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African Petroleum Corporation Limited (NSX: AOQ) (“African Petroleum” or the “Company”), a West African focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, African Petroleum Côte d’Ivoire Limited (“African Petroleum Côte d’Ivoire”), has entered into an agreement with the Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (“PETROCI”) and the Republic of Côte d’Ivoire (the “State of Côte d’Ivoire”) to acquire one offshore exploration permit covering block CI-513 (“Permit”) as shown in the attached map.

Key points:

• African Petroleum Côte d’Ivoire entered into agreement with PETROCI and the State of Côte d’Ivoire to acquire exploration rights in one offshore block: CI-513. The block is situated in the Western Offshore area of Côte d’Ivoire, with a total surface area of 1440 sqkm.
• African Petroleum Côte d’Ivoire will be the Operator with 90% interest in the block. The other 10% is owned by PETROCI.
• African Petroleum Côte d’Ivoire exploration programme will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field, Ghana and Mercury discovery, Sierra Leone.

http://www.sierraexpressmedia.com/archives/33729