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Artumas Group Inc. (OSL:AGI) Artumas Group Inc. (OSE:AGI) is pleased to announce that the Government of the United Republic of Tanzania has given approval to Artumas to finalize negotiations with the relevant parties for the export of compressed natural gas (CNG) to off-take clients in Mombasa, Kenya.
The approval allows AGI to move forward to conclude the relevant Project Agreements, including long-term Gas Sales Agreements with the off-take customers and Transportation Services Agreement with the CNG shipper. Conclusion of these commercial Agreements will underpin the current planning activity in support of commencement of the drilling program in 4th Quarter 2008.
Stephen W. Mason, President & CEO states, "During the past year Artumas has worked in close cooperation and collaboration with its working interest partner, Tanzania Petroleum Development Corporation (TPDC) and the Government of Tanzania to determine the optimal use of the large natural gas resource base located in the Tanzania part of the Rovuma Basin. The commercialization strategy involves balancing Tanzania domestic requirements with high-value export opportunities. The approval for export of CNG reflects the vision and foresight of the Government of Tanzania, and is further evidence of the confidence held by the Government in the abilities of AGI to execute on its commitments. I am very pleased to announce this important step forward in commercialization of the Mnazi Bay Concession gas resource, following on the heels of Government of Tanzania approval to conclude negotiations regarding the proposed large-scale power project development at Mtwara. These events set the stage for the Company to reach substantial cash-flow before 2011. I wish to offer my sincere gratitude to shareholders of Artumas for their patience in allowing management to reach this important milestone".
