African Petroleum Releases its 2014 Audited Financial Statements
African Petroleum Corporation, an independent oil and gas exploration company operating ten licences in five countries offshore West Africa, releaseD its Audited Financial Statements for the year ended 31 December 2014.
The Loss for the year of US$42.2 million varies from the year-to-date Loss for period reported in Unaudited Financial Report for the Quarter Ended 31 December 2014 of US$18.8 million (released on OAX and NSX on 27 February 2015) primarily due to the recognition of an impairment loss of US$22.3 million during the year in respect of exploration and evaluation expenditure. This impairment loss is further described in note 13 to the Audited Financial Statements for the year ended 31 December 2014.
During 2013 the Company recognised an impairment loss of US$31.2 million in respect of exploration and evaluation expenditure in The Gambia, due to the purported termination of the Gambia licences in 2014.
These Gambia licences were re-instated on a 100% basis to the Company in November 2014; however, the Company has not reversed the impairment loss previously recognised for these licences in the Audited Financial Statements for the year ended 31 December 2014.
The full 2014 Annual Report for the Company is expected to be released on or about 31 March 2015.