LONDON--Agriterra Ltd (AGTA.LN), an AIM-listed pan African
agricultural company, Friday reported a significant development in
respect of the 29,465 square kilometer South Omo Block in
Ethiopia.
MAIN FACTS:
-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
Million Barrels or MMBbl on the South Omo Block.
-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.
-Agriterra holds a 20% legacy working interest, along with
Africa Oil Corp. --holding a 30% interest and Tullow Oil PLC
(TLW.LN)--holding a 50% interest.
-Agriterra shares closed Thursday at 4.2 pence, valuing the
company at GBP44.61 million.
-Write to Razak Musah Baba at razak.baba@dowjones.com
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