Gulf Oil and Gas accountACCOUNT

Otto Grants One Year Extension to Kilosa-Kilombero Licence

Source: www.gulfoilandgas.com 3/6/2017, Location: Africa

Share |
Otto Energy Ltd (Otto) provides the following update on its activities in the Kilosa-Kilombero Licence, located onshore Tanzania.

Grant of extension of Kilosa-Kilombero Licence

Otto is pleased to advise that the Tanzanian Minister for Energy and Minerals has granted a one year extension to the initial exploration period for the Kilosa-Kilombero Licence until 22 February 2018. The joint venture is preparing to drill the Kito-1 exploration well in 2017 in satisfaction of the drilling commitment in this licence.

Joint venture disputes and claim in the Federal Court of Australia

Otto continues to work towards resolution of existing Kilosa-Kilombero licence joint venture issues and disputes as well as its matter in the Federal Court of Australia involving Swala Oil and Gas (Tanzania) Plc (the operator of the Kilosa-Kilombero licence) and its associated entities and directors in respect of the Pangani Licence. Updates on these matters will be provided in line with the Company’s continuous disclosure obligations.

Farm-out to MV Upstream Tanzania Limited (MV Upstream)

Discussions with MV Upstream with respect to its participation in the Kito-1 exploration well are continuing.

Otto's Managing Director, Matthew Allen said: "We are pleased to have been granted the extension to the Kilosa-Kilombero Licence and thank the Minister, Prof. Muhongo and Tanzania Petroleum Development Corporation for their support in this process. Otto looks forward to resolving the JV issues leading to the drilling of the Kito-1 exploration well, which has a best estimate, gross prospective un-risked recoverable resource of 194 mmbo, in 2017."

For more information about related Opportunities and Key Players visit East Africa Projects

Exploration News in Tanzania >>

Guyana >>  1/18/2018 - Eco (Atlantic) Oil & Gas Ltd. (ECO), the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, anno...
Greece >>  1/17/2018 - Tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted “strong interest” from companies exploring in th...

India >>  1/17/2018 - India will begin the auction of 55 oil and gas exploration blocks from Thursday under new rules, the country’s first licensing round after eight years...
Norway >>  1/16/2018 - Aker BP has been offered interests in 23 new production licenses in Norway, of which 14 as operator, through the Awards in pre-defined areas (APA 2017...

Norway >>  1/14/2018 - Norway’s Arctic region of Lofoten, Vesteraalen and Senja will remain off-limits to oil exploration at least until the next election for parliament, wh...
Iraq >>  1/12/2018 - The Iraqi oil ministry said 26 companies have qualified to bid for oil and gas blocks in border areas. Five companies qualified recently to take part ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Tanzania Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Tanzania >>

More News

 

Oil & Gas Companies in Tanzania >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.