On 4 December 2017, Australian company African Petroleum Corp Ltd and the Petroleum Directorate of Sierra Leone ratified the companyâs entry into the second extension period for offshore undrilled blocks SL-03 and SL-4A-10, as well as a modification of the work programmes for both licenses. Consequently, SL-03 will now expire on 23 April 2019, while SL-4A-10 will expire on 17 September 2019. These extensions are subject to African Petroleumâs decision to commit (prior to 1 November 2018) to drilling one exploration well per license within the permitsâ new validity. In addition, African Petroleum has accepted to reduce both exploration blocks half-size while entering the second extension period. SL-03 will now cover an area of 962 sq km, while SL-4A-10 will be 995 sq km large. During 2018, the Australian company will therefore work on de-risking both licenses to be able to take the drilling decision by November 2018. This work will also help attracting partners, since African Petroleum is still understood to look for a farminee in its licenses. The company will be working with ERC Equipoise to re-assess the prospective oil resources of the permits, including two new prospects called Leo and Vega. The previous reserves update was made in April 2015, when Equipoise estimated the blocks to host net unrisked and risked mean prospective oil resources of 1,354 MMbbl and 223 MMbbl, respectively. Primary targets are reportedly Albian and Turonian fan systems with additional upside in the overlying Campanian section. The company was awarded SL-03 in April 2010, while licence SL-4A-10 was part of Sierra Leoneâs third offshore licensing round in 2012. On 2 December 2015, African Petroleum entered into the First extension period on SL-03 permit and consequently reduced its area by 50%. 
Sierra Leone, SL-03