African Petroleum Corporation Ltd Interim Financial Report for the First Quarter 2014
About Us African Petroleum Corporation Limited is an independent oil and gas exploration company operating eight licences in four countries offshore West Africa (Cte dIvoire, Liberia, Senegal and Sierra Leone). The Companys assets are…
CEO Statement This is an exciting time for the Company with several key milestones achieved already this year. 2014 has seen extensions granted in Liberia, Cte dIvoire, and Sierra Leone, a capital raising of A20 Million and approval…
Operational Update Cte dIvoire Water depth: 900 3,150m 90% working interest in offshore licences CI-509 and CI-513 with combined net acreage of 2,284Km2 Acquired 4,200Km2 seismic data over Cte dIvoire licence blocks Key prospects…
Liberia Water depth: 900 2,800m 100% working interest in production sharing contracts LB-08 and LB-09 with a combined net acreage of 5,352Km2 Three wells drilled to date, including the oil discovery at Narina-1 A number of key…
Senegal Water depth: 2,000 - 3,500m 81% working interest in exploration blocks Rufisque Offshore Profond and Senegal Offshore Sud Profond with combined net acreage of 14,804Km2 Extensive regional database is currently being…
geophysical work. The Company intends to acquire a 3D survey of approximately 1,500km2 over SL-04-10 during 2014 to cover the rest of the Vega lead thus fulfilling the remaining licence obligations in Sierra Leone. Health, Safety and…
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31-Mar-14 31-Dec-13 USD 000s Note (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents 7 7,935 7,914 Trade and other receivables 8 6,510 7,709 Restricted cash 9 12,075 12,074…
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Ordinary Share-based Accumulated Foreign currency Non-controlling USD 000s Note Total equity Share capital payment reserve losses translation reserve interest Equity at 1 January 2013…
CONSOLIDATED STATEMENT OF CASH FLOWS YTD Q1 2014 YTD Q1 2013 USD 000s (Unaudited) (Unaudited) Cash flow from operating activities Payments to suppliers and employees (5,054) (6,303) Rental income 599 - Interest received 3 89 Finance…
Note 6 Revenue, income and expenses Q1 2014 Q1 2013 YTD Q1 2014 YTD Q1 2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) US000 US000 US000 US000 a) Revenue Bank interest income 21 87 21 87 Flight revenue 527 - 527 - Other…
1 During 2012, US841,994 (521,252) was loaned to Karl Thompson to cover tax payable on performance shares awarded to Mr Thompson. In January 2013, an additional US200,658 (124,107) was loaned to Mr Thompson to cover an additional 10% tax…
Note 11 Trade and other payables 31-Mar-14 31-Dec-13 US000 US000 Trade payables 3,671 6,063 Withholding tax 1 13,551 13,551 Other payables and accruals 2 11,374 11,279 Share-based payments liability 3 1,460 1,491 30,056…
31-Mar-14 31-Dec-13 US000 US000 Fully paid ordinary shares 583,630 575,912 Reconciliation Amount of outstanding shares at beginning of period (1 January) 575,912 575,912 Issue of shares pursuant to a capital raising 7,959 -…
Note 14 Business segments For management purposes, the Company is organised into one main operating segment, which involves exploration for hydrocarbons. All of the Companys activities are interrelated, and discrete financial…
Note 16 Commitments and Contingencies Exploration commitments The Company has entered into obligations in respect of its exploration projects. Outlined below are the minimum expenditures required as at 31 March 2014 and 31 December…
Information on African Petroleum Corporation Limited DIRECTORS AUDITORS Charles Matthews - Chairman Ernst & Young Stuart Lake Chief Executive Officer 11 Mounts Bay Road Mark Ashurst Executive Director Perth Gibril Bangura Western…
Corporate Office Contact Stratton House Tel: +44 (0)203 435 7700 5 Stratton Street Fax: +44 (0)203 435 7701 London, W1J 8LA United Kingdom www.africanpetroleum.com.au
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