Armour Energy firma un acuerdo para explorar los recursos petroleferos en Uganda

Miércoles, 13 de Septiembre de 2017


 fuente : Hydrocarbons Technology

Australia's Armour Energy has signed an agreement with the Government of Uganda to explore oil resources in the country.

The deal, which represents the first such agreement under the country's competitive licensing round launched in 2015, covers an exploration licence for the 344km² Kanywataba block in the Albertine rift basin near the border with Democratic Republic of Congo.

Based on the company's report, the block is estimated to have prospective oil resources ranging from 646 million barrels (mmbbls) to 969mmbbls of oil in place across seven prospects.

The company individually signed an agreement over its application for the block with DGR Global (DGR).

Under the agreement, the block will be initially granted to Armour, and thereafter placed into a specific project company (SPC).

Armour is expected to retain 16.82%, while DGR is required to fulfil the tenement expenditure and work programme commitments for the first two years.

The company will hold DGR's 83.18% interest in trust until the transfer is completed.

As part of the work programme, geological and geophysical works, reviewing existing data, as well as reprocessing seismic data, and the acquisition of 100-line kilometres of 2D seismic will be taken up.

DGR is set to incur an expenditure of $837,000 for a performance guarantee and $442,000 to complete the grant of the licence, as well as $1.98m towards exploration works over the first two years.

Until now, companies have made discoveries totalling around 6.5 billion barrels of oil initially in place in the Albertine Graben, with an estimated recovery of 1.5 billion barrels.

 

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