News

May 29, 2009

Artumas Group Initiates Strategic Review As It Seeks Funding For High Impact Wells In Q4

Life is tough for pre-production companies. With no income from production and access to traditional credit and debt markets choked off by the banking crisis, the options for progressing their exploration portfolios are limited and not always palatable.

Oslo-listed Artumas Group is no exception. The company, which is focused on East Africa, has now retained DnB Markets to conduct a review of its strategic alternatives to help it find a way to finance its share of costs on two high impact commitment wells that are expected to spud before year-end.  This comes as a search for farm-in partners, initiated in Q2 2008 for the Mnazi Bay Concession in Tanzania and Onshore Block in Mozambique but now encompassing the whole portfolio, has yet to...