African Petroleum Acquires Offshore Block in Ivory Coast

African Petroleum Corporation Limited, an oil and gas company focused on exploration in West Africa region, has entered into an agreement with PETROCI and the Republic of Côte d’Ivoire to acquire one offshore exploration permit covering block CI-513 (“Permit”).

The block is located in the Western Offshore area of Côte d’Ivoire, with a total surface area of 1440 sqkm. African Petroleum Côte d’Ivoire will be the Operator with 90% interest in the block. The other 10% is owned by PETROCI.

African Petroleum Côte d’Ivoire exploration programme will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field, Ghana and Mercury discovery, Sierra Leone.

Karl Thompson, Chief Executive Officer, comments “African Petroleum is already one of the largest net exploration acreage holders in the West African transform margin focussed on the newly emerging and highly successful Upper Cretaceous exploration fairway. The award of CI-513 initiates African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Côte d’Ivoire and accelerating exploration in the region. The new entry into Côte d’Ivoire is part of African Petroleum’s strategy to build an extensive portfolio in proven Upper Cretaceous basins of Côte d’Ivoire, Sierra Leone and Liberia as well as building on our pre-eminent position in the frontier Gambia/Senegal Western Margin. We anticipate announcing significant additional new exploration awards in 2012”.

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Offshore Energy Today Staff, January 11, 2012; Image: African Petroleum