African Petroleum Company has signed a letter of intent (LOI) with an anonymous international exploration and production company in regards to interests in licenses A1 and A4, offshore Gambia, reported Offshore Energy Today.

The LOI represents a non-binding commercial proposal regarding the possible acquisition of interests in licenses A1 and A4 where African Petroleum holds a 100% operated working interest in both blocks, according to Agence Ecofin. The proposal for the acquisition is subject to several conditions including the confirmation of the extension of the exploration periods of both licences by no less than 12 months.

African Petroleum has concluded a 3D seismic survey with data covering about 2,500km². The company has discovered several equivalent leads and prospects in the property. An updated assessment of prospective oil resources attributable to the Gambian licenses conducted by an independent petroleum consultant ERC Equipoise, has estimated the net unrisked mean prospective oil resources stand at 3,079m stock tank barrels.