African Petroleum, PetroChina agree to joint investments

African Petroleum Corp. Ltd. (APCL) signed a memorandum of understanding with PetroChina International Investment Co. Ltd. in which PetroChina will invest in APCL’s exploration licenses.

The MOU provides PetroChina with an exclusive period, expiring Aug. 31, to invest in as much as 20% of Block LB-09 in Liberia and in as much as 20% in one or more of APCL’s exploration blocks in Ivory Coast, Gambia, Liberia, Senegal, and Sierra Leone.

APCL now holds a 100% interest in Blocks LB-08 and LB-09 off Liberia.

PetroChina’s investments under the MOU remain subject to receiving appropriate governmental, regulatory, and other necessary third-party consents.

The MOU announcement comes while Perth-based APCL continues accumulating and exploring assets off the West African coast.

APCL has deepwater blocks totaling more than 4.5 million acres offshore Senegal as well as a 100% interest in Block SL-03 offshore Sierra Leone. The company also interest in Blocks A1 and A4 offshore Gambia (OGJ Online, Nov. 29, 2011).

Earlier this year, Ivory Coast awarded APCL an exploration permit on Block CI-509 in the Gulf of Guinea (OGJ Online, Mar. 21, 2012).

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