BizNis Africa
Latest News
Afrimat predicts headline earnings to fall by 20%
Afrimat, a Johannesburg Stock Exchange (JSE)-listed black empowered open-pit...
Bourse Régionale des Valeurs Mobilières roadshow comes to Johannesburg
The Bourse Régionale des Valeurs Mobilières (BRVM), one of...
Distell Group delivers 18.5% revenue growth in African markets
Distell Group revenue grew by 9.3% to ZAR13.4 billion...
Dangote named first African brand to feature on CNN Great Big Story
CNN International Commercial (CNNIC) and Dangote Industries are expanding...
Konrad Reuss speaks at GIBS annual Economic Outlook Conference
President Cyril Ramaphosa’s new administration must show a demonstrable...
Orange and OpenClassrooms provide digital tech training in Africa
Orange and OpenClassrooms (OpenClassrooms.com) have announced the signing of...
Business Insider online publication launches in South Africa
The South African edition of Business Insider, the world’s...
How to apply ethics in business
The world and South Africa are plagued by scandals...
Eskom confirms status of Optimum Coal Mine
Optimum coal mine that supplies Hendrina Power Station in...
Alan Mukoki comments on #2018Budget Speech
The South African Chamber of Commerce and Industry (SACCI)...

Oranto Petroleum signs exploration agreements for two licenses in Lake Albert Uganda

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.

 

Leave a Reply

%d bloggers like this: