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African Petroleum Kicks Off Two-Well Drilling Program

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African Petroleum has commenced a two-well exploratory drilling program in Block LB-09 offshore Liberia. The company began drilling on the Bee Eater-1 well Tuesday using the Eirik Raude (DW semisub). The well is designed to test the western extension of the February 2012 Narina-1 Turonian oil discovery in an axial position of the fan for improved reservoir quality, stated the company in a press release.

The Narina-1 discovery, drilled by the Maersk Deliverer (UDW semisub), reached a total depth of 15,912 feet, in a water depth of 3,750 feet taking 43 days for completion. The well encountered a total of 105 feet of net oil pay in two zones: 69 feet in the Turonian and 36 feet in the Albian.

Mean recoverable unrisked prospective resources for the Bee Eater/Narina fan system, which extends over an area of 74,132 acres, are estimated as 840 MMstb and 2,396 MMstb.

The second well in this drilling program is slated to begin immediately after completion of the Bee Eater-1 well. African Petroleum is currently considering several potential well locations within the blocks.

"2012 has been a very successful year for the company with the Narina-1 discovery in Liberia and the expansion of the exploration portfolio with the addition of 5 more exploration blocks in Senegal, Sierra Leone and Cote d'Ivoire," said Karl Thompson, CEO, in a statement.

"Extensive 3D seismic surveys have been acquired on the blocks in Senegal and Cote d'Ivoire with very encouraging results and are being evaluated to include in our forward drilling program. We are looking forward to a very active exploration program in 2013 starting with the drilling of the high potential Bee Eater prospect in Liberia LB-09 and follow on drilling in Liberia plus Cote d'Ivoire and The Gambia/Senegal coast."

The Liberian blocks were acquired in 2005 and span an area of about 1.7 million acres.

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