Artumas and Anadarko Sign Mozambique Agreement

Source: www.gulfoilandgas.com 5/3/2007, Location: Africa

Artumas Group Inc. and its wholly owned subsidiary, Artumas Mocambique Petroleo Limitada, announces the signing of a Trade Agreement with Anadarko Petroleum Corporation's subsidiary Anadarko Mocambique Area 1, Limitada covering a mutual exchange of interests in their respective Exploration and Production Concessions (EPCs) in Mozambique.

Under the terms of the Agreement, Artumas will receive an 8.5% participating interest in Anadarko's Offshore Area 1 in the Rovuma Basin, in exchange for assigning Anadarko a 35.7% participating interest in Artumas' Rovuma Onshore Block. The Republic of Mozambique's national oil company, Empresa Nacional de Hidrocarbonetos (ENH) has a 15% participating interest in each area, to be proportionately carried by Artumas and Anadarko during the exploration period for both areas.

The parties intend to conduct a work program on the joint areas, consisting of seismic acquisitions and exploratory wells. The combined minimum expenditure over the initial exploration period for both areas is US $300 million. Artumas will operate the initial seismic programs on its Rovuma Onshore Block. Anadarko will operate all drilling operations for both areas. This Trade Agreement, and the change of operator-ship on the Rovuma Onshore Block, is subject to approval by the Government of Mozambique and ENH.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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