African Petroleum Corporation says that its subsidiary African Petroleum Senegal Limited has just received confirmation from the President in the form of a Presidential decree of entry into the First Renewal Period on licence Senegal Offshore Sud Profond ('SOSP'). Prior to entering into the First Renewal Period, Petrosen (the National Oil Company of Senegal) agreed to defer the existing well commitment of the First Renewal Period of SOSP by 18 months to allow for further technical work by the Company prior to drilling.

The initial exploration period on SOSP expired on 2 November 2014, with African Petroleum Senegal Limited exceeding all obligations, having acquired 3,600km2 of 3D seismic data, purchasing 2,000km2 of 2D seismic data, processing and interpreting both datasets and investing more than US$21 million in the licence.

Tags: African Petroleum Corporation Limited