African Petroleum announces updates on SL-03 and SL-4A-10 blocks in Sierra Leone

AP 1African Petroleum has announced an update on behalf of European Hydrocarbon Limited and African Petroleum Sierra Leone Limited to the prospective oil resources at the 100 per cent owned and operated licence blocks SL-03 and SL-4A-10 in Sierra Leone

European Hydrocarbon Limited and African Petroleum Sierra Leone Limited are the wholly owned subsidiaries of African Petroleum.

The Company engaged the independent petroleum consultant, ERC Equipoise Ltd, to prepare an updated assessment of prospective oil resources attributable to its Sierra Leone Licences (ERCE Letter).

The ERCE Letter of prospective resources includes six undrilled prospects. The net unrisked prospective oil resources for blocks SL-03 and SL-4A-10 is estimated as 2,530 and net risked prospective oil resources is estimated as 394.

The upgrade to the independently assessed prospective resources follows the recent announcement on 5 December 2017, regarding the entry into the second extension periods for the two Sierra Leone Licences and takes into account two new material prospects identified by the company, including Leo and Vega.

“Pursuant to our commitments on the licences, African Petroleum will, on conclusion of further assessment with ERCE, provide the Sierra Leone Petroleum Directorate with confirmation of its drilling programme ahead of the notification deadline of 31 October 2018, for both SL-03 and SL-4A-10,” said the company to the press.

“We are delighted that we have seen such a material increase in our independently assessed prospective oil resources in Sierra Leone to more than 2.5 bbl (unrisked). African Petroleum has experienced increased industry interest in this acreage due to technology improvements and cost reductions in ultra-deep water drilling together with the materiality of the prospects identified by the company on the SL-03 and SL-4A-10 licences,” said Jens Pace, CEO of African Petroleum.

“We will continue our de-risking efforts on these licences and, in due course, work towards formulating a suitable drilling strategy that meets with the current licence commitments,” Pace added.

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