African Petroleum Corporation Limited Outlines Objectives for 2016

Complete further farm-out transactions during H1 2016 to fund forward well drilling programme for next 18 – 24 months

  1. Strengthen financial position through successful farm-outs: contribution towards significant historic cost pool
  1. Maintain capital and cost discipline with focused team
  1. Undertake focused technical work to support forward drilling programme
  1. Manage portfolio via licence extensions and/or rationalise portfolio consistent with exploration potential and holding costs
  1. Evaluate new ventures and inorganic opportunities
  1. Consider changing parent company jurisdiction to align with recent de-listing from Australia and to simplify the group structure

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    Milestones Achieved in 2015:


New PSC Signed with Ophir Energy on Côte d’Ivoire block CI-513

Private placements: $12.5m in Feb 2015 and $2.0m in Oct 2015 – shareholder support

Upgraded Prospective Resource numbers for Senegal, The Gambia & Sierra Leone

Shares listed on the Open Market of the Frankfurt Stock Exchange

Cost-cutting measures implemented – head count reduced significantly and substantial reduction in office overheads, including a 40% reduction in salaries

New CEO (Jens Pace) appointed

Board re-structured: CEO and CFO appointed to the Board and number of NEDs reduced

Entered into next phase on Sierra Leone licence SL-03 and agreed to modify the work programme and obligations

Shares voluntarily de-listed from the NSX

Significant activity in farm-out dataroom across acreage, despite industry backdrop
Click for Full Report: AP Company Presentation January 2016
Source: African Petroleum Corporation Limited
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