LONDON – African Petroleum has entered into an agreement with the government of the Republic of the Gambia to reinstate the company’s offshore licenses.
Terms for the Alhamdulilah license block A1 and license block A4 include resolving all prior issues and the discontinuation of arbitration proceedings.
In addition, African Petroleum has agreed to a revised initial exploration period that will expire on Sept. 1, 2016. Prior to this date it has committed to drill one exploration well and to reprocess 3D seismic on block A4.
The company has a 100% interest in the licenses through its wholly owned subsidiaries African Petroleum Gambia and APCL Gambia.