African Petroleum is reportedly discussing selling a stake of up to 10 per cent with two Chinese companies
According to a source quoted by Deal Journal Australia, any deal could be worth hundreds of millions of dollars and would boost funding for the development of African Petroleum’s projects. The source added that negotiations are at an advanced stage and could result in shares being issued to two Chinese groups.
African Petroleum has developed a strong position within West Africa’s Transform Margin region, and made a major oil discovery at its Narina-1 well offshore Liberia in February.
African Petroleum has responded to the speculation by releasing the following statement, "The board of African Petroleum Corporation Limited [...] can confirm that the company has entered into preliminary discussions with a number of Chinese corporate companies which may potentially lead to an investment being made in African Petroleum.
"The discussions are in very early stages and there is no certainty that these discussions will conclude with an investment being made. The company shall keep shareholders informed of any further developments."
