African Petroleum releases Q ended report

African Petroleum Corporation Limited (“African Petroleum” or the “Company”) a West African focused oil and gas exploration and development company on Tuesday announced its “Quarter ended 31st December 2011” report as stipulated by law.
Reporting on its financial position APCL said it recorded approximately US$204.5 million cash at bank at 31 December 2011.
In addition, approximately US$39.3 million is held in escrow accounts at 31 December 2011 as “security” for seismic data acquisition, the Maersk drilling contract and a bank guarantee for the Government of Cote d’Ivoire for the “sum of the minimum work exploration programme”, in accordance with the Cote d’Ivoire Block CI-513 Production Sharing Contract.
The Company reported the completion of drilling work on its first well (Apalis-1) in deepwater offshore Liberia in Block LB-09 and the acquisition of two new exploration blocks offshore Senegal, Rufisque Offshore Profond and Senegal Sud Offshore Profond, covering 18,277 sq km.
APCL also disclosed that in January 2012, it spudded its second well (Narina-1) on Block LB-09, offshore Liberia and was awarded a new exploration block offshore Cote d’Ivoire, Block CI-513, covering 1,440 sq km.
Reporting on its 100% interest 3910sq km Block SL-03 offshore Sierra Leone situated approximately 90-150 km to the north west of Anadarko’s recent Mercury-1 and Venus-1 discoveries, APCL said “basin modelling indicates that Turonian to Mid Albian source rocks should be mature within and adjacent to Block SL-03”.
It also stated that the “acquisition of 2,535 sq km of 3D seismic data” in Block SL-03 has been completed “successfully” by TGSNOPEC using the Fugro “Geo Caribbean” vessel. The survey it reported, took 60 days in total.
TGS-NOPEC currently involved in Sierra Leone’s “oil bid round” it went on “is currently processing the 3D seismic data” adding that “the Company received a fast-track volume in January 2012” and “interpretation” has begun on the fast-track volume, “final fully processed 3D data volume is expected from the end of April 2012”. APCL concluded saying it “hopes to be able to drill a prospect in SL-03 in 2013”.