African Petroleum Corporation makes $31.2 million loss

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.”
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.