African Petroleum: Waiting for Liberian farm-out to happen

African Petroleum, an independent oil and gas exploration company operating ten licences in West Africa, will need to wait some more to complete a farm-out deal for its block offshore Liberia.

The company, which in December signed a non-binding term sheet for the LB-08 offshore block with an unnamed London-based oil company, today said the deadline for the transaction completion has been delayed for March 20.

Explaining the delay, African Petroleum said: “This extension has been agreed in order to allow both parties the additional time to finalize and agree the transaction documentation.”

If and when the deal is successful, the London-based oil company will acquire a 50% net participating interest in the LB-08 licence in return for the payment of 50% of all future costs and expenditures relating to the LB-08 licence and a contribution to past costs and expenditures.

The LB-08 licence is situated in what African Petroleum describes as “a highly prospective region offshore Liberia.”

In an independent review of African Petroleum Corporation’s acreage conducted by ERC Equipoise Ltd in April 2014 and updated in January 2015, the estimated net unrisked mean prospective oil resources of LB-08 exceeds 2.6 billion barrels.

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply