African Petroleum Corporation Limited (“African Petroleum” or the “Company”) is an oil and gas exploration and development company.

The Company is currently listed on the Australian Securities Exchange (“ASX”)(ASX:AFQ) and National Stock Exchange of Australia (“NSX”)(NSX:AOQ). The Company’s ordinary shares are currently only quoted on the NSX.

The Company is focused on exploring the Liberian Project.  The Liberian project consists of two (2) exploration blocks, Blocks 8 and 9, which are prospective oil and gas exploration blocks covering an area of approximately 7,200 square kilometres on the coast of Liberia in West Africa. African Petroleum’s subsidiary company European Hydrocarbons Limited has exclusive exploration authorisation over Blocks 8 and 9 until 2016.

The Company have also acquired and continue to review major new oil provinces for potential discoveries. Block 3 is a large exploration block on the coast of Sierra Leone in West Africa. There have been billion barrel oil field discoveries in the Cretaceous submarine fans of Ghana in West Africa and African Petroleum will focus on building the largest net acreage holding in the highest potential Cretaceous submarine fans along the coast of West Africa (Sierra Leone, Liberia and extending west from Guinea to Senegal).

The exploration strategy of the Company in 2010/2011 will include the acquisition of several large 3D seismic surveys and the drilling of at least two (2) deepwater wells.

Information current as at 1 August 2010.