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MeldingsID: 417740
Dato/tid 12.01.2017 08:01
Utsteder African Petroleum Corporation Ltd
UtstederID APCL
Instrument APCL
Marked OAX
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Reference is made to the stock exchange notice 
published by African Petroleum Corporation Limited 
("African Petroleum" or the "Company") on 11 January 
2017 at 16:32 (CET) regarding the contemplated private 
placement to certain existing and new investors 
(the "Private Placement") of new ordinary shares 
(the "Offer Shares"). The Board of Directors of the 
Company is pleased to announce that the Private 
Placement has been successfully allocated raising NOK 
26,675,000 (approximately US$3.1 million) in gross 
proceeds through the allocation of 10,670,000 Offer 
Shares at a subscription price of NOK 2.50 per share 
(the "Subscription Price"). The Subscription Price was 
determined during the book building process and 
represents a discount of NOK 0.50 to the opening price 
of the shares on the Oslo Axess today.

The application period for the Private Placement 
closed at 08:00 (CET) today, 12 January 2017. The 
completion of the Private Placement is conditional 
upon (i) the Company receiving full payment for the 
Offer Shares on the due date for payment; and (ii) any 
regulatory approvals and filings required in 
connection with the issuance of the Offer Shares.

Following issuance of the Offer Shares the issued and 
outstanding share capital of the Company will be 
117,388,447 shares. The shares do not have a par 
value. It is expected that the new shares will be 
issued on a delivery-versus-payment basis on or about 
18 January 2017. 

The proceeds from the Private Placement will be used 
to strengthen the Company's balance sheet and 
liquidity position, to fund working capital and for 
general corporate purposes.

Mirabaud Securities LLP has acted as Lead Manager for 
the Private Placement.

African Petroleum's Chief Executive Officer, Jens 
Pace, commented:

"We are pleased by the confidence placed in us by our 
existing and new investors for this heavily over-
subscribed US$3.1 million fundraise and are grateful 
for their support. The net proceeds of the Placing 
will be used to primarily strengthen the Company's 
balance sheet and liquidity position whilst we work 
towards completing farm-out transactions on our high 
impact exploration acreage. The proceeds will also 
help us prepare for the exciting and approaching 
spudding of the exploration well with Ophir Energy in 
Q2 2017 on the CI-513 block in Côte d'Ivoire. The well 
will be targeting a mean prospective resource of 352 
million barrels and has the potential to be truly 
transformational for African Petroleum in the success 

For further information, please contact:

Jens Pace, Chief Executive Officer
Stephen West, Chief Financial Officer
Tel: +44 20 3655 7810	
Lead Manager:
Mirabaud Securities LLP
Peter Krens
Tel: +44 20 7878 3362 

Media Contacts:
Ben Romney/Chris Judd
Tel: +44 207 466 5000

About African Petroleum 
African Petroleum is an independent oil and gas 
exploration company with an equity interest in eight 
licences in four countries offshore West Africa 
(Senegal, The Gambia, Côte d'Ivoire and Sierra Leone). 
The Company's assets are located in proven hydrocarbon 
basins in the West African Transform Margin and the 
Atlantic Margin, where several discoveries have been 
made in recent years.  The Company is working with its 
partner Ophir Energy (operator) on the CI-513 licence 
in Côte d'Ivoire to drill an exploration well in Q2 

For more information about African Petroleum, please 
see www.africanpetroleum.com.au

This information is subject to disclosure requirements 
pursuant to section 5-12 of the Norwegian Securities 
Trading Act. 


The information contained herein shall not constitute 
an offer to sell or the solicitation of an offer to 
buy, nor shall there be any sale of the securities 
referred to herein in any jurisdiction in which such 
offer, solicitation or sale would be unlawful prior to 
registration, exemption from registration or 
qualification under the securities laws of any such 
jurisdiction. In particular, the securities referenced 
herein have not been, and will not be, registered 
under the U.S. Securities Act of 1933, as amended 
(the "Securities Act"), and may not be offered or sold 
in the United States absent registration or pursuant 
an exemption from the registration requirements of the 
Securities Act and applicable U.S. state securities 
laws.  The Company does not intend to register any 
part of the offering in the United States or to 
conduct a public offering of securities in the United 

This press release may not be released to any U.S. 
wire service or distributed or sent into the United 
States, Canada, Japan or any other jurisdiction in 
which such distribution would be unlawful or would 
require registration or other measures. 

This document is a press release and not a prospectus 
for the purposes of Directive 2003/71/EC as amended 
(together with any applicable implementing measures in 
any Member State, the "Prospectus Directive").  Any 
offering of securities will be made to investors in 
any EEA Member State in reliance on applicable 
exemptions from the obligation to prepare a prospectus 
under the Prospectus Directive, and no EEA prospectus 
will accordingly be prepared or available for the 
purpose of the Private Placement.  In any EEA Member 
State other than Norway that has implemented the 
Prospectus Directive, this communication is only 
addressed to and is only directed at qualified 
investors in that Member State within the meaning of 
the Prospectus Directive, i.e., only to investors who 
can receive the offer without an approved prospectus 
in such EEA Member State.

This press release may not be distributed to any 
person in the United Kingdom except persons (i) who 
have professional experience in matters relating to 
investments falling within Article 19(5) (investment 
professionals) of the Financial Services and Markets 
Act 2000 (Financial Promotions) Order 2005 ("FPO"), 
(ii) who fall within the categories of persons 
referred to in Article 49(2)(a) to (d) (high net worth 
companies, unincorporated associations, etc.) of the 
FPO or (iii) to whom it may otherwise be lawfully 

This press release is not an offer to sell, or the 
solicitation of an offer to buy, any of the Company's 
securities to or from investors in Australia.  This 
press release is not a prospectus, product disclosure 
statement or other offer document under Australian 
law.  Any offers relating to Company securities in 
Australia will be made only to persons who are 
professional investors or sophisticated investors (as 
those terms are used in s708(11) and s708(8) 
respectively of the Australian Corporations Act 2001 
("Corporations Act")) or other persons specified in 
s708 of the Corporations Act who do not require or 
need to be given a prospectus or other disclosure 
document under Chapter 6D of the Corporations Act to 
lawfully receive an offer to subscribe for or acquire 
securities in the Company.

This press release contains forward-looking 
statements.  Forward-looking statements are statements 
that are not historical facts and may be identified by 
words such 
as "believe," "expect," "anticipate," "intends," "estim
ate," "will," "may," "continue," "should" and similar 
expressions.  The forward-looking statements in this 
release are based upon various assumptions, many of 
which are based, in turn, upon further assumptions.  
Although African Petroleum believes that these 
assumptions were reasonable when made, these 
assumptions are inherently subject to significant 
known and unknown risks, uncertainties, contingencies 
and other important factors which are difficult or 
impossible to predict and are beyond its control.  
Such risks, uncertainties, contingencies and other 
important factors could cause actual events to differ 
materially from the expectations expressed or implied 
in this release by such forward-looking statements.

The information, opinions and forward-looking 
statements contained in this release speak only as at 
its date, and are subject to change without notice.  
African Petroleum disclaims any obligation to update 
and revise any forward-looking statements, whether as 
a result of new information, future events or 

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