African Petroleum issues Interim Financial Report – Second Quarter 2014

African Petroleum issues Interim Financial Report – Second Quarter 2014

Highlights
• In February 2014, the Company announced the appointment of new CEO, Dr Stuart Lake
• Revised Company strategy and repositioned focus, establishing a near, future and long term plan to consolidate its position, mature high potential assets and, assuming success, commercialise and expand
• In February 2014, African Petroleum Corporation announced licence extensions in Sierra Leone and Liberia, and in April 2014 the Company was granted extensions on its Côte d’Ivoire licences thus allowing time to leverage learnings from third party activity in order to build a predictive model pre-drill
• A$20 Million share placement was completed in April 2014
• Updated Competent Persons Report released in April 2014,estimating African Petroleum Corporation’s net unrisked mean prospective oil resources in excess of 5.2 billion barrels
• In April 2014, the Company received approval to list on Oslo Axess and in May 2014 completed an IPO raising gross funds of NOK 48.6million (approximately US$8.2m)
• On 30 May 2014 African Petroleum Corporation completed its first day of trading on Oslo Axess
• Subsequent to half-year end, the Company announced a farm- out in block CI-509 (Côte d’Ivoire), secured a 3D seismic contract on its SL-04A-10 licence (Sierra Leone) and became a significant shareholder in NSX listed International Petroleum Limited
• Additionally, subsequent to half-year end in preparation for the anticipated 2015 drilling campaign, African Petroleum Corporation completed the purchase of well-heads on behalf of the Company’s subsidiary African Petroleum Côte d’Ivoire Limited
Dr Stuart Lake, CEO Commented
“2014 has proved an exciting time for the Company, having secured a listing on Oslo Axess,licence extensions in Côte d’Ivoire, Sierra Leone and Liberia, raised US$27 million and, subsequent to half-year end, farmed-out 10% of Block CI-509 and signed an agreement to commence 3D seismic in Sierra Leone, it is clear that we have achieved a number of significant objectives this year. The Company is in an excellent position to move into the next phase of delivery and growth,and we anticipate making some significant announcements over the coming six months. I feel confident, with these important milestones already achieved, African Petroleum Corporation can move forward and unlock the potential of our 5.2 Bnbbls of prospective resources.”
Read Full Report: Q2-2014-Interim-Financial-Report-Oslo
Source: ap_logo

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