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* During the quarter ended June 30, 2008, Artumas independently engaged Rose & Associates, LLP and engineering consultant, RPS Energy, in a third party review of the onshore Tertiary oil prone opportunities of the Rovuma Basin in Mozambique. Details of the report may be seen on the Artumas website News Release May 14, 2008 "Mozambique Rovuma Basin - Crude Oil Resource Potential".
* During the quarter Artumas also independently engaged Rose & Associates, LLP and engineering consultant, RPS Energy, in a third party review of the onshore gas opportunities of the Rovuma Basin in Mozambique. This study covers the resources and economic potential of a Cretaceous gas play directly underlying the Tertiary oil prone play of the Rovuma Onshore Block. Details of the Rose & Associates analysis have been posted on the Artumas website news release, July 15, 2008 "Mozambique Onshore Block - Additional Resource Potential).
* Artumas continues to make progress on the 500+ km planned seismic program of 2D seismic in Mozambique Onshore Block.
* On Mozambique Area One Offshore Block, Artumas' partner, Anadarko Petroleum Inc., has completed their acquisition of 3-D seismic data. As of August 15th, the processing of the data is near completion and interpretation will be commencing over the coming weeks.
* In Tanzania, acquisition of 130 km of 2-D seismic data over high potential exploration areas of the Mnazi Bay Concession has been substantially completed.
* Artumas has received approval from the Government of Tanzania for use of Mnazi Bay Concession gas as a feedstock for a proposed 300 MW power generation project in Mtwara. This approval enables the Company to proceed with negotiating a gas sales agreement to the proposed facility and supports negotiation of related power sales and financing agreements.
* Approval by the Tanzanian Government of CNG export is progressing and a decision is expected imminently.
Financials
* At June 30, 2008 Artumas had cash and term deposits of $99.1 million, consisting of $18.9 million of cash on deposit and $80.1 million invested in short-term guaranteed investment certificates.
* Net loss for the three months ended June 30, 2008 was $12.9 million compared to the three months ended June 30, 2007 of $3.7 million.
* Loss per share for the three months ended June 30, 2008 was $0.35 compared to a net loss per share for the same period 2007 of $0.15.
