News

November 28, 2008

Artumas Group Highlights Cost Containment Among Its Priorities As It Seeks To Unlock East Africa Potential

One of the main stories of recent weeks has been how the global financial crisis has impacted on oil project development plans. This is especially so at the top end of the energy chain with large oil and gas schemes in the Middle East and elsewhere now under review because of the volatile and mostly downbeat economic climate.

At the other end, aspiring companies have been keen to secure their positions, farming-out interests to shoulder cost pressures, and tapping shareholders for extra cash, with the banks now seemingly more reluctant to lend.

In its Q3 results last week, East Africa-focused Artumas Group said that it too had not been immune to the effects of the global financial crisis.

The Calgary-based group is listed on the Oslo Stock Exchange though Artumas CEO Stephen Mason has been...