African Petroleum issue Quarterly Disclosure Declaration
Reports relating to the quarter ended 30 June 2014:
Highlights
Corporate
Approximately US$ 16.5 million cash in bank at 30 June 2014
In addition, approximately US$12 million restricted cash as at 30 June 2014, being security deposits that will be released upon the achievement of certain drilling milestones in Côte d’Ivoire
The Company successfully listed on the Oslo Axess on 28 May 2014 under the ticker symbol “APCL”, raising gross funds of NOK 48.6 million (approximately US$8.2 million)
Mr Bjarne Moe appointed as a Non-Executive Director
OPERATIONS
Updated Competent Persons Report published by ERC Equipoise estimating African Petroleum Corporation’s net mean unrisked prospective oil resources in excess of 5.2 billion barrels, released in April 2014
PSC Amendments – Côte d’Ivoire Blocks CI-509 and CI-513, amendments include an adjustment of the licence periods providing for one year extensions to the first exploration periods for both licences
Dr Stuart Lake, CEO commented:
“Following a strong start to the year, African Petroleum Corporation has continued to achieve significant milestones, including; listing on the Oslo Axess, securing extensions to our Côte d’Ivoire licences and a private placement. The Company is in an excellent position to move into the next phase of delivery and growth.”
Source: African Petroleum Corporation Limited
