African Petroleum has increased reserve estimates for its West Africa operations by more than 50%.

The company operates and owns a 90% stake in CI-509 and CI-513 offshore licence blocks, located offshore Ivory Coast.

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African Petroleum also operates and fully owns LB-08 and LB-09 offshore blocks in Liberia.

"Total mean risked oil reserves for offshore Ivory Coast were estimated to have increased by 118%."

An assessment from independent petroleum consultant ERC Equipoise resulted in a net 58% increase in the offshore reserve potential.

Total mean risked oil reserves for offshore Ivory Coast were estimated to have increased by 118%, with Liberian reserve estimates increasing by 33% with four new reviewed prospects.

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African Petroleum CEO Stuart Lake said: "We are delighted to see that our prospective resources, upgraded by independent advisor ERCE, have seen a significant increase. As demonstrated by the ERCE Audit, Total’s discovery in Côte d’Ivoire at Saphir-1XB (April 2014) has de-risked our acreage.

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"Today’s ERCE Audit of new Ivory Coast prospects only includes the Turonian-aged reservoirs; we anticipate further prospectivity updates at the deeper Cenomanian and Aptian-Albian reservoirs. Regional third-party drilling in H1 2015 is expected to de-risk our acreage further."

African Petroleum has contracts for additional assessments and is in the process of upgrading prospective resources for its six other licences in the Gambia, Sierra Leone and Senegal.

The company said it is confident that it will see a significant uplift in the updated numbers.