Persons Report April 2014 (“April 2014 CPR”), estimates the net prospective oil resources relating to the Côte d’Ivoire Licences and Liberia
The impact of de-risking through regional third party drilling activity in Côte d’Ivoire and the addition of new Turonian and Cenomanian prospects as outlined in the ERCE Audit translates into the addition of 410 MMstb in the net risked mean prospective oil resources from the April 2014 CPR (increase of 58%).
The Company has contracted ERCE for further updates, and is in the process of upgrading the prospective resources for its six other licences in The Gambia, Sierra Leone and Senegal.
African Petroleum Corporation expects to publish this update during Q1 2015, and is confident that it will see a significant uplift in the updated numbers.
Stuart Lake, African Petroleum Corporation’s CEO, comments:
“We are delighted to see that our prospective resources, upgraded by independent advisor ERCE, have seen a significant increase. As demonstrated by the ERCE Audit, Total’s discovery in Côte d’Ivoire at Saphir-1XB (April 2014) has de-risked our acreage. Today’s ERCE Audit of new Ivory Coast prospects only includes the Turonian aged reservoirs; we anticipate further prospectivity updates at the deeper Cenomanian and Aptian-Albian reservoirs. Regional third party drilling in H1 2015 is expected to de-risk our acreage further.”