RATIFICATION OF THE AWARD OF BLOCK SL-4A-10, SIERRA LEONE
African Petroleum Corporation Limited (NSX: AOQ) (“African Petroleum” or the “Company”), is pleased to announce that the Company’s award of Block SL-4A-10, offshore Sierra Leone was ratified by the Parliament of the Republic of Sierra Leone on 21 September 2012.
African Petroleum Sierra Leone Limited, a wholly owned subsidiary of African Petroleum, entered into a petroleum licence agreement with the Government of the Republic of Sierra Leone for a 100% interest over the petroleum exploration and production licence for Block SL-4A-10 on 17 September 2012, subject to formal ratification from the Parliament of the Republic of Sierra Leone.
Block SL-4A-10 is 1,995 sq km in area, situated offshore Sierra Leone, approximately 90-150 km to the north west of Anadarko’s recent Mercury, Jupiter and Venus discoveries, which have proven hydrocarbons in Upper Cretaceous aged submarine fan systems.
African Petroleum will be targeting these prospective fan systems at Block SL-4A-10 and has already identified a number of promising prospects for verification on the 3D data. Block SL-4A-10 is immediately adjacent to SL-03 (African Petroleum 100%), which covers an area of 3,860 sq km on which 3D seismic has already been acquired and an extensive Upper Cretaceous fan system has been identified, extending onto Block SL-4A-10.