Artumas Group Inc. (OSE:AGI) releases a Q2 update of E&P Operations in the Rovuma Basin in Tanzania and Mozambique.
- 2-D seismic acquisition at Mnazi Bay Concession in Tanzania is underway, targeting completion of data acquisition in mid-June and processing and interpretation by September. Selected contractor Geokinetics Inc. will subsequently undertake a 103 km 3-D seismic data acquisition over the Mnazi Bay and Msimbati gas fields.
- The seismic data will support a Tanzania development and exploration drilling program targeted to commence in 4Q:2008, subject to availability of drilling rigs and material progress in securing large-scale commercialization projects. Two high potential vertical well locations have been identified for development drilling over the Mnazi Bay field.
- Artumas and joint venture partners have refocused the initial seismic acquisition program to 560 km of 2-D data on the Rovuma Onshore Block in Mozambique. All required personnel and contractors are in-country. Seismic line-clearing has begun, with seismic recording scheduled for the June-November timeframe and data processing & interpretation to be completed in 1Q:2009. Artumas' partner, Anadarko Petroleum, reports that the 3300 sq. km. 3-D seismic acquisition program over the Area 1 Offshore Block should be complete mid-May, with data processing and interpretation beginning in 3Q:2008. Initial exploration drilling continues to be targeted for 2Q/3Q:2009.
