African Petroleum farms out Côte d’Ivoire block interest

African Petroleum Corp. has entered into an agreement with Buried Hill Africa Ltd to farm out a 10% interest in block CI-509 offshore Côte d’Ivoire in return for Buried Hill funding 21.1% of the cost of the next exploration well to be drilled on the block and an additional cash payment to African Petroleum representing 10% of past costs incurred.

Offshore staff

LONDONAfrican Petroleum Corp. has entered into an agreement with Buried Hill Africa Ltd to farm out a 10% interest in block CI-509 offshore Côte d’Ivoire in return for Buried Hill funding 21.1% of the cost of the next exploration well to be drilled on the block and an additional cash payment to African Petroleum representing 10% of past costs incurred.

Under the terms of the farm-out agreement, African Petroleum will continue as operator on the license. Completion of the farm-out agreement must be satisfied or waived no later than Nov. 1, unless extended.

07/14/2014

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