(Ecofin Agency) - African Petroleum, through its subsidiary European Hydrocarbons Limited (EHL) has entered into the first extension period on the SL-03 licence, offshore Sierra Leone which will expire on April 23, 2017.

According to the company, the first exploration period on the licence ended on April 23, 2015 with EHL accomplishing all commitments which includes the acquisition of a 2,500 km² 3D seismic.

 “We are pleased to be entering the next phase on licence SL-03 in Sierra Leone. The first extension period provides a further 18 months to complete geoscience work over the block ahead of the drilling of an exploration well. With significant prospectivity identified in the Company’s adjacent licence SL-4A-10 (the Vega and Leo prospects) which we believe extends into SL-03, the additional time allows us the opportunity for further mapping of the Campanian sand fairway and investigation of promising Direct Hydrocarbon Indicators”, Jens Pace, African Petroleum’s CEO said.

In April 2015, EHL revealed its intentions to enter the first extension period on the licence which was recently approved, to the Sierra Leone Petroleum Directorate. Going by the requirements of the Petroleum licence agreement, it renounced 50% of the licence area, thereby reducing it to 1,930 km² from 3,860 km².

Detailed mapping of 3D seismic performed on the licence identified a number of prospects including the Altair Channel. Evaluated by ERC Equipoise Limited, the estimated net un-risked mean prospective oil resources capable of being attributed to the Altair prospect is 434 million stock tank barrels (MMstb), Offshore Energy Today reports.