Ethiopian Oil Interests (1010A)

TIDMAGTA TIDMTLW

RNS Number : 1010A

Agriterra Ltd

27 March 2012

Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

27 March 2012

Agriterra Ltd ('Agriterra' or 'the Group')

Ethiopian Oil Interests

Agriterra Ltd, the AIM listed pan African agricultural company, notes the recent announcement by Tullow Oil plc ('Tullow') in respect of the successful drilling of Block 10BB in the Turkana County in Kenya.

The development of the Ngamia structure in Block 10BB is the first prospect to be tested as part of a multi-well drilling campaign being conducted by Tullow in Kenya and Ethiopia. As stated by Tullow, this success is 'an excellent start to our major exploration campaign in the East African rift basins of Kenya and Ethiopia. To make a good oil discovery in our first well is beyond our expectations and bodes well for the material programme ahead of us.'

Included in this programme is the 29,465 sq km South Omo Block in Ethiopia ('South Omo'), a legacy concession in which Agriterra has a 20% interest, Africa Oil Corp., 30% and Tullow 50%. South Omo also lies within the Tertiary age East African Rift, just north of Lake Turkana, located across the Ethiopian border in Kenya and within the same petroleum system as Block 10BB.

Agriterra CEO Andrew Groves said, "This is significant news for us as we still maintain a 20% interest in the South Omo Block. Exploration programmes on the South Omo block are being conducted by Tullow and Africa Oil, as per our original farm-out agreement with Africa Oil, and with a discovery already made in the same petroleum system, the prospectivity of the South Omo Block only increases."

**ENDS**

For further information please visit www.agriterra-ltd.com or contact:

 
 Andrew Groves     Agriterra Ltd               Tel: +44 (0) 20 7408 
                                                9200 
 Jonathan Wright   Seymour Pierce Ltd          Tel: +44 (0) 20 7107 
                                                8000 
 David Foreman     Seymour Pierce Ltd          Tel: +44 (0) 20 7107 
                                                8000 
 Andy Cuthill      MC Peat & Co LLP            Tel: +44 (0) 20 7104 
                                                2332 
 Hugo de Salis     St Brides Media & Finance   Tel: +44 (0) 20 7236 
                    Ltd                         1177 
 Susie Geliher     St Brides Media & Finance   Tel: +44 (0) 20 7236 
                    Ltd                         1177

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBUGDXCXDBGDL

Agriterra Ld (LSE:AGTA)
Historical Stock Chart
From May 2024 to Jun 2024