28 February 2013

Liberian Geologists Laud African Petroleum's Chief

The Liberia Geological Community has extolled Mr. Karl Thompson, Chief Executive Officer (CEO) of the African Petroleum Company (APC) Ltd, for his and the company's unflinching efforts and determination to prove the existence of oil in Liberia.

APC is currently focused on its offshore Liberian Project (Blocks 8 & 9) and Blocks A1 and A4 offshore The Gambia, both in West Africa.

The company appointed Thompson to its board in 2010 and had successfully led the company's operations in Liberia, discovering two oil wells that have brought happiness to Liberians.

"As Liberia awaits the drilling of APC's fourth well (second step-out well) and ultimately an appraisal well to determine the commerciality of the discoveries, we the Liberia Geological Community bestows this honor on Mr. Karl Thompson for his unflinching efforts and determination to prove the existence of oil in Liberia," the group stated in a letter of honor to Thompson recently in Monrovia.

The country's geological community said APC's operations and successful discoveries in Liberia cannot be complete without the excellent leadership of Thompson, and that's why they decided to recognize him.

Exactly a year ago when commercial oil was for the first time discovered in post war Liberia, another discovery was announced by APC on February 20, 2013.

"On 20th February 2013, African Petroleum Corporation Limited...has announced a new discovery at the Bee Eater - 1 Well in Multiple Zones in Block LB - 09. The Bee Eater - 1 Well was drilled 9.5 km west of the original Narina - 1 oil discovery and was targeting the same formations," stated the National Oil Company of Liberia (NOCAL) and APC in a joint statement.

"These two discoveries have put Liberia on the map of potential oil producing countries and are destined to turn the country's economy around," the Liberian Geological Community said in their letter of honor to Thompson.

"We recall that APC's first well, the Apalis-1, was not successful, and this sent waves of uneasiness in the Liberian Geological Community, after a much-publicized Liberia's first deepwater well to test the oil-bearing potential of the Liberian Basin," the group noted.

It said this first disappointment did not deter the APC Geological Team and Management to analyze the data from the first well and plan two successful wells. "We profile the ultimate head of the geological team who is also the Chief Executive Officer of the African Petroleum Corporation Limited, Mr. Karl Thompson, who took the company from "nowhere and obscurity" to the best company oil company in Liberia in terms of well success."

The Liberian geologists said under Thompson's leadership, the company hired Liberia's only female graduate in Geology from the University of Liberia since 1985, Miss Rustonlyn S. Dennis, who graduated about two years ago with honors.

After a year and half with the company, Rustonlyn was awarded a scholarship to the prestigious University of Manchester in the United Kingdom, where she is currently pursuing a Master's Degree in Petroleum Geology.

Mr. Karl Thompson's APC, the statement furthered, has made enormous contributions to the Department of Geology of the University of Liberia and to the National Oil Company of Liberia in terms of the development of human capital.

For these contributions and the perseverance to drill two additional wells in spite of the first dry well, the Liberian Geological Community, consisting of a group of prominent geologists and geology students, said they had no other alternative but to extol and recognize Thompson, who they further described as "a fellow geologist, a pioneer in the field in Liberia."

Thompson (BSC Geology, MSC Geophysics) is an accomplished petroleum exploration geologist with 29 years of technical, operational and managerial experience in the exploration and development of hydrocarbons with major multinational and independent energy companies.

He has established a track record as a successful 'oil finder' and has significant experience in the commercial acquisition of new venture oil and gas assets as well as corporate takeovers.

He spent 18 years with Chevron Corporation where he was Exploration and Production Director as well as Strategic Planning Manager involved in a number of successful oil discoveries, developments and new venture acquisitions.

Following a successful career with Chevron he started his petroleum consultancy working with companies in West Africa assisting with further hydrocarbon discoveries and new venture acquisitions.

He has extensive experience in Europe, Africa and the Middle East working with major multi- national companies and new start up AIM exploration companies as well as National Oil Companies.

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