African Petroleum, an independent oil and gas exploration company, has received formal ratification from the authorities in Sierra Leone for the entry into the First Extension Period on the SL-03 license, offshore Sierra Leone.
African Petroleum said on Thursday that the ratification of the extension was received through its wholly-owned subsidiary, European Hydrocarbons Limited (EHL).
EHL entered into the first extension period on the SL-03 license in December 2015 , with the expiry date set for April 23, 2017.
At the same time with the approval of the entry into the first extension period, the Sierra Leone Petroleum Directorate agreed to modify the work program, minimum expenditure requirements and social obligations in favor of EHL during the First Extension Period on the license. These license amendments were subject to ratification by the Parliament of Sierra Leone.
The company also said on Thursday it is actively engaged in discussions with a number of governments regarding possible license extensions and amendments to existing and future work obligations.
CEO Jens Pace said: “We are pleased to have received the formal ratification for the SL-03 license. The amendment to the work program of the First Extension Period highlights the pragmatism of the authorities in Sierra Leone who recognize our substantial historic investment and the positive interpretation of the exploration potential of the area we have developed, as well as the challenges faced by the industry in the current environment.”
African Petroleum ended by stating that it is currently in negotiations with potential farm-in partners for certain licenses across its portfolio.