Heads of Terms & Exclusivity Agreement - Senegal and The Gambia
Tuesday 18 April 2017
African Petroleum, an independent oil and gas exploration company operating high impact exploration licences offshore West Africa, is pleased to announce that it has signed nonbinding heads of terms (“Heads of Terms”) and a binding exclusivity agreement (“Exclusivity Agreement”) with a well funded, listed oil and gas company with a strong track record in offshore deep-water drilling. The Heads of Terms and Exclusivity Agreement provide a framework for the incoming third party to secure a 70% operated interest in the Company’s SOSP production sharing contract (“PSC”) in Senegal and the A1 and A4 licences in The Gambia.
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