APCL said they did not receive formal notification of termination and still legal owners of the two license in The Gambia
In the latest of a number of recent updates, the management of African Petroleum Corporation announces that they have not yet received formal feedback from the Gambian authorities about the status of the company's A1 and A4 licenses in the big offshore of The Gambia.
- The APCL Management notes the rhetoric of recent local press articles saying that the licenses have expired and are open to other offers in the area. Therefore, management feels it's right to repeat - again - that this is misleading and wrong, both in terms of legal and factual, the company writes that they have not received a formal notification that a termination process has been initiated, which is specified In the licenses, and therefore repeats its rightful owner is intact under the two licenses.
Furthermore, the company writes that, while continuing to seek a positive dialogue in the coming weeks, they have made the necessary legal preparations to protect their rights related to the licenses.
This process will formally start in September, unless formal positive feedback arrives by the end of August.
"It is obviously frustrating to be in a position where we feel it is necessary to update the market on the basis of unconfirmed local news articles," said CEO of African Petroleum, Jens Pace.
He adds that he will assure shareholders that the company is very confident in its legal position regarding the licenses after receiving external legal assistance.