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
- Strengthen financial position through successful farm-outs: contribution towards significant historic cost pool
- Maintain capital and cost discipline with focused team
- Undertake focused technical work to support forward drilling programme
- Manage portfolio via licence extensions and/or rationalise portfolio consistent with exploration potential and holding costs
- Evaluate new ventures and inorganic opportunities
- 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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