Scandinavian Oil-Gas Magazine

Calgary-based East Africa developer Artumas Group has raised $170 million in a combination of listed stocks and debt financing for its coming expansion in Tanzania and Mozambique’s Rovuma Basin.

The Oslo fundraising looks set to generate $100 million in shares at time when other company’s floats have been scaled back, delayed or cancelled due to investor jitters.

The Norway-listed Canucks will their stock traded starting November 15.

The company has fast-tracked cheap gas-to-electricty for rural Tanzania with its Mnazi Bay development. A new gas find at nearby Mzimbati confirms the richness of local geology, which has also attracted the world’s deepwater oil companies in the past year.