AP subsidiaries European Hydrocarbon and African Petroleum Sierra Leone will also be allowed to modify the work programs for the SL-03 and SL-4A-10 licenses, which now have respective extensions to April 23, 2019 and Sept. 17, 2019.
These dates are pending a commitment, to be undertaken prior to Nov. 1, 2018, to drill one exploration well in each license area during the extension periods.
Over the next 12 months AP will apply state-owned well and seismic data and other existing seismic to de-risk the concessions.
The company has also relinquished 50% of the SL-03 licence area, now down to 962 sq km (371 sq mi), and 50% of the SL-4A-10 license area, now 995 sq km (384 sq mi).
Sierra Leone’s parliament ratified the changes yesterday.
ERC Equipoise has been working with AP to re-assess the prospective oil resources on both licenses through the inclusion of two new prospects, Leo and Vega.
Recent technology advances and lower costs for ultra-deepwater drilling has revived interest in the area, AP claims: water depths across the two licenses reach 3,000-3,600 m (9,842-11,811 ft).