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Artumas adds $124M to Africa plans


Published Nov 28, 2007
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Artumas Group announces new discovery in the Msimbati Field in Tanzania-Spotlight

The Canadians of Artumas Group Inc. intend to spend $124 million exploring and developing their Mozambique and Tanzania holdings, after an audit pointed to crude oil in deepwater Mozambique.

The company used the occasion of its third-quarter earnings announcement to make the call, adding that its net loss had widened for the period by some $6 million to $8 million.

Yet managers are in amid the 3D tracings of leads onshore and offshore in the Revuma Basin, which lies astride the two African countries. The characteristics of Revuma and Artumas’s approach helped raise $175-million by share and debt issue.

A Canadian government export credit and Artumas’s own power sales to Tanzanians also back up development. Electricity sales from early gas are up nine percent, while Mnazi Bay near-shore reserves, the main known cache, are up as much as 18 percent.




   

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