Tuesday, September 5, 2017

African Petroleum taking Gambia to arbitration

We reported last week that the African Petroleum Corporation Ltd was contemplating taking the government of President Adama Barrow to court over Blocks A1 and A4.   You can find that report here. 

The CEO of the company said in a statement posted on the company's website that his company has decided to take the Government of the Gambia to court over the exploration rights in two areas suspected to contain over 3 billion barrels of crude oil.

The announcement further states : "It is a matter of regret that it has come to this; however we are confident in our legal position."  Ghe statement continues, "We now believe that in order to protect our historical investment we have no choice but to take this case to arbitration."

According to Reuters news agency reporting from Dakar,  the market reaction to the news has been negative, causing the company's shares to fall by 8.84%