African Petroleum Corporation has entered into an agreement with The Government of the Republic of The Gambia to reinstate the Company's Alhamdulilah Licence Block A1 and Licence Block A4 (together the 'Gambia Licences'), and settle all prior issues concerning the Gambia Licences including the discontinuation of arbitration proceedings.

The reinstatement of the Gambia Licences is a significant and positive step for the Company, particularly following the recent oil discoveries by Cairn Energy in Senegal. African Petroleum Corporation has also agreed to a revised initial exploration period that will expire on 1 September 2016 in return for a commitment to drill an exploration well on one of the Gambia Licences and reprocess 3D seismic on Licence Block A4 prior to 1 September 2016.

Tags: African Petroleum Corporation Limited