x

African Petroleum relinquishes licences off Sierra Leone

African Petroleum has announced an update regards to its two operated licences in Sierra Leone.

It has been determined that the Company will relinquish its interests in licenses SL-03-17 and SL-4A-17 with immediate effect. The relinquishment of the licences is a result of the decision to not commit to an ultra-deep water drilling program and follows a period of discussion with the Petroleum Directorate of Sierra Leone, during which the parties failed to agree an extension to the licences on suitable terms.

Commenting on the update, CEO Jens Pace said:

‘The relinquishment of the blocks is a result of the Company’s election to not commit to drilling an ultra-deep water well at this time, one that would set a world record water depth. Instead, we must focus our attention on areas where we see the best chances of value creation for our shareholders. Despite our efforts to progress our technical work program and secure partners for the Sierra Leone blocks, it has become apparent that the industry appetite does not currently exist for ultra-deep water exploration in this part of the African margin. Although it is disappointing to walk away from a technically interesting area, the outcome relieves us of onerous future cost commitments associated with these assets which I believe is the right course of action for the Company.’ (Energy mix report)

Hot this week

Riverpark Estate Developers Shun Wike’s Order, Return to Site

By Joyce Remi-BabayejuIn less than one month after...

10 Dead, Eleven Injured in Kogi Highway Crash — FRSC

By Noah Ocheni, LokojaNo fewer than ten people...

FERMA Flag-off ‘Operation Safeguard the Road’ in Kogi

By Noah Ocheni, LokojaThe Managing Director/Chief Executive...

CBN committed to economic stability, clears $7bn FX backlog- Cardoso

By Ogenyi Ogenyi,UyoThe Central Bank of Nigeria,CBN, has...

ASUU declares two weeks nationwide strike

* Says FG has failed to address long-standing...

ASUU Declares Nationwide Strike Over Unmet Demands

By Achadu Gabriel, KadunaThe Academic Staff Union of Universities...

Plateau 2027: Former Senate Minority Leader Declares Mutfwang’s Re-election Unstoppable

By Israel Adamu, JosFormer Senate Minority Leader, Senator Simon...

Kogi West FGYB Legacy Group Endorses Tinubu, Ododo for Second Term

By Noah Ocheni, LokojaThe Kogi West FGYB Legacy Group,...

Former Senate Minority Leader backs Caleb Mutfwang’s re-election as Governor

By Israel Adamu, JosFormer Senate Minority Leader Senator...

Barcelona Make Early Decision on Marcus Rashford’s Future After Loan Move From Man United

Barcelona have reportedly made an early decision regarding the...

Related Articles

Popular Categories

spot_imgspot_img