Press

African Petroleum Corporation Limited - Interim Financial Report For the First Half 2018


Highlights

  • The ICSID arbitration proceedings initiated by the Company to protect its interests in the A1 and A4 licences in The Gambia are continuing with the three ICSID cases consolidated into one single ICSID case in June 2018 in order to make the process more efficient and cost-effective.

  • In June 2018 the Company lodged Request for Arbitration documents with ICSID in order to protect its interests in the ROP and SOSP blocks in Senegal.

  • Following recent media articles regarding operations and partnership agreements on theCompany's ROP block, the Company's legal advisers have written to Total and Petronas to make them aware of the arbitration proceedings, and in the meantime the Company continues to reserve its rights on the ROP PSC.

  • In early 2018 the Company decided to withdraw from the CI-509 and CI-513 blocks and exit Côte d'Ivoire. This decision followed the post-well analysis work of the Ayamé-1X exploration well (drilled in May 2017 by Ophir Energy and the Company) that concluded the remaining prospectivity of the CI-513 block did not represent an attractive investment opportunity that would justify continued investment.

  • In April 2018 the Company announced the resignation of Non-Executive Director Mr Anthony Wilson due to health reasons. Mr Wilson was a valuable member of the Board who made significant contributions to the Company during his tenure. It is with great sadness that the Company subsequently learnt that Mr Wilson passed away in May 2018.

  • Approximately US$9.4 million cash at bank as at 30 June 2018, together with US$0.9 million restricted cash.



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