Oranto Petroleum signs exploration agreements for two licenses in Uganda’s Lake Albert
Oranto Petroleum has signed two production sharing agreements (PSA) in the Ngassa Shallow and Deepwater Play of Lake Albert in Uganda. Oranto Petroleum entered the agreement with the Ministry of Energy and Mineral Development for the Republic of Uganda and will hold 100% participating interests in both licenses.
“We are excited to enter this agreement with the Government of Uganda and look forward to a successful exploration period,” said Prince Arthur Eze, Chairman of Oranto Petroleum. “Lake Albert is home to some prime petroleum acreage and we hope to make a valuable contribution to the country and its people.”
The Ngassa Play comprises 410 square kilometers of shallow and deepwater acreage in Lake Albert, contiguous to major coastal petroleum discoveries. The PSA comprises a first exploration period of two years followed by a second exploration period for a maximum of two years for both licenses.
Each first exploration period carries a minimum work program which includes undertaking 2D and 3D seismic shooting and reprocessing and amplitude versus offset (AVO) studies. Following the first exploration period, Oranto has the option to renew the agreement and commence a second exploration period consisting of additional seismic data acquisition, the drilling of one exploration well and the drilling of one appraisal well contingent upon the success of the first well.
Oranto Petroleum and Atlas Petroleum International are the sister companies of the Atlas Oranto Group, an African pioneer in exploring and producing oil and gas. The group owns and operates 21 oil and gas acreages in 11 African jurisdictions, including Benin, Côte D’Ivoire, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and Principe, Senegal and South Sudan. Founded in 1991, the group is Africa’s largest indigenous exploration company by acreage.