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    AllAfrica: Gambia - African Petroleum Corporation Makes $31.2 Million Loss

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Summary

African Petroleum Corporation, which has licences in Ivory Coast, Sierra Leone, Gambia, Senegal, and Liberia, has posted losses of $31.2 million

by: Erica Mills

Posted in:

Press Notes, Africa

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AllAfrica: Gambia - 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.

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