reports
Update: Ophir farm-down deal complete
In December 2015, African Petroleum (APCL) announced it had entered into a farm-down agreement with Ophir Energy over its CI-513 licence area. On 10 March the transaction completed. This will trigger a payment of US$16.9m towards APCL’s back costs, provide it with a well-funded partner and is a vote of confidence in its asset quality. The deal was made possible by the flexibility shown by the Côte d’Ivoire government to make fiscal terms more attractive and the extended drilling timetable, ...
Update: Farm-out signed with Ophir
African Petroleum (APCL) has announced it has entered into a new PSC with Ophir Energy on its CI-513 licence area, Côte d’Ivoire. Ophir will take a 45% interest in return for a US$16.9m contribution towards APCL’s back costs and paying an additional 10% towards drilling costs. Importantly, the PSC has also been renegotiated to reflect the current commodity price environment and outlook for deepwater developments. This has resulted in an extension of the minimum work commitments (a well is n...
Flash note: Equity placement completed
APCL has completed the private placement, raising NOK16.5m (c $2m). This capital injection allows the company to continue to fund itself, while finding partners for drilling across its extensive offshore African portfolio. The previously announced farm-down of an interest in CI-513 continues to progress, with completion expected following negotiation and government approval. The company is also in advanced discussions with several interested parties across the Senegalese and Gambian licences. In...
Flash note: CEO leaves for health reasons
Stuart Lake, the CEO of Africa Petroleum (APCL), is stepping down for health reasons. He will be replaced by the current COO, Jens Pace. Jens has over 30 years’ industry experience, including roles at BP (and previously Amoco), latterly as VP of exploration (North Africa). His experience in a multitude of African countries and as the COO at APCL since October 2012 means he should be well placed to take the reins from Stuart. We wish Mr Lake a swift recovery.
Update: Gambia and Senegal audit report
African Petroleum (APCL) has released the results of an independent audit of prospective resources in its Senegalese and Gambian blocks. The results indicate best estimate net unrisked prospective resources of 1.2bnbbl across five prospects and 1.9bnbbl respectively across six prospects. Added to the prospectivity in its other blocks, APCL’s unrisked gross mean estimated prospective oil resources over 10 blocks has increased from 7.3bnbbl to 11.6bnbbl. The proximity of these blocks to Cairn’...
Initiation: Deep water West African explorer
African Petroleum (APCL) is a pure-play, offshore-focused explorer with 10 blocks across five countries on the West African transform margin. Significant discoveries in 2014 made by Cairn (with the SNE-1 and FAN-1 wells) and Total have significantly de-risked exploration in Senegal, Côte d’Ivoire and The Gambia. APCL is actively seeking farm-in partners, discussions have advanced following the third-party 2014 well results, and the company anticipates making announcements in H115. With no wel...
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