African Petroleum issue Quarterly Disclosure Declaration

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

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