As Gambia offers its A3 blocks, APCL shares nose dived
The Shares in African Petroleum Corporation (APCL) headed south again on Monday following reports the Gambian government has put the company’s two offshore blocks up for offer.
The Oslo-listed player responded to the reports by saying it has received no official word from the Banjul administration about its blocks A1 and A4, reiterating that the tracts remain in the company’s portfolio until a formal termination process is begun.
Shares in APCL started to drop last week after it emerged President Adama and his cabinet has concluded that there is in fact no contract between the Gambia and the APCL. This emerged during the press conference when the press secretary Mrs. Amie Bojang Sisoho said that the contractual obligation between the government and APCL has in fact expired without the APCL fulfilling its drilling obligations. It offered the blocks for investors to bid for the license.