African Petroleum, PetroChina MoU Update

African Petroleum, PetroChina MoU Update

Update on Memorandum of Understanding with PetroChina International Investment Company Limited
Further to the announcement made by African Petroleum Corporation Limited (APCL or the Company) on 16 July 2012, the Company advises that the exclusivity granted to PetroChina International Investment Company Limited (PetroChina) has expired.
Pursuant to a memorandum of understanding (MOU) between the Company and PetroChina, the Company granted PetroChina exclusivity to agree an investment in up to 20% of the Company’s Block LB-09 in Liberia and up to 20% in one or more exploration blocks in Cote d’Ivore, the Gambia, Liberia, Senegal and Sierra Leone.
Notwithstanding the expiry of the exclusivity period, the Company is continuing its negotiations in good faith with PetroChina in a positive manner regarding the parameters of an investment in the Company’s projects. Shareholders will be kept informed of developments.
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and political news
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!
>Oil and Gas Press

#FOLLOW US ON INSTAGRAM