Australia's African Petroleum said in a statement Monday that it has signed a memorandum of understanding (MoU) with PetroChina International Investment Company (PetroChina), a subsidiary of China National Petroleum Corporation (CNPC).
The MoU gives PetroChina an exclusive period, to August 31, 2012, to agree on an investment of up to 20 percent in Block LB-09, offshore Liberia.
In addition, the MoU also allows PetroChina to agree on an investment of up to 20 percent in any of African Petroleum's other offshore blocks, a spokesperson with African Petroleum told Rigzone on Tuesday.
"All the offshore blocks that the company own in West Africa are up for negotiations," the spokesperson said.
Any investment made by PetroChina will be subjected to receiving governmental and regulatory approval, African Petroleum said.
African Petroleum has full ownership of the offshore blocks LB-09 and LB-08 in Liberia where it has completed 1,969 square miles (5,100 square kilometers) of 3D seismic data, the company said in a statement on July 11, 2012.
It also has full ownership of offshore SL-03 in Sierra Leone where it has completed 3D seismic acquisition covering 965 square miles (2,500 square kilometers). The seismic data is currently under evaluation in anticipation of future drilling.
African Petroleum was recently awarded two offshore exploration blocks in Cote d'Ivoire: CI-509 and CI-513. These two deep water blocks cover an area of 977 square miles (2,531 square kilometers). A 3D seismic program covering both blocks is underway. The company has a 90-percent stake in the blocks.
In Senegal, the company was awarded licenses over two offshore blocks: Rufisque Offshore Profond and Senegal Offshore Sud Profond. The area covers 7,057 square miles (18,277 square kilometers). The Company holds a 90 percent interest with its partner Petrosen holding the remaining 10 percent interest. A 3D seismic acquisition has been completed on Senegal Offshore Sud Profond covering 1,390 square miles (3,600 square kilometers).
The Company also holds a 60-percent operating interest in blocks A1 and A4 offshore Gambia where it has completed 965 square miles (2,500 square kilometers) of 3D seismic. This is in conjunction with its partner Buried Hill Gambia BV.
African Petroleum is listed on the National Stock Exchange of Australia, which is focusing on small to medium and high technology companies.
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