African Petroleum Corp's Accounts in Red after loosing exploration license contracts in The Gambia
African Petroleum Corporation (APCL) reported a loss after tax of USD 11.6 million in the first half of 2017, against $ 3.7 million in the same period last year.
Earnings per share were minus $ 9.13, against $ 2.84 at the same crossroads last year.
Profit before tax was minus $ 11.6 million, compared to $ 3.7 million last year.
Operating revenues amounted to $ 62 million, compared to $ 9 million in the first half of 2016.
APCL writes that there has still been no response from the Gambia authorities regarding licenses A1 and A4, which the Gambian authorities have previously communicated has expired, something APCL contests.
The company also writes that it is now completing the necessary legal preparation to use the dispute resolution provisions in the license terms to protect the company's interests and historical investments in the licenses.
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