New oil discovery off Liberian waters

African Petroleum Corporation Limited (“African Petroleum” or the “Company”) has announced a new discovery at the Bee Eater–1 Well in Multiple Zones in Block LB–09.

According to a joint press release issued by the African Petroleum & the National Oil Company of Liberia (NOCAL) on Wednesday, February 20, 2013 in Monrovia, the Bee Eater–1 Well was drilled 9.5 km west of the original Narina–1 oil discovery and was targeting the same formations.

The Company confirms that it has encountered 48 meters of oil bearing Turonian sandstone, in the same sequence as the discovery in Narina–1.

However, reservoir permeabilities over the hydrocarbon bearing section of the well are lower than anticipated and further investigation is underway.

In addition, the Company confirms that Bee Eater–1 encountered 14 meters of Albian Oil bearing sandstone in the Darter prospect, indicating the potential of the Albian play.

Whilst these results are encouraging and confirming Company hypothesis, more studies and more exploration drilling will be needed before reserves numbers are confirmed and development planned.

 Meanwhile, the Company has also indicated that it is currently sourcing an alternative rig to the Eirik Raude, to continue its exploration activities in Liberia.

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