During the third quarter, Artumas Group Inc. received the results of an independent play analysis assessment of the resource potential in the company's Mozambique assets by Rose & Associates. The deepwater offshore area showed substantial crude oil potential from the committed drilling program.
In Tanzania, the company completed the acquisition of 2D seismic and is compiling 3D seismic survey acquisition parameters. An updated resource report evaluated the drilling program to date and provided key information to assess the exploration targets in its Mnazi Bay Concession.
In November, the company successfully completed U.S. $170 million financing enabling the next stage of Artumas' exploration and development over the upcoming two years, with proposed capital spending of U.S. $124 million on its upstream work program for both Mozambique and Tanzania.
"Artumas continues showing progress in developing its assets in Tanzania and Mozambique," said Stephen Mason, Artumas' CEO. "The markets' confidence in our work program and potential was recently confirmed by the successful U.S. $170 million equity and debt issue. We are well capitalized to move forward with our planned activity through 2008. One of the greatest challenges for any E&P company in today's environment is access to exploration acreage. Our 25,000 square kilometer land position, in what is being recognized as a highly potential deltaic basin, gives Artumas substantial 'room to run' in growing its resource base."
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