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African Petroleum eyes higher reserves at Cote d’Ivoire and Liberia licences

26th January 2015

African Petroleum has significantly raised the prospective oil resource level at four of its licences across Cote d’Ivoire and Liberia following reappraisal by petroleum consultant ERC Equipoise

African Petroleum has significantly raised the prospective oil resource level at four of its licences across Cote d’Ivoire and Liberia following reappraisal by petroleum consultant ERC Equipoise

At its Cote d’Ivoire licences, CI-513 and CI-509, African Petroleum has seen its net risked prospective oil resource level rise 118 per cent compared to its previous estimate in April 2014, whilst also seeing a 33 per cent rise at its two Liberia licences, LB-08 and LB-09.

The ERCE Audit of prospective resources includes the addition of eight new prospects and has taken into account information gathered from third party drilling campaigns in the margin during 2014, particularly the oil discovery made by Total in CI-514 in April 2014.

“We are delighted to see that our prospective resources, upgraded by independent advisor ERCE, have seen a significant increase,” said Stuart Lake, African Petroleum Corporation’s CEO.

“As demonstrated by the ERCE Audit, Total’s discovery in Côte d’Ivoire at Saphir-1XB (April 2014) has de-risked our acreage. Today’s ERCE Audit of new Ivory Coast prospects only includes the Turonian aged reservoirs; we anticipate further prospectivity updates at the deeper Cenomanian and Aptian-Albian reservoirs. Regional third party drilling in H1 2015 is expected to de-risk our acreage further.”

The impact of de-risking through regional third party drilling activity in Côte d’Ivoire and the addition of new Turonian and Cenomanian prospects as outlined in the ERCE Audit translates into the addition of 410 MMstb in the net risked mean prospective oil resources from the April 2014 CPR (increase of 58 per cent).

African Petroleum has contracted ERCE for further updates, and is in the process of upgrading the prospective resources for its six other licences in The Gambia, Sierra Leone and Senegal. African Petroleum Corporation expects to publish this update during Q1 2015, and is confident that it will see a significant uplift in the updated numbers.

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