Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/spot_news/artumas-takes-loss-advances-gas-sales-plan.shtmlArtumas takes loss, advances gas-sales plan
Calgary-based Africa explorer Artumas reported its second-quarter net loss has more than doubled to $13 million, as the cost of exploring and ...
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Calgary-based Africa explorer Artumas reported its second-quarter net loss has more than doubled to $13 million, as the cost of exploring and operating in remote Tanzania begin to tell against paltry gas sales.
Company operating expenses have quadrupled to $4.7 million, although the company wields $100 million in cash for coming exploration and production. The company’s main assets include the Mnazi Bay gas field, the Msimbati gas field and a prized location onshore and offshore the Rovuma Block, a vast unexplored basin (“The Last Basin”, see Scandinavian Oil-Gas Magazine) crossing into neighbouring Mozambique.
Artumas and partner Anadarko Petroleum are studying drilling prospects for 2009 based on ongoing “2D” and “3D” survey work.
Meanwhile, a decision by the Tanzanian government is “imminent” over the selling of compressed natural gas by ship to “nearby” Kenya. Artumas recently won an okay for “large-scale” gas sales to planned 300 Megawatt power plant at Mnazi Bay.
