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Cote d’Ivoire Project

On 9 January 2012, African Petroleum announced that its wholly owned subsidiary African Petroleum Cote d’Ivoire Limited entered into an agreement with the Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (“PETROCI”) and the Republic of Côte d’Ivoire to acquire Block CI-513, an exploration permit covering 1,440 sq km offshore the Republic of Cote d’Ivoire. African Petroleum is the operator with its wholly owned subsidiary African Petroleum Cote d’Ivoire Ltd holding a 90% interest in the Block, the other 10% being owned by PETROCI.

The Company will target deep water Upper Cretaceous submarine fans in Cote d’Ivoire which are considered to have similar high impact potential as discoveries in the Jubilee field, Ghana and Mercury discovery, Sierra Leone.

African Petroleum has purchased a large amount of 2D data and the Company plans to acquire a 3D seismic survey over Block CI-513 in 2012.

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