African Petroleum acquires added deepwater interest off Côte d’Ivoire

Offshore staff

Leederville, Australia – African Petroleum Côte d’Ivoire has agreed with Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI) and the Republic of Côte d’Ivoire to acquire an offshore exploration permit covering block CI-509.

African Petroleum (NSX:AOQ) will be operator with 90% interest. PETROCI holds the remainder.

The exploration program for the block targets deepwater Upper Cretaceous submarine fans considered to have potential similar to Jubilee, Narina 1, and Jupiter. A 3D exploration program covering blocks CI 513 and CI509 is scheduled to begin in April.

“Together with the earlier award of block CI‐513, this award of CI‐509, underlines African Petroleum’s commitment to building a high grade exploration portfolio in the proven oil basin of Côte d’Ivoire and accelerating exploration in the region,” said Frank Timis, non-executive chairman.

3/21/2012

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