African Petroleum holds a 100% operated working interest in offshore licences A1 and A4. The Company has completed a significant 3D seismic survey with data covering 2,500km2 and has found a number of analogue leads and prospects in its acreage to that of the recent discoveries and appraisal wells drilled by Cairn Energy in Senegal.
On 13 March 2015, African Petroleum announced that independent petroleum consultant ERC Equipoise had prepared an updated assessment of prospective oil resources attributable to the Company’s Gambian Licences. The assessment, estimates the net unrisked mean prospective oil resources at 3,079MMStb.
Independent petroleum consultant ERC Equipoise prepared an updated assessment of prospective oil resources attributable to the Company’s Gambian Licences and estimates the net unrisked mean prospective oil resources at 3,079MMStb.
The Company has identified leads and prospects in the Gambian Licences, many of which are on trend with the discoveries made at FAN-1 (announced 7 October 2014) and SNE-1 (announced 10 November 2014) by the Cairn Energy operated group in Senegal. African Petroleum is looking to farm-out both Gambian Licences and has had significant interest from international and large independent oil companies. We expect this interest to culminate in a farm-in in due course.
This part of the Atlantic Margin has become highly active with the recent exploration success of third party operators, namely Cairn Energy in Senegal and Kosmos in Senegal and Mauritania. A significant level of activity in the region is ongoing as both Cairn and Kosmos continue successful multi-well exploration and appraisal programmes in the area.
The Gambia Project: Blocks A1 & A4
Net Acreage 2,672km2
· 100% working interest in exploration blocks A1 and A4
· High potential frontier exploration area
· Extensive 3D seismic acquired over A1 and A4
· Multiple prospects analogous to Cairn Energy operated discoveries SNE-1, 2, 3 and 4, BEL-1 and FAN-1
· Independently assessed net unrisked mean prospective oil resources of 3,079MMStb