Artumas Finances Next Stage of Appraisal Programme in Tanzania and
Exploration Programmes in Mozambi
Artumas Finances Next Stage of Appraisal Programme in Tanzania and Exploration Programmes in Mozambique
(Thomson Reuters ONE) - Artumas today announced that it has signed an option agreement withMaurel & Prom and Cove Energy plc ("Purchasers"), granting thePurchasers the option to purchase a 51% participating interest inArtumas' Tanzanian gas assets, a 34% participating interest inArtumas' onshore Mozambique assets and all of Artumas' 8.5%participating interest in offshore Mozambique. As part of thetransaction, Artumas has granted the Purchasers exclusivity until andincluding 18 August 2009, at which time the option must be exercisedby the Purchasers or it will fall away. If the Purchasers elect toexercise the option, completion of the optioned transactions issubject to a number of conditions and approvals of related partiesand effected governments and is expected to complete in Q3 2009.Artumas will receive approximately USD 1.02 million as considerationfor entering into the option agreement. If the optioned transactionscomplete Artumas will receive further consideration of approximatelyUSD 10.98 million (with the option payment and further considerationtotalling USD 12 million). In addition, pursuant to a separateletter agreement between Cove Energy, M&P and Artumas dated 21 July2009 it is the intention of the parties that Artumas will be grantedthe following: (a) a carried interest on an approximately 600 squarekm 3D seismic acquisition program in Tanzania; (b) an option to becarried on each of two appraisal wells to be drilled in Tanzaniawhich can be exercised by Artumas in consideration for a furtherassignment to Cove and M&P of a 5% participating interest in theTanzanian concession per well; (c) an 0.85% royalty on the offshoreMozambique asset after certain costs are recovered; and (d) a carriedinterest through the first well in respect of Artumas' retained 15.3%participating interest in the onshore Mozambique asset.Maurel & Prom was created as a trading company in 1813. Led by itscurrent Chairman and Chief Executive Officer, Jean-François Hénin,Maurel & Prom's business focusses on hydrocarbon exploration andproduction. The optioned transaction is expected to add scale toMaurel & Prom's interests in Tanzania, where it currently holds a 60%participating interest in the Bigwa - Rufiji & Mafia block, and a 50%participating interest in the Mandawa block. The proximity of theMozambique blocks to Artumas' gas interests in Tanzania also providespotential synergies. Maurel & Prom is listed on Euronext Paris. Forfurther information, see www.maureletprom.fr.Cove Energy plc is quoted on the London Stock Exchange AIM market. Led by a management team with extensive and successful experience ofAfrican hydrocarbon exploration and production, Cove's businessstrategy is to acquire and develop oil and gas opportunities inAfrica and the Eastern Mediterranean. For further information, seewww.cove-energy.com.The optioned transaction introduces strong and experienced companiesto Artumas' concessions in Mozambique, and provides a solidfoundation for the continued performance of Artumas' developmentobligations in respect of the two Mozambique concessions.In addition, combining the exploration skills of M&P/Cove with theoperating and development skills and experience of Artumas inTanzania, the new consortium possesses a strong foundation for growthand development in Tanzania which will utilize the establishedinfrastructure base, managed by a 92% Tanzanian workforce.Cameron Barton (Acting President & CEO and CFO of Artumas) statedthat, "this arrangement allows Artumas to undertake a necessary andsubstantial appraisal program in the Tanzanian concession and tocontinue to participate in the next stage of the highly prospectiveMozambique exploration programme. The objective of the 3D in Tanzaniawill be firm up drilling locations for the next two appraisal wellswhich will be designed to enhance the established gas resource. Thiswill then significantly strengthen our ability secure large scalecommercialise opportunties."Mr. Barton also stated that he, "wished to assure the TanzanianGovernment and the power consumers of southern Tanzania that thechange being announced to the gas business will serve to enhance ourability to perform our power commitments to the region."For further information, please referto:www.artumas.comNote to Editors:Mozambique Rovuma Onshore Block: The Mozambique Rovuma Onshore Blockis located onshore in north east Mozambique. Participating Interestsin the Block are currently: Artumas (49.3%), Anadarko PetroleumLimited (35.7% - operator), and Empresa Nacional de HidrocarbonetasE.N.H. (15%). Over 640 Kms of new 2-D seismic data was acquired in2008 within the Block. Mapping has identified a significant numberof highly prospective leads within the Tertiary oil prone play andthe Cretaceous and Jurassic gas prone plays. Final drilling locationfor the first well has been determined. The well is expected to spudin Q4 2009 which will fully satisfy all the remaining work programobligations for the first exploration phase of the explorationcontract.Mozambique Rovuma Offshore Area 1 Block: The Mozambique RovumaOffshore Area 1 Block is located offshore in north east Mozambique.Participating Interests in the Block are currently: Anadarko (36.5% -operator), Artumas (8.5%), Mitsui E&P (20%), Videocon (10%), BharatPetroleum (10%) and Empresa Nacional de Hidrocarbonetas E.P. (15%).Over 3,300 sq. km. of 3-D seismic data was acquired in 2008 andinterpretation of the data set is nearing completion. The currentmapping confirms the presence of a large number of prospectivestructures. In addition, over 5,000 Kms of 2-D seismic data in theshallow waters of Area 1 was acquired in early 2009. This data iscurrently undergoing processing prior to interpretation and mapping.Based on the deep water 3-D seismic data final drilling locationshave been determined for the first two of four deep water wells. Thefirst deep water well is expected to spud in 2009 late Q4 2009.Mnazi Bay Concession: The Mnazi Bay Concession covers 756 sq. km andcontains a proven gas resource. There are two gas fields, known asMnazi Bay and Msimbati gas fields respectively. ParticipatingInterests in the Block are currently: Artumas*** (80%) and TPDC(20%). The established resource is 760 bcf (Pmean), or 1,450 bcf(P10), with an additional 1,256 bcf (Pmean), of exploration upsidepotential. All work obligations have been fully satisfied. The paceof further field development and additional exploration is drillingis controlled by the operator.*** The Dutch development bank FMO has an indirect ownership interestof approximately 13% in the Artumas entity which is a party to theproduction sharing agreement and joint operating agreement with TPDC.http://hugin.info/136496/R/1330193/314328.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 22.07.2009 - 00:56 Uhr
Sprache: Deutsch
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