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African Petroleum Corporation has recently lost $31.2 Million

African Petroleum-Makes Oil Discovery Offshore in West Africa
The African Petroleum Corporation (APC) is an independent oil and gas exploration company operating ten licences in five countries offshore in West Africa – Côte d’Ivoire, Liberia, Senegal, Sierra Leone and Gambia with a combined net acreage position of 28,955 square kilometres.

African Petroleum Corporation increasing offshore acreage
African Petroleum Corporation increasing offshore acreage

Recently, African Petroleum Corporation on 10 March 2015 announced a loss of 31.2 million dollars (1400 million dalasis) “in respect of exploration and evaluation expenditure in The Gambia in 2013.”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.”

“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.

he African Petroleum Corporation (APC) is an independent oil and gas exploration company operating ten licences in five countries offshore in West Africa - , , ,  and  with a combined net acreage position of 28,955 square kilometres. African…

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