AP Shoots Large In The Transform Margin

African Petroleum completed a   4,200 sq km 3D seismic survey over Blocks CI-513 and CI-508, in early October 2012. The work was done by the Chinese geophysical contractor BGP Marine (Prospector PTE Ltd).
The acquisition commenced in April 2012, using the 12- streamer vessel “BGP Prospector”, and the CI-513 survey was completed in mid-July 2012. The vessel continued onto the CI-508 & CI-509 survey, which was completed post quarter end, on 9 October 2012.
The CI-508 survey was being acquired by African Petroleum on behalf of Vitol and partners over Block CI-508, and is subject to a cost sharing agreement executed in June 2012, whereby all seismic acquisition and processing costs are shared on an equal basis.

The Company says it will again focus on targeting deepwater Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee Field. “The existing 2D seismic dataset shows encouraging leads and prospects over the two blocks, and the recent discovery at Paon-1 (Tullow, June 2012), in the central Ivorian offshore, has confirmed the viability of the play in western Cote D’Ivoire”.

African Petroleum’s geoscientists say that the fast-track data on board 3D seismic processing over Block CI-513 confirms the presence of major turbidite fan systems.
“Following delivery and interpretation of 3D data in late 2012, the Company currently plans to drill two wells on Block CI-513 in the fourth quarter of 2013”.

African Petroleum holds a 90% operating interest in exploration Blocks CI-509 and CI-513 offshore western Cote d’Ivoire, the remaining 10% carried interest is held by Petroci (the national oil company of Cote d’Ivoire). Block CI-509 covers 1,091 sq km and Block CI-509 covers 1,440 sq km.



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