Liberia Blocks LB-08 and LB-09: European Hydrocarbons Limited, a wholly owned subsidiary of African Petroleum Corporation Limited (African Petroleum or the Company), has received approval from the Board of Directors of the National Oil Company of Liberia (NOCAL) for a two year extension to the second exploration period for both LB-08 and LB-09 until 11th June 2016. The LB-08 second exploration period two well commitment is moved to the third exploration period. The Company will work with NOCAL to implement a work program which includes additional 3D seismic acquisition.
Sierra Leone SL-03: As previously announced in the latest Quarterly Report, the Sierra Leone Petroleum Directorate approved a two year extension of the initial exploration period under the SL-03 Petroleum Agreement, offshore Sierra Leone, on 23 September 2013. The extension was ratified by the Parliament of Sierra Leone on 7 November 2013. The initial exploration period will now terminate on 23 April 2015.