African Petroleum Corporation makes $31.2 million loss


The company attributes this to the purported termination of the Gambia licences in 2014. “These Gambia licences were re-instated on a 100% basis to the Company in November 2014; however, the Company has not reversed the impairment loss previously recognised for these licences in the Audited Financial Statements for the year ended 31 December 2014.” African Petroleum Corporation is an independent oil and gas exploration company operating ten licences in five countries offshore West Africa – Côte d’Ivoire, Liberia, Senegal, Sierra Leone and The Gambia with a combined net acreage position of 28,955 square kilometres. “The Company’s assets are located in fast- emerging hydrocarbon basins, principally the West African Transform Margin, where several discoveries have been made in recent years, including African Petroleum Corporation’s Narina-1 discovery in February 2012, which proved a working hydrocarbon system in the Liberian basin,” noted the announcement.]]>