African Petroleum resumes oil hunt offshore Liberia

Offshore staff

WEST LEEDERVILLE, Australia – The semisubmersible Eirik Raude has spudded the Bee Eater-1 exploration well on block LB-09 offshore Liberia for operator African Petroleum Corp. (NSX:AOQ).

The location is 9.5 km (5.9 mi) northwest of African Petroleum’s 2012 Narina-1 well, which discovered oil in Turonian reservoirs. Bee Eater-1 will test a potentially westerly extension of Narina-1 in an axial position of the fan for improved reservoir quality, updip of the presumed Narina-1 oil/water contact.

Prospective resources for the Bee Eater/Narina fan system, which extends over an area of 300 sq km (116 sq mi), are estimated at 840 MMbbl, with a further 2.396 Bbbl potentially in additional prospects on blocks LB-08 and LB-09.

After completing Bee Eater-1, Eirik Raude will drill another well – various locations are under consideration in both blocks.

African Petroleum is negotiating to bring in PetroChina as a 20% partner in LB-09. It is also in discussions with other major international oil companies on various exploration blocks off Cote d’Ivoire, Liberia, Gambia, and Senegal.

Farm-out negotiations are expected to be completed during the current quarter, the company adds, providing funds for further wells in 2013 and 2014.

1/9/2013

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