African Petroleum to De-Risk Sierra Leone with 3D Survey

African Petroleum Corporation announced that its wholly owned subsidiary African Petroleum Sierra Leone Limited has signed a contract to acquire more than 1,000 sq km of 3D seismic data on Block SL-4A-10, offshore Sierra Leone in addition to the existing 3D coverage.

The seismic acquisition over Block SL-4A-10 is expected to commence in Q3 2014.

The Company was awarded SL-03 in April 2010 and the adjacent Block SL-4A-10 as part of Sierra Leone’s third offshore licencing round in 2012. Both Sierra Leone licences are in their first exploration period.

The Company has already identified a number of key prospects in its Sierra Leone licences. Block SL-03 has net unrisked mean prospective oil resources of 434 MMstb (ERC Equipoise, Competent Persons Report 2014).

African Petroleum Corporation’s Chief Executive Officer, Dr Stuart Lake, commented: “With significant milestones already achieved in 2014, today’s announcement continues to demonstrate African Petroleum Corporation’s move into the next phase of delivery and growth. The Company has interpreted existing 2D data over SL-4A-10 and has identified a number of promising prospects and leads, some of which are large dip closures with amplitude support at multiple stratigraphic levels. The acquisition of 3D seismic data over the block will de-risk this acreage further and meet our contractual obligations.”

Press Release, July 11, 2014