Oranto Petroleum signs two exploration license agreements in Uganda

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Oranto Petroleum has signed two production sharing agreements (PSA) in the Ngassa Shallow and Deepwater Play of Lake Albert in Uganda.

Oranto Petroleum entered the agreement with the Ministry of Energy and Mineral Development for the Republic of Uganda and will hold 100% participating interests in both licenses.

“We are excited to enter this agreement with the Government of Uganda and look forward to a successful exploration period,” says Prince Arthur Eze, Oranto Petroleum Chairman. 

“Lake Albert is home to some prime petroleum acreage and we hope to make a valuable contribution to the country and its people.”

The Ngassa Play comprises 410 square kilometers of shallow and deepwater acreage in Lake Albert, contiguous to major coastal petroleum discoveries.

The PSA comprises a first exploration period of two years followed by a second exploration period for a maximum of two years for both licenses. Each first exploration period carries a minimum work program which includes undertaking 2D and 3D seismic shooting and reprocessing and amplitude versus offset (AVO) studies.

Following the first exploration period, Oranto has the option to renew the agreement and commence a second exploration period consisting of additional seismic data acquisition, the drilling of one exploration well and the drilling of one appraisal well contingent upon the success of the first well.

Oranto Petroleum and Atlas Petroleum International are the sister companies of the Atlas Oranto Group, an African pioneer in exploring and producing oil and gas.

The group owns and operates 21 oil and gas acreages in 11 African jurisdictions, including Benin, Côte D’Ivoire, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and Principe, Senegal and South Sudan.

For more information log on: www.Atlas-Oranto.com.

 

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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