Artumas announced 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).
"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.
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