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African Petroleum Corporation Limited (“African Petroleum” or
the “Company”), an independent oil and gas exploration
company operating high impact exploration licences offshore
West Africa, is pleased to announce that it has signed non-
binding heads of terms (“Heads of Terms”) and a binding
exclusivity agreement (“Exclusivity Agreement”) with a well
funded, listed oil and gas company with a strong track record
in off-shore deep-water drilling. The Heads of Terms and
Exclusivity Agreement provide a framework for the incoming
third party to secure a 70% operated interest in the
Company’s SOSP production sharing contract (“PSC”) in Senegal
and the A1 and A4 licences in The Gambia.
The Exclusivity Agreement grants the incoming third party an
initial eight week period of exclusivity over the Company’s
SOSP PSC in Senegal and the A1 and A4 licences in The
Gambia. This period of exclusivity may be further extended
under certain conditions. During the period of exclusivity
the Company and the incoming party will work together to
finalise negotiations with the respective governments in
order to amend the work commitment in Senegal and to enter
the next phase of the licences in The Gambia, complete due
diligence, and agree and execute farm-in documentation.
The Heads of Terms sets out the broad commercial terms under
which the incoming party intends to, subject to certain
conditions, farm-in to the Company’s SOSP PSC in Senegal and
the A1 and A4 licences in The Gambia.
The terms propose that
the incoming party will pay up to US$8.5 million to the
Company, fund 100% of at least two deep water offshore wells
at a gross cost of up to US$35 million per well, fund 100% of
a 3D seismic acquisition, fund 100% of pre-stack depth
migration (“PSDM”) processing/reprocessing, and potentially
fund 100% and 85% respectively of a further two wells at a
gross cost of up to US$35 million per well.
The broad commercial terms outlined in the Heads of Terms are
summarised as follows:
SOSP (Senegal):
The incoming party proposes to farm-in to the SOSP PSC for a
70% operated interest in return for:
a) reimbursing 100% of certain licence fee costs;
b) paying 100% of acquiring 3D seismic and PSDM processing;
and
c) paying 100% of the first exploration well.
A1 (The Gambia):
The incoming party proposes to farm-in to the A1 licence for
a 70% operated interest in return for:
a) reimbursing 100% of certain licence fee costs;
b) paying 100% of PSDM reprocessing;
c) paying 100% of the first exploration well; and
d) paying 85% of the second exploration well.
A4 (The Gambia):
The incoming party to be granted a 15 month option to farm-in
to the A4 licence for a 70% operated interest in return for
paying 100% of the annual licence fees for the licence during
the option period. Should the incoming party exercise its
option then it will pay 100% of the first exploration well in
order to earn its 70% operated interest.
Commenting on this announcement, African Petroleum’s Chief
Executive Officer Jens Pace said:
“This is a significant development for the Company with a
well funded credible partner with strong deep-water drilling
experience. Whilst final farm-in agreements are subject to
completion and the successful outcome of negotiations with
the governments in Senegal and The Gambia, we are confident
that the proposed partner’s reputation, strong balance sheet
and appetite to explore the potential of these exciting
licences with the drill-bit, will greatly increase our
ability to conclude the discussions with an outcome that
benefits all parties. Our objective is to ensure that African
Petroleum’s shareholders retain significant exposure to
several firm and contingent wells, at no cash cost to the
Company, in one of the most exciting hydrocarbon basins in
the world.”
