09.10.2018 kl 14:54 6286

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APCL reacts as Senegal offers blocks

African Petroleum writes to Petrosen after state player seeks partners for block it still claims

Eoin O'Cinneide
8 Oct 2018 07:30 GMT Updated 8 Oct 2018 07:31 GMT

Senegal is looking for farm-in partners for an offshore block that is still claimed by Oslo-listed junior African Petroleum Corporation Limited (APCL), which has already gone to arbitration over the disputed tract.

State company Petrosen is seeking tenders for two offshore blocks, including the Senegal Offshore Profond (SOSP) block, APCL said on Monday.

APCL claims it still holds a 90% operated stake in the tract.

“The company's legal counsel has today written to the Senegalese authorities reminding them of African Petroleum's rights under the SOSP production sharing contract,” APCL said.

“The SOSP PSC is currently the subject of an ongoing ICSID [International Centre for the Settlement of Investment Disputes] arbitration process which has been acknowledged by the Senegalese authorities.

APCL chief executive Jens Pace said: "We are surprised that Petrosen are seeking expressions of interest on our SOSP block at this time given it is the subject of ICSID arbitration, a process which the Senegalese government has acknowledged and interested industry players will be well aware of.

APCL slumps on Senegal PSC stalemate

“The SOSP PSC has not been terminated and until such time as the dispute is resolved, either amicably or through the arbitration channels, African Petroleum remains on the licence, and we shall continue to defend our position rigorously through the ongoing arbitration process."

APCL started arbitration under the ICSID in late June over its stated position in both the SOSP and Rufisque Offshore Profond PSCs. French supermajor Total has already completed new 3D seismic on the latter tract and is preparing to drill there next year.

Redigert 09.10.2018 kl 14:55

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