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Artumas Group Inc. Independent analysts Rose & Associates' evaluation of gas resource potential in Rovuma Onshore Block, Cretaceous sandstone play. Adds to Phase II - Tertiary Oil Play Analysis.
Artumas Group Inc. ("Artumas")(OSE:AGI), has independently engaged Rose & Associates, LLP for a third-party independent review of the onshore gas opportunities in the Rovuma Basin in Mozambique.
The "Play Analysis of the Onshore Cretaceous Play of the Rovuma Basin, Mozambique" study was completed by Rose & Associates LLP (R&A) [www.roseassoc.com] and engineering consultants, RPS Energy (RPS) [www.rpsgroup.com]. This Phase III R&A report summarizes the economic potential associated with a potential Cretaceous gas play directly underlying the Tertiary oil prone play. The results of this study are for the Cretaceous gas resource potential only, and limited to the Artumas operated Rovuma Onshore Block.
Duncan Nightingale, Senior Vice President of Exploration, Artumas Group comments: "This most recent play analysis completed by Rose & Associates provides independent support that Artumas' Rovuma Onshore Block contains the potential for economic quantities of natural gas. Structures have been mapped from existing 2D seismic data at the Cretaceous play. Based on the $90/barrel success case, the chance of one or more economic successes is 16% for the Cretaceous gas play for the Rovuma Onshore Block assuming a 2 to 3 well exploration program. We are highly encouraged by the results of this independent assessment of the multi-play exploration potential of our Mozambique exploration assets."
