Artumas Group Inc. is pleased to announce the Msimbati - 1X (MS-1X) exploration well, drilled in its Mnazi Bay Concession in Southern Tanzania, reached target depth (TD) of 6570 feet on 20 March 2007, a full 11 days ahead of schedule.
The MS-1X well successfully penetrated the primary exploration target, the Msimbati Prospect, at a depth commencing at approximately 4800 feet. The Msimbati Prospect is a series of multiple, stacked sands of the Middle Miocene age. We are pleased to report initial well logs, completed 25 March 2007, show strong indication of hydrocarbons in the sandstone horizons. The Msimbati Prospect is a separate, high amplitude fairway and upon confirmation through Drill Stem Testing (DST), will be the second hydrocarbon-bearing discovery in the Mnazi Bay Concession.
MS-1X is located 2.5 km to the southeast of the MB-3 well site. Drilling through the Msimbati Prospect, at 6000 feet the well encountered the "Classic" Miocene/Oligocene sandstone formations of the Mnazi Bay Gas Field appraised by MB-2 and MB-3 wells. Successful production testing of the classic sands will support the aerial extent and enhance the resource estimates recently provided by APA for the Mnazi Bay Gas Field.
Logging of the prospective sandstone horizons at MS-1X was completed March 25. Drill Stem Testing (DSTs) of the lower, Mnazi Bay Gas Field classic horizons will continue through to 31 March 2007. It is anticipated that DSTs on the Msimbati Prospect sandstone horizons will subsequently commence April 1, with preliminary results available mid-April 2007.
Seismic Program Approved: Artumas has given approval for a new 2D seismic program focused on high-grading a deeper exploration prospect for an Eocene/Cretaceous oil test. The new seismic will cover approximately 60 kilometers over the Mwambo Prospect. Given supporting interpretation of this new seismic, Artumas will look to drill an exploration well, the Mwambo-1X (MW-1X), targeting the deeper Eocene and Cretaceous turbidities and fan deltaic sands. A secondary target would be the shallower Tertiary sands which are currently being produced from the Mnazi Bay Field. Drilling of the Mwambo Prospect is currently targeted for 3Q:2007.
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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.
