Glossary

AGM

Annual General Meeting

AOQ

African Petroleum Corporation Limited’s ticker symbol on the NSX

bbls

barrels of oil

bcf

billion cubic feet of gas

bn

billion

boe

barrels of oil equivalent

boepd

barrels of oil equivalent per day

bopd

barrels of oil per day

Capital employed

equity plus interest-bearing debt

Development well

a well drilled specifically into a previously discovered field

EHSS

Environment Health, Safety, and Security

Farm in

to acquire an interest in a license from another party

Farm out

to assign an interest in a license to another party

ft

feet

H1

First half

H2

Second half

Hydrocarbons

compounds containing only the elements hydrogen and carbon, they may exist as solids, liquids or gases

Joint venture or JV

a group of companies who share the cost and rewards of exploring for and producing oil or gas from a Permit or License

km²

Square Kilometres

Licence and Permit

area of specified size, which is licensed to a company by the government for production of oil and gas

mmbbl, mmbbls

million barrels

mmboe

millions of barrels of oil equivalent

MOU

Memorandum of Understanding

NSX

National Stock Exchange of Australia

OAX - Oslo Axess

a regulated market of the Oslo Bors

Operator

a company which organizes the exploration and production programs in a permit or license on behalf of all the interest holders in the permit or license

OPL

Oil Prospecting License

Q1

first quarter

Q2

second quarter

Q3

third quarter

Q4

fourth quarter

Spud

 to commence drilling a well

Tcf

Trillion cubic feet of gas

W I

working interest

1P Reserves

proven reserves

2D Seismic

two - dimensional seismic

2P Reserves

proven and probable reserves

3D Seismic

three - dimensional seismic

3P Reserves

proven, probable and possible reserves