African Petroleum Starts a Two Well Drilling Programme in Block LB-09 Liberia

African Petroleum Corporation Limited (NSX:AOQ) (“African Petroleum” or the “Company”) started drilling the Bee Eater-1 well in Block LB-09 offshore Liberia on the 4th January 2013 with Ocean Rig’s semi-submersible rig, the Eirik Raude. The Bee Eater-1 well is located 9.5 km north west of the 2012 Narina discovery which discovered high quality oil in Turonian reservoirs. The Bee Eater – 1 well will test a potentially westerly extension of the Narina-1 Turonian oil discovery in an axial position of the fan for improved reservoir quality and is located up dip of the postulated Narina -1 OWC. Mean recoverable un-risked prospective resources for the Bee Eater/Narina fan system, which extends over an area of 300 sq km, are estimated as 840 MMstb and 2396 MMstb for the additional prospects identified on Blocks LB-08 & LB-09 (3236 MMstb in total). ERC Equipoise have provided a recent update on the prospective resources for Liberia Blocks LB-08 & LB-09 which is available on the company website
The second well in this drilling program will be drilled with the Eirik Raude in Liberia following on immediately after completion of the Bee Eater-1 well. A number of potential well locations in Blocks LB-08 & LB-09 are under consideration dependent on the outcome of the Bee Eater-1 well.
Karl Thompson CEO comments “2012 has been a very successful year for the company with the Narina-1 discovery in Liberia and the expansion of the exploration portfolio with the addition of 5 more exploration blocks in Senegal, Sierra Leone and Cote d’Ivoire. Extensive 3D seismic surveys have been acquired on the blocks in Senegal and Cote d’Ivoire with very encouraging results and are being evaluated to include in our forward drilling program. We are looking forward to a very active exploration program in 2013 starting with the drilling of the high potential Bee Eater prospect in Liberia LB-09 and follow on drilling in Liberia plus Cote d’Ivoire and The Gambia/Senegal coast.”
We are finalising negotiations with PetroChina for an investment up to 20% equity in Block LB-09 in Liberia and are confident we will reach agreement shortly. We are also in farm out discussions with a number of other major International oil companies on selected exploration blocks in Cote d’Ivoire, Liberia, Gambia and Senegal. We anticipate concluding the farm out negotiations in the 1st quarter 2013 which will provide investment funding for additional drilling in 2013 and 2014.”
The Quarterly Activities Report of 31 October 2012 reported the Company had US$169.7 million cash of which US$87.5 million was restricted cash related to drilling and security deposits for achieving certain drilling milestones.
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