Artumas Encouraged by Crude Potential at Mozambique Rovuma Basin

Artumas revealed that an independent study showed a high probability for hydrocarbons within its Mozambique Rovuma Basin development areas.

Artumas Group Inc. independently engaged Rose & Associates, LLP (R&A) and engineering consultant, RPS Energy in the second phase Resource and Economic Evaluation of the Mozambique Rovuma Basin. The study covers 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.

"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," Duncan Nightingale, Senior Vice President of Exploration, Artumas Group said. "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."