THE INSTITUTO NACIONAL de Petróleo ("INP") of Mozambique approved a six month extension, without further commitment, to Artumas current exploration period for the onshore Rovuma license.
p align="left" style="margin-bottom: 0cm;">THE INSTITUTO NACIONAL de Petróleo ("INP") of Mozambique approved a six month extension, without further commitment, to Artumas current exploration period for the onshore Rovuma license.
This extends the term of the initial exploration period from September 1, 2010 to March 1, 2011. A notice to enter the second exploration period will now be due on or about January 30, 2011 and that period will be reduced by a corresponding six month period from a term of 36 months to 30 months. Formal notification of the extension was given to Artumas' partner and the license operator, Anadarko.
"This extension will allow the partners to further evaluate the data from the Mecupa-1 well before proceeding with further drilling commitments," said Artumas' Chairman and Chief Executive Officer, Bob McBean.
