MB-2 and MB-3 Well Results Expand Natural Gas Resource at Mnazi Bay

Artumas reports the third-party engineered results from the completion and testing program at the MB-2 and MB-3 wells in Mnazi Bay, Tanzania are completed. APA Petroleum Engineering of Calgary, Canada has confirmed Original Gas in Place (OGIP) for MB-2 of 84 billion cubic feet (Bcf) or 14.5 million barrels of oil equivalent (MMboe). Original Gas in Place for MB-3 has been assessed at 102 Bcf or 17 MMboe. Both analyses are based on an effective well drainage area of 640 acres (2.59 km2).

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.