APCL - LICENCE UPDATE - SIERRA LEONE
LICENCE UPDATE - SIERRA LEONE
African Petroleum Corporation Limited (“African Petroleum” or the “Company”) issues the following update with regards to its two operated licences in Sierra Leone.
It has been determined that the Company will relinquish its interests in licenses SL-03-17 and SL-4A-17 with immediate effect. The relinquishment of the licences is a result of the decision to not commit to an ultra-deep water drilling program and follows a period of discussion with the Petroleum Directorate of Sierra Leone, during which the parties failed to agree an extension to the licences on suitable terms.
Commenting on the update, CEO Jens Pace said:
“The relinquishment of the blocks is a result of the Company’s election to not commit to drilling an ultra-deep water well at this time, one that would set a world record water depth. Instead, we must focus our attention on areas where we see the best chances of value creation for our shareholders. Despite our efforts to progress our technical work program and secure partners for the Sierra Leone blocks, it has become apparent that the industry appetite does not currently exist for ultra-deep water exploration in this part of the African margin. Although it is disappointing to walk away from a technically interesting area, the outcome relieves us of onerous future cost commitments associated with these assets which I believe is the right course of action for the Company.”
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For further information, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000
About African Petroleum
African Petroleum is an independent oil and gas exploration company with licence interests in offshore West Africa (Senegal and The Gambia). The Company’s assets are located in proven hydrocarbon basins in the West African Transform Margin and the Atlantic Margin, where several discoveries have been made in recent years.
For more information about African Petroleum, please see www.africanpetroleum.com.au
https://newsweb.oslobors.no/message/464196
African Petroleum Corporation Limited (“African Petroleum” or the “Company”) issues the following update with regards to its two operated licences in Sierra Leone.
It has been determined that the Company will relinquish its interests in licenses SL-03-17 and SL-4A-17 with immediate effect. The relinquishment of the licences is a result of the decision to not commit to an ultra-deep water drilling program and follows a period of discussion with the Petroleum Directorate of Sierra Leone, during which the parties failed to agree an extension to the licences on suitable terms.
Commenting on the update, CEO Jens Pace said:
“The relinquishment of the blocks is a result of the Company’s election to not commit to drilling an ultra-deep water well at this time, one that would set a world record water depth. Instead, we must focus our attention on areas where we see the best chances of value creation for our shareholders. Despite our efforts to progress our technical work program and secure partners for the Sierra Leone blocks, it has become apparent that the industry appetite does not currently exist for ultra-deep water exploration in this part of the African margin. Although it is disappointing to walk away from a technically interesting area, the outcome relieves us of onerous future cost commitments associated with these assets which I believe is the right course of action for the Company.”
******
For further information, please contact:
Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810
Media Contacts:
Buchanan
Ben Romney/Chris Judd
Tel: +44 207 466 5000
About African Petroleum
African Petroleum is an independent oil and gas exploration company with licence interests in offshore West Africa (Senegal and The Gambia). The Company’s assets are located in proven hydrocarbon basins in the West African Transform Margin and the Atlantic Margin, where several discoveries have been made in recent years.
For more information about African Petroleum, please see www.africanpetroleum.com.au
https://newsweb.oslobors.no/message/464196
Redigert 21.01.2021 kl 04:52
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Fluefiskeren
24.11.2018 kl 09:11
4247
Var det noen som snakket om politisk risiko i Vestafrika?
https://www.offshoreenergytoday.com/e-guinea-minister-orders-operators-to-cut-ties-with-subsea-7/
https://www.offshoreenergytoday.com/e-guinea-minister-orders-operators-to-cut-ties-with-subsea-7/
nerfherder
24.11.2018 kl 12:22
4118
Helt klart, men her har vel Subc en jobb å gjøre for å imøtekommme kravene som vel ikke er urimelige. Er vel ikke så allerverst med politisk risiko andre steder i verden heller for tiden.
fremogtilbake
24.11.2018 kl 14:14
4047
Dessuten er vel Subsea 7 involvert i kun Fortuna FLNG prosjektet i EG? Etter at Schlumberger og Golar trakk seg fra alliansen med Ophir, kommer vel det prosjektet neppe til å komme i havn, i hvertfall ikke for Ophir og på kort sikt. Så det er vel ikke sikkert Subsea 7 tar akkurat dette så tungt i noe tilfelle.
Fluefiskeren
24.11.2018 kl 14:45
4008
FoT
Hvorfor snakker du bare om Ophir?
«As per the statement issued by the E. Guinean Ministry of Mines and Hydrocarbons, Minister Gabriel Mbaga Obiang Lima on Thursday announced the decision “to mandate all petroleum operators including but not limited to Noble Energy, Exxon Mobil, Kosmos Energy, Trident, Marathon Oil Corporation and other operators to cancel all contracts with US-based oil service company Subsea 7, due to noncompliance of Equatorial Guinea’s local content regulations»
Jeg tror nok Subsea gjerne ville vært dette foruten
Hvorfor snakker du bare om Ophir?
«As per the statement issued by the E. Guinean Ministry of Mines and Hydrocarbons, Minister Gabriel Mbaga Obiang Lima on Thursday announced the decision “to mandate all petroleum operators including but not limited to Noble Energy, Exxon Mobil, Kosmos Energy, Trident, Marathon Oil Corporation and other operators to cancel all contracts with US-based oil service company Subsea 7, due to noncompliance of Equatorial Guinea’s local content regulations»
Jeg tror nok Subsea gjerne ville vært dette foruten
fremogtilbake
24.11.2018 kl 15:35
3964
Flue,
du har sikkert rett, visste om Ophir men ikke de andre. Når det er sagt, at man har krav om local content er jo ikke akkurat unormalt, så det er vel mer et tegn på at Subsea har rotet ting til for seg selv enn at det er så store politiske utfordringer i EG. Det kan godt være det også, men det skulle bare mangle at internasjonale serviceselskaper ikke benytter lokale krefter. Det er jo en grunn til at de fleste land i oljeindustrien har local content rules eller tilsvarende.
Og dette er vel mer et Subsea problem enn et APCL problem?
du har sikkert rett, visste om Ophir men ikke de andre. Når det er sagt, at man har krav om local content er jo ikke akkurat unormalt, så det er vel mer et tegn på at Subsea har rotet ting til for seg selv enn at det er så store politiske utfordringer i EG. Det kan godt være det også, men det skulle bare mangle at internasjonale serviceselskaper ikke benytter lokale krefter. Det er jo en grunn til at de fleste land i oljeindustrien har local content rules eller tilsvarende.
Og dette er vel mer et Subsea problem enn et APCL problem?
Redigert 24.11.2018 kl 15:37
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Fluefiskeren
24.11.2018 kl 15:50
3942
Selvsagt ikke noe APCL- problem. Hvorfor skulle det være det? Tok det bare med for å vise at Afrika er Afrika. ( ved nærmere ettertanke så er jo det ganske logisk. Hvem skulle de ellers være?)