Oil and gas exploration firm African Petroleum has entered into an agreement with Gambia to reinstate the company’s offshore licences to carry on exploration activities
African Petroleum said that the reinstatement of the Alhamdulilah Licence Block A1 and Licence Block A4 — together the Gambia Licences — is a significant and positive step for the company, particularly following the recent oil discoveries made by Cairn Energy in Senegal.
Stuart Lake, CEO of African Petroleum, said, “We are delighted that the government of Gambia has reinstated Alhamdulilah Licence Block A1 and Licence Block A4. The company looks forward to continuing its exploration efforts on this highly prospective acreage, particularly in light of the recent oil discoveries made by Cairn Energy in Senegal.
“The two oil discoveries made by Cairn Energy at FAN-1 and SNE-1 are reported to have proved excellent quality reservoirs. The SNE-1 well analysis shows a net oil pay of 36 metres and preliminary estimates suggest that the SNE-1 discovery is likely to be a commercial discovery.”
The oil and gas exploration company added that it would also drill an exploration well on one of the Gambia Licences and reprocess 3D seismic on Licence Block A4 prior to 1 September 2016.