PetroChina looks to invest in African Petroleum

Chinese investment: PetroChina could fund 20% of African Petroleum's costs on Block LB-09 off Liberia and has the option to invest in the company's other West African assets

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Josh Lewis

 17 July 2012 01:55 GMT

Australian junior African Petroleum could get a cash injection from state-run PetroChina to help fund the exploration of its assets in West Africa.

African Petroleum said it had signed a memorandum of understanding with PetroChina subsidiary PetroChina International Investment Company for a “strategic investment”.

The MoU gives PetroChina an exclusive period, to 31 August, to agree to invest in up to 20% of Block LB-09 off Liberia.

African Petroleum hit oil on Block LB-09 earlier this year with the second well to be drilled on the block, Narina-1, intersecting 32 metres of net pay.

The agreement also gives PetroChina the option to invest up to 20% in one or more of the company's other exploration…

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