Petroleum Africa
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Wednesday, May 14, 2008
Artumas today announced that based on an independent assessment of Mozambique’s Rovuma Basin by analysts Rose & Associates, the company is “highly encouraged” as regards to the block’s crude oil potential.
Together, Rose & Associates, LLP, and RPS Energy, an engineering consultant, engaged in the second phase Resource and Economic Evaluation of the Mozambique Rovuma Basin study. The resource and economic potential of the Rovuma Onshore Block, the shallow water area of the Area 1 Offshore Block, and the deeper water portion of the Area 1 Offshore Block, were covered in this study.
Duncan Nightingale, Senior Vice President of Exploration, Artumas Group stated, “The recent play analysis completed by Rose & Associates provides independent support for the high probability of an active oil system, and the potential for significant accumulations of crude oil in the large number of potential traps currently mapped on seismic data across Artumas’ acreage holdings in Mozambique. Based on the $70/barrel Base case, the chance of one or more economic successes ranges from 25% for the Rovuma Onshore Block (from a 2 to 4 well exploration program) to 29% for the shallow water area (from a 3 to 5 well exploration program) and 32% for the deeper water area (from a 4 to 6 well exploration program) of the Rovuma Area 1 Offshore Block, respectively. We are highly encouraged by the results of this independent assessment of the exploration potential of our Mozambique exploration assets.”
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