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Oranto Petroleum to hold a 90 percent stake in two onshore Zambian
Blocks
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Blocks 17 and 27 represent Oranto’s first investment in the country.
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The agreement requires conducting geological and geophysical
studies for first two 2-year sub-periods
Pan-African explorer Oranto Petroleum is farming into two exploration
blocks located onshore Zambia. Blocks 17 and 27 represent Oranto’s first
investment in the country.
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Oranto Petroleum Farms into Zambian Oil Blocks (Photo: Business Wire)
“Oranto Petroleum is committed to an aggressive work program to increase
the level of prospectivity in one of the world’s last true frontier
markets,” said Prince Aurthe Eze, Chairman of Oranto Petroleum. “Our
specialty at Oranto Petroleum is discovering the vast potential of
Africa’s frontier oil and gas markets, and we are very pleased to add
Zambia to our extensive portfolio. We are committed to developing Zambia
into an oil and gas producing nation, as we have many times with other
countries on the continent.”
Oranto Petroleum and its sister company Atlas Petroleum International
comprise the largest African independent by acreage, with active
exploration and production programs across the continent, including
Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and
Príncipe, Senegal, South Sudan and Uganda.
Under the agreement, signed today, Oranto Petroleum will hold a 90
percent stake and ZCCM Investment Holdings will control a 10 percent
share, on behalf of the Zambian Government. The company will be required
to conduct geological and geophysical studies for first two 2-year
sub-periods.
Current operators in Zambia include Tullow Oil and Bowleven. Though only
marginal finds have been discovered, the under-explored market shares
basins with Tanzania to the northeast and Angola to the west — both of
which have hosted mega oil and gas discoveries.
About Atlas/Oranto Petroleum
Atlas Petroleum International and Oranto Petroleum represent Africa’s
largest privately-held, Africa-focused exploration and production group.
Our extensive footprint across the African continent includes 22 oil and
gas licenses in 11 jurisdictions, including producing assets in Nigeria
and Equatorial Guinea and numerous Atlas/Oranto-operated blocks.
Operating as sister companies in the West Africa region since 1991,
Atlas and Oranto now operate throughout Africa, with regional offices
and representatives in all our core investment locations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180626006108/en/
Copyright Business Wire 2018
Source: Business Wire
(June 26, 2018 - 10:41 AM EDT)
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