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Company Information for Artumas Group Inc
Company Statement
Artumas Group Inc. is an independent oil and gas exploration and production company with a significant asset position and a competitive advantage in the emerging resource basins of East Africa.
Artumas’ common shares trade on the Oslo Stock Exchange under the
symbol AGI.
Focus
Artumas seeks to acquire operational control of upstream properties that we believe hold significant development and exploration potential. In particular, we are focused on increasing our holdings in fields and basins in which we can leverage existing infrastructure and discovered hydrocarbon resources. Artumas is conducting an active technology-driven exploration program focused on prospects with material resource potential, to compliment our property acquisition and appraisal and development drilling efforts that are directed to commercial exploitation of known hydrocarbon accumulations.
Operations and Technology
Artumas Group Inc. is a publicly traded, international energy producer focused on monetizing its hydrocarbon reserves in the Rovuma Delta Basin in Tanzania and Mozambique.
Rovuma Delta Basin
It has been suggested that the Rovuma Delta Basin is geologically analogous to some of the great delta systems being developed today, such as the Niger Delta, Mahakam Delta and the Gulf of Mexico.
This extensive basin provides large-scale exploration potential for hydrocarbons. Senior independents and major oil and gas companies have recently begun to explore this vast frontier area. The Delta has been a major depocenter throughout most of the Tertiary age and is responsible for the accumulation of significant quantities of reservoir quality sands in the Rovuma Delta Basin.
Tanzania
Tanzania has been intermittently explored over the last 50 years with most multinational petroleum companies being present, at one time or another. So far only 35 exploration and development wells have been drilled in 280,000 square kilometres of hydrocarbon potential sedimentary basins.
The Government of Tanzania is encouraging the oil & gas upstream sector to produce local resources to reduce Tanzania’s reliance on imported petroleum products. Artumas management has established strong relationships with the highest level government officials in East Africa through the Company’s continuing commitment to its gas-to-electricity business plan. These relationships, combined with the Company’s knowledge of the region and its ability to address some of the energy challenges there, allow Artumas to operate successfully in the area.
Investment Climate - Tanzania offers:
- Competitive Investment Climate
- Large Potential Market
- Abundant Natural Resources
- Infrastructure Facilities
- Peace and Stability
- Fiscal Governance
- Investment Guarantees
- Transparent Investment Laws
- Investment Incentives
Mozambique
The Rovuma Onshore Block One covers an area of approximately 15,000 square kilometers in the hydrocarbon prospective Rovuma Basin in Northern Mozambique. The Block provides Artumas with a strategic concession immediately adjacent to the Company’s Mnazi Bay Concession in Tanzania.
In mid 2005, The Mozambique government initiated its Second Licensing Bid Round, and based on a technical review of existing seismic data, Artumas bid on two blocks, successfully acquiring an exploration and production license for the Rovuma Onshore Block One. Numerous major international oil and gas companies participated in the licensing bid round, and Artumas emerged along with Anadarko Petroleum, ENI, Petronas and Norsk Hydro (now StatoilHydro) as the successful bidders.
Artumas has partnered with Anadarko Petroleum Corporation in an exchange of interests agreement over the onshore and offshore exploration blocks in northeastern Mozambique. The agreement provides Artumas with a major international partner in its exploration and production operations over its onshore concession, as well as an interest in Rovuma Basin Offshore Area One Block. Artumas has a 49.3% interest in production from the Rovuma Onshore Block and an 8.5% interest in production from the Rovuma Offshore Area 1 Block.
Board of Directors and Key Management
| John W.S. Bentley | Executive Chairman of the Board (London) |
| Cameron Barton | President and CEO, Chief Financial Officer and Director (Canada) |
| Brandon Swim | Director (USA) |
| Anne Øian | Director (Norway) |
| Nicholas J. Clayton | Director (UK) |
| Alastair Robertson | Director (Canada) |
Company Address900, 606 – 4th Street SW
|
Additional Address/Key ContactDar es Salaam Office |
Related News
29/05/09 - Artumas Group Initiates Strategic Review As It Seeks Funding For High Impact Wells In Q423/01/09 - Artumas Group Begins New Search For Farm-In Partners For Its Promising Acreage In East Africa
Most Recent Statement
23/10/09 - Commencement of Drilling - Onshore Rovuma Block, Mozambique13/10/09 - Share Consolidation
12/10/09 - Resolutions Passed at Bondholders' Meeting
09/10/09 - Annual General and Special Meeting Minutes
02/10/09 - Summons to Bondholders' Meeting
17/09/09 - Artumas Executes Farm Out of Tanzanian and Mozambique Assets