African Petroleum issue update on Licence Blocks SL-03 and SL-4A-10 in Sierra Leone
African Petroleum, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa, is pleased to announce an update to its prospective oil resources at its 100% owned and operated Licence Blocks SL-03 and SL-4A-10 in Sierra Leone (“Sierra Leone Licences”).
The Company engaged the independent petroleum consultant, ERC Equipoise Ltd (“ERCE”), to prepare an updated assessment of prospective oil resources attributable to the Company’s Sierra Leone Licences (the “ERCE Letter”). The ERCE Letter of prospective resources includes four prospects and estimates the net prospective oil resources relating to the Sierra Leone Licences as follows:
SL-03 and SL-4A-10
Net Unrisked Prospective Oil Resources 1,354
Net Risked Prospective Oil Resources 223
The ERCE Letter, in conjunction with the upgrades to Senegal, The Gambia, Liberia and Côte d’Ivoire announced during Q1 2015, independently assesses African Petroleum’s total net unrisked mean prospective oil resources across its ten licences at 12,534 MMstb.
Stuart Lake, African Petroleum’s CEO, comments:
“We are delighted that we have seen such a material increase to our independently assessed net unrisked prospective oil resources during the first quarter 2015. Following an update to Senegal, The Gambia, Liberia and Côte d’Ivoire earlier this year, today’s published ERCE Letter demonstrates another material upgrade to our prospective resources, with total estimated prospective oil resources in excess of 12.5 billion barrels.
Currently, only Sierra Leone Licence SL-03 is covered by a fully processed 3D seismic dataset. Further 3D seismic was acquired over Licence SL-4A-10 in 2014 and processing is scheduled for completion in Q2 2015. Consequently only the potential in Licence SL-03 has been matured to prospect level apart from the Albian 4-way closure ‘Regel’ that extends from Licence SL-03 into Licence SL-4A-10. A number of additional leads have been identified in Licence SL-4A-10, on a preliminary fast-track seismic volume, and these will be matured to prospect status once the final data is available. A further Competent Persons Report update for Sierra Leone is anticipated in H2 2015 with potential additional targets, including the Vega Lead, in SL-03 and the fully matured prospects in SL-4A-10.
African Petroleum’s diverse portfolio provides the potential to create significant value in the event of exploration success. The Company’s prospective resources are highly material numbers and highlight the opportunity and potential value locked in our assets. It is now our task to unlock this value for our shareholders.”