African Petroleum Corporation Limited Quarterly Report
Approximately US$ 34.9 million cash at bank at 30 June 2012
In addition, approximately US$95 million held in escrow accounts at 30 June 2012 as security for seismic data acquisition, the Maersk drilling contract and a bank guarantee for the Government of Cote d’Ivoire for the sum of the minimum work exploration programme, in accordance with the Cote d’Ivoire Block CI-513 Production Sharing Contract
The Company held an Annual General Meeting, where all resolutions put to the Shareholders were passed by a strong majority
NSX removed nine out of ten of the conditions that were imposed on the Company upon it being admitted onto the official list of the NSX. The remaining condition is that the Company lodge quarterly activities and cash flow reports
Post quarter end, the Company entered into a Memorandum of Understanding (MOU) with PetroChina International Investment Company Limited (PetroChina), giving PetroChina an exclusive period to agree an investment in up to 20 per cent of Block LB-09 and up to 20 per cent in one or more of the Company’s other exploration Blocks
Post quarter end, the Company completed a placement of 62,963,000 ordinary shares at A$1.35 each with institutional investors, raising a total of A$85million (US$87.3million) prior to the costs of the placement
Summary Cash Position of the Company as at the date of this report
At 30 June 2012 34.9
In escrow 95.0
Placing (gross) 87.3
Post period end, the Company was provisionally awarded Block SL 4A-10 offshore Sierra Leone
New business opportunities continue to be reviewed offshore West Africa
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