An assumed recovery rate of ~70% yields Recoverable Resource from MB-2 of 58 Bcf or 10 MMboe, and for MB-3 of 71 Bcf or 11.9 MMboe. Placed in the context of Artumas' commercialization activities in southeast Tanzania, the two wells represent more than four times the recoverable gas resource required for the Base Mtwara Regional Gas to Power Project over the next twenty years.
"The independent, third-party verification of the reserves proved up by the MB-2 and MB-3 wells add to the reserves already established at MB-1, and positions Artumas for assessment and negotiation of larger gas-offtake opportunities, including large-scale power supply into the Tanzania integrated power grid and offtake gas supply to Kenya. Artumas will be rigging down at MB-3 and is scheduled to spud the MS-1X exploration well in the next 4 weeks." said Mr. Mason, President and CEO of Artumas.
Artumas Group Inc. is an international energy producer focused on monetizing its hydrocarbon reserves in the Rovuma Delta Basin in Tanzania and Mozambique. By exploring, developing, producing and commercializing known petroleum systems, Artumas is poised to deliver a sustainable rate of return for its stakeholders while creating social and economic opportunities for the people of Eastern Africa. Artumas' common shares trade on the Oslo Stock Exchange under the symbol AGI.
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