Hardman Acquires Tanzania Exploration Interest

Source: www.gulfoilandgas.com 3/24/2006, Location: Africa

Hardman Resources Limited announced that a Farmin Agreement has been signed with Ndovu Resources Limited , a subsidiary of Aminex PLC, that will result in Hardman acquiring an interest in the onshore and nearshore Tanzania portion of the Ruvuma Basin. The Farmout Agreement provides for Hardman to earn a 50% interest in the Ruvuma Production Sharing Agreement (“PSA”) in exchange for funding 100% of the costs of an onshore 2D seismic survey, at an estimated cost of US$3 million. The interests in the Ruvuma PSA will be:

Ndovu 50%
Hardman 50%

Hardman will be appointed Operator of the PSA upon completion of the earning commitment and Hardman will provide technical support during the seismic acquisition programme. The Farmout Agreement and subsequent change of operatorship is subject to formal Tanzanian government approval.

The Ruvuma PSA is located approximately 500 kilometres south of Dar es Salaam, along the Mozambique border and comprises the Mtwara and Lindi licences. The licences cover a total area of 12,360 square kilometres over the onshore and adjacent nearshore, Tanzanian portion of the Ruvuma Basin. The area is adjacent to the Mnazi Bay gas field, discovered in the 1980’s and currently under development. The area was last explored in the 1980’s and prior to the recent activity less than 1,400 kilometres of 2D seismic had been recorded. Numerous leads have been identified by previous operators from this data, many with potential in excess of 100 million barrels. Initial targets will be Tertiary and Cretaceous reservoirs expected at depths of 1,000 to 3,000 metres. Oil seeps are known in the area. The Ruvuma Basin attracted significant interest in the recent Mozambique bidding round with nearshore and shallow water licences attracting bids with work commitments of seismic and up to seven wells.

Ndovu acquired approximately 350 kilometres of new 2D marine seismic within the nearshore portion of the PSA area in late 2005, and initial results are very encouraging. The onshore seismic survey is expected to comprise approximately 500 kilometres of data and is scheduled to be carried out during 2006 with a view to firming up drilling targets for the joint venture’s first exploration wells in this area.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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