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.
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