Agriterra Ltd South Omo Oil Project Update, Ethiopia (6946K)
August 24 2012 - 2:00AM
UK Regulatory
TIDMAGTA
RNS Number : 6946K
Agriterra Ltd
24 August 2012
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
24 August 2012
Agriterra Ltd ('Agriterra' or 'the Group')
Africa Oil Reports 2.7 billion barrels for South Omo and
Tullow to drill first well in Q4 2012
Agriterra Ltd, the AIM listed pan African agricultural company,
is pleased to report a significant development in respect of the
29,465 sq km South Omo Block ('South Omo') in Ethiopia, a
concession in which Agriterra holds a 20% legacy working interest,
along with Africa Oil Corp. ('Africa Oil', holding a 30% interest)
and Tullow Oil plc ('Tullow', holding a 50% interest).
As announced by Africa Oil, an independent assessment of the
prospective oil resources of the South Omo Block has produced a
total "gross unrisked prospective resource" estimate of 2,700 MMBbl
on the South Omo Block, ("gross unrisked prospective resources"
being 100% of the volumes estimated to be recoverable from the
field). Additionally, Africa Oil reported that Sabisa-1, the first
well planned for the South Omo Block, is targeted to be drilled by
the end of 2012, following Tullow's rig contract negotiations in
Ethiopia, which are nearing conclusion.
Shareholders are recommended to read Africa Oil Corp's full
release, available at www.africaoilcorp.com, which contains
additional information on the prospective resources reported at
South Omo.
South Omo, which lies within the Tertiary age East African Rift
just north of Lake Turkana,is part of one of the last great rift
basins to be explored in East Africa. New discoveries have been
made in neighbouring areas, which include Tullow's already
successful multi-well drill campaign in Block 10BB in Kenya, which
is located within the same petroleum system as South Omo. Seismic
and gravity data from Africa Oil show robust leads and prospects
throughout the South Omo Project area.
Agriterra CEO Andrew Groves said, "With a gross unrisked best
estimate prospective resource of 2.7 billion barrels reported by
Africa Oil for South Omo, the value of our stake in the block
continues to appreciate. These results combined with successful
drilling in the same petroleum system confirm the high
prospectivity of the concession and we are extremely excited about
the prospect of the first well being drilled by the end of the
year. This is an exciting time for the Company with the
agricultural and ranching businesses going from strength to
strength. I believe the potential for great value uplift is
possible and I look forward to updating shareholders on
developments in the near future."
Additionally, as announced on 25 May 2012, Agriterra awaits
payment of GBP11 million, as being partial recompense for the work
undertaken and the substantial investment made by the Company on
the Block Ba oil concession area in South Sudan, during its
previous incarnation as White Nile Limited.
**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
MSCUOSSRUKAWUAR
Agriterra Ld (LSE:AGTA)
Historical Stock Chart
From May 2024 to Jun 2024
Agriterra Ld (LSE:AGTA)
Historical Stock Chart
From Jun 2023 to Jun 2024