Artumas Group Inc : and partners get more time onshore Mozambique
08/09/2010| 01:05am US/Eastern
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Artumas Group Inc., the Oslo Stock Exchange quoted (OSE: AGI) upstream and
downstream oil and gas company focused on East Africa, is pleased to announce
that the Instituto Nacional de Petróleo ("INP") of Mozambique approved a
six-month extension, without further commitment, to the current exploration
period for the onshore Rovuma license. This extends the term of the initial
Exploration Period from September 1, 2010 to March 1, 2011. A notice to enter
the second Exploration Period will now be due on or about January 30, 2011 and
that period will be reduced by a corresponding six-month period from a term of
thirty-six months to thirty months. Formal notification of the extension was
given to Artumas' partner and the license operator, Anadarko Petroleum
Corporation (NYSE: APC).
"This extension will allow the partners to further evaluate the data from the
Mecupa-1 well before proceeding with further drilling commitments", said
Artumas' Chairman and Chief Executive Officer, Bob McBean.
About the onshore Rovuma exploration license:
The onshore Rovuma exploration license is a 15,000km² concession area onshore
northeastern Mozambique abutting the offshore Rovuma Block (Area 1).
The partners in the license are: Anadarko Petroleum Corporation (35.7%,
operator); Maurel et Prom S.A. (27.71%); Artumas Group Inc. (11.59%); Empresa
Nacional de Hidrocarbonetos de Moçambique (15%); and Cove Energy plc (10%).
The partners drilled the Mecupa-1 well in Q4 2009 and encountered excellent
reservoir sands and indications of hydrocarbons, which provides encouragement to
the exploration partners. The well was the first to be drilled in the Rovuma
basin since 1986. The well is undergoing an extensive technical evaluation by
the operator.
For further information, please contact:
Bob McBean, Chairman & CEO
c/o Per Arne Totland
Tel: +47 9002 1900
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1436576]
Press Release:
http://hugin.info/136496/R/1436576/381589.pdf
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Source: Artumas Group Inc. via Thomson Reuters ONE
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