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http://www.artumas.com/index.php

 

Operations Update: Highlights

 

- Completed the tie-in of MB-1 (located 800 meters offshore in Mnazi Bay) to the gas processing facility on the Msimbati peninsula. The MB-1 well is dual-completed to the D-E and G Sands, and is capable of producing 20 MMscf/d.

 

-Completed MB-2 in the "F" sand on October 29, 2006. The results of the MB-2 appraisal well extends the Mnazi Bay Field structure updip from MB-1. Preliminary drill stem testing results for this interval show an absolute open flow potential of 140 MMscf/day. The two wells are capable of a combined production of 50 MMscf/day with the present tubing configuration.

 

-Commenced drilling program for the Mnazi Bay #3 (MB-3) exploration and appraisal well November 14, 2006. MB-3 is located approximately 1.5 km east of MB-2 and is being drilled to further extend the updip structure of the Lower Miocene and Oligocene sandstone formations of the Mnazi Bay Field, and to test a Lower Oligocene structure.

 

-Exploration well Msimbati-1X (MS-1X) is planned to follow the drilling of well MB-3. The MS-1X exploration well will be located approximately 5 km east of MB-1, and will be drilled for multiple targets including the exploration target of sands in the early Miocene ("K" sands) and further extension of the Miocene and Oligocene gas zones tested in MB-1 and MB-2 and targeted in MB-3. The MS-1X well is scheduled to be drilled over the February - April 2007 period using the Nabors 221 drilling rig held under contract by Artumas.

 

-Successfully completed and presently commissioning the gas processing facility on Msimbati Peninsula. This facility is capable of handling up to 25 MMscf/day gas and associated hydrocarbon liquids. The facility is designed for modular expansion and can accommodate future gas off-take volumes approaching 100 MMscf/d.

 

-Completed and presently commissioning both the 22 km x 203 mm land pipeline from Kelindi to Mtwara and the 5.2 km x 203 mm marine pipeline from the gas processing facility, across Mnazi Bay to Kelindi. The marine pipe pull from the Msimbati Peninsula gas processing facilities to interconnect with the land pipeline was successfully executed, marking the first application of this technology in the region. The 203 mm pipeline has carrying capacity of approximately 80 MMscf/d and has been sized to accommodate both load growth and generation expansion at Artumas' Mtwara power plant.

 

-Installation of the 12 MW gas fired power plant in Mtwara is scheduled for completion December 8th, 2006. Transitional commissioning of the integrated production facilities will continue through year end, with full commissioning of the integrated gas-to-power project targeted for early January.

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En vurdering av verdiene

 

Brønner:

#1 1600 boepd, med mulig produksjon på 6300 boepd

#2 5700 boepd

#3 under boring, avgrensning av eksiterende soner samt test av ny dypere.

 

Produserbare reserver:

15 boe mill påviste

177 boe mill forventet

500++ boe mill i potensiale.

 

14 mill inplace per 640 acres spacing. Med 84 kvadratkm struktur er det teoretisk 450 mill fat inplace.

 

 

 

Verdivurdering

Antall aksjer 19,8 mill

 

Verdivurdering basert på mulig produksjon

$35 fatet fra Terra analyse

50% skatt, antar overskudd på 30% av omsetning, P/E på 10.

7000 boepd - 83 kr

12000 boepd - 142 kr

 

Verdivurdering av reserver:

15 mill $5 per fat = 23 kr

157 mill*0.5 $4 per fat = 98 kr

300 mill*0.2 $4 per fat = 75 kr

Totalt = 196 kr per aksje

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  • 3 weeks later...

Fra dagens DN-papirtutgaven:

 

Gambler på energimygg

 

First Securities mener at de reelle verdiene i det lille energiselskapet Artumas Group er over dobbelt så høye som det aksjekursen skulle tilsi. Meglerhuset tar denne uken aksjen inn i sin portefølje, men påpeker at risikoen er høy.

 

INN. Etter en positiv nyhetsstrøm de siste ukene tror First Securities på et kraftig kurshopp for konsernsjef Stephen W. Mason i Artumas Group.

 

CHRISTIAN BJERKNES

Publisert: 30.01.2007

 

Oslo

 

First bytter denne uken ut Fred. Olsen Energy og teknologiselskapet Eltek, til fordel for Artumas Group og Kongsberg Automotive. Meglerhuset har store forventninger til det kanadiske energiselskapet Artumas Group som driver leteaktivitet etter olje- og gassressurser på Afrikas østkyst.

 

- Det er forsåvidt en spekulativ aksje med høy risiko, men den positive nyhetsstrømmen den siste tiden gir oss tro på at oppsiden er betydelig, sier sjefstrateg Peter Hermanrud i First Securities.

 

Selskapet meldte blant annet 18. januar at en tredjepartsgjennomgang bekreftet betydelige gassfunn i to av selskapets testbrønner i Tanzania. Artumas Group har syv-åtte lignende prospekter i Tanzania, og en stor leteblokk i Mosambik som ifølge First Securities har «et betydelig potensial».

 

- De reelle verdiene i selskapet er etter vår vurdering over dobbelt så høye som det aksjekursen skulle tilsi. Vi tror i tillegg at det kan komme avtaler som vil bringe disse verdiene frem i lyset, sier Hermanrud.

 

Han viser til at beliggenhetene til Artumas Groups eierandeler, gjør dem attraktive for andre oljeselskaper som opererer i området, blant annet den amerikanske oljekjempen Anadarko. First Securities har et tremåneders kursmål på 86 kroner for Artumas Group, og påregner dermed en kursoppgang på nær 57 prosent i forhold til mandagens innkurs på snaut 55 kroner. Aksjen var blant gårsdagens kursvinnere på Oslo Børs med en oppgang på over fem prosent.

 

Ut med Hydro

 

DnB Nor Markets satt med de to aksjene som gikk best i forrige uke, Fast Search & Transfer og Hydro. Meglerhuset overtar dermed ledelsen i DNs porteføljekonkurranse, og kan så langt i år skilte med en avkastning på drøyt åtte prosent. Søketeknologiselskapet Fast Search & Transfer bidro mest til den positive utviklingen med en oppgang på syv prosent.

 

- Vi har ment at Fast har vært undervurdert i lang tid, og det er dermed ikke overraskende at kursen går en del når markedet får øynene opp for aksjen, sier aksjeanalytiker Kristian Tunaal i DnB Nor Markets.

 

Hydro var også blant kursvinnerne forrige uke med en oppgang på fem prosent. DnB Nor ser seg fornøyd med avkastningen og tar denne uken Hydro ut av porteføljen.

 

- Vi tok inn Hydro i porteføljen fordi vi mente at selskapet var billig priset i forhold til Statoil. Etter oppgangen forrige uke er Hydro nå riktigere priset, og vi velger derfor å ta aksjen ut av porteføljen, sier Tunaal.

 

Tro på cruise

 

Terra Securities tar som det andre meglerhuset inn cruiseselskapet RCCL i sin portefølje denne uken. Aksjen har gått svakere enn markedet de siste ukene, men Terra har tro på at utviklingen nå vil snu.

 

- I tillegg til at aksjen nå er relativt lavt priset, venter vi at selskapet vil komme med positive signaler under resultatfremleggelsen neste uke, sier aksjestrateg Terje Nyborg i Terra Securities.

 

Han viser til at dagens nivå på oljeprisen utgjør en betydelig kostnadsreduksjon for selskapet, og at alt tyder på at bookingen vil være god i vinter.

 

 

______

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Solgte AKD posten etter kontrakttildelingene før jul.

Disse kontraktene skulle normalt vært en mega-trigger, men her blir det år å vente før noe skjer. Satte alt og mer til inn i AGI, ser snart 100% fortjeneste her nå !

Tror dette blir som da jeg solgte TOM og puttet alt inn i TAA, forløpig har jeg vel 200% her.

Håper flere følger på i AGI, her er det mye å hente ennå.

Lykke til..

 

 

ASC oppjusterer :

 

Target 100 Potential NAV 330 Kr

 

We raise our target price from NOK 70 to NOK 100. We now include

the initial phases of the exploration programme that could very well

push the share way beyond our target, if the East African exploration

play is as exciting as market observers indicate. We reiterate our BUY

recommendation on the eve of the first exploration well in the

Rovuma basin for 25 years

 

Management’s delivered

 

Our initial target price of NOK 70 was based on the development

of the Mnazi Bay gas field. The first phase of the gas-to-power

plant is now up and running and the field is ready to boost output

by 20x or more, given demand.

 

By the end of Q1, management may have concluded negotiations

for industrial load power takers for 300MW and be in the final

stages of additional export volumes.We conclude that management has delivered on its frontier operation and turn our attention to the next phase.

 

Exploration kick-off

 

With the gas in place, we have examined the exploration

opportunities on the company’s blocks in Tanzania and

Mozambique. The first 3-5 wells targeting oil may yield NOK 60

per share or more, in our risk-adjusted exploration model.

The first exploration well is spudding this month.

 

Corporate action

 

A number of new entrants to the region are opening the way for

corporate opportunities, including farm-outs and joint ventures.

East Africa is fast becoming the new ‘darling’ among E&P

companies and Artumas holds key assets envied by most and is the

first producing

 

We raise our target to NOK 100, on the back of the increased

potential of the share, noting that our drilling success factor is 10%.

 

We believe that the operational risk attached to the

project is dramatically reduced, as the field could

actually now prove to be as big as 3 tcf, while we

in our valuation of the power project have kept our

conservative assumption of 1 tcf.

Commercialisation of the gas was another risk

attached to the project. However this seems to be

less of an issue today, and management should

currently be in negotiations with several interested

parties. In addition, we believe there could be

upside to our gas price assumptions as the gas

prices have remained high. The current gas price

for delivery in Mombasa is today USD 8 vs. our

assumption, equal to the minimum contractual

price, of 4.95.

Mozambique

Mozambique is an interesting play in the East

African region, and the potential is substantial. In

our valuation, using a conservative risk factor of

10%, our risk-adjusted value is NOK 22 per share

for a 3-well campaign, however as illustrated the

by the chart below, the value could be much higher.

We also believe that Artumas could be able to farm

out on the licence in exchange for interest in other

prospective areas, something which will increase

its exploration portfolio and reduce the risk. We

believe that the interest from several of the majors

in the area for such a deal confirms the good

prospects of their licence.

 

V a lu e p e r s h a re N O K

 

The value of the share could be NOK 200 given

initial success in Mozambique. Our base case calls

for a risk-adjusted NAV of NOK 108.

Sensitivity exploration programme Tanzania

 

The above DCF-based sum-of-the-parts calculation

summarises our fair value assessment. We argue

that the NOK 70 of ‘original’ potential is now

largely in the bag and that even a modest

exploration success will drive the share price to

NOK 100, or more.

We expect substantial news flow in the coming

months from possible farm-out agreements

securing funding whilst lowering risk, commercial

gas off-take agreements securing expansion of the

producing assets and results from the first

exploration well in this block for 25 years. All of

this should be out in this quarter. *******The big one, and

potential ‘company maker’, must wait until June.*********

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  • 3 weeks later...

Fra First idag

 

ARTUMAS GROUP - BUY

 

Gas field becoming bigger and bigger

 

Artumas’ current expected reserves of 177 mboe were based on seismic and the results

from the MB 1 well. The MB 2 appraisal well drilled late last year yielded higher reserves

and better flow rates. Last month, the company announced third party verification of the

MB 2 well and also new results from the MB 3 well which had 20% higher reserves than

the MB 2 well. Consequently, we expect a significant upward revision of the reserves

from this field. The size of the field will certainly put the share on the attention list for

some of the oil majors operating in the area.

 

• AGI announced third party verified reserves from the MB 2 and MB 3 gas appraisal wells.

The new MB 3 well indicated 20% higher reserves than the MB 2 well drilled late last year.

 

• The expected field reserves of 177 mb and P50 reserves of 100 mb was based on the

results from MB 1. MB 2 indicated larger gas reserves and improved flow rates, wile the

MB 3 results relapsed today was even better than the MB 2 well. Consequently, we expect

a significant reserve increase for the entire field shortly. Artumas has 7-8 similar prospects

in this block in Tanzania. The increasing field size will certainly put the share on the

attention list for the larger players in the area, such as Anadarko, Eni, Norsk Hydro, Statoil,

Petronas and Petrobras.

 

• We believe the short-term news flow may trigger significant re-pricing of the share. The

company specific catalysts include gas off take contracts that are currently under

negotiations, a possible joint venture with Anadarko in Mozambique. We expect

announcements in March. In addition we look forward to the upcoming MS-1X exploration

well which is mainly targeting gas.

 

• We will update our NAV estimates of NOK 121/share, when we get a new full reserve

report from the field as we have not factored in the larger size in our NAV estimates.

 

 

 

_______

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  • 3 weeks later...

:sleep: Kenya due to buy power from Tanzania

 

2007-03-20 10:14:04

By Correspondent David Mambo

 

 

Tanzania`s gas and oil exploration efforts have won praise from Kenya and Uganda energy commissioners. Kenya`s Director of Energy Exploration and Production Don Riaroh said his country was readying itself for purchasing electricity from Artumas Group of Tanzania.

 

``If all goes well, Kenya will start buying electricity from Tanzania later this year. Currently, we are upgrade our systems so that power can flow between the two countries,? he said.

 

Riaroh expressed satisfaction with the pace at which Tanzania was faring in search for various forms of power.

 

He said the country was moving in the right direction by moving away from total dependence on hydro-electricity.

 

``Tanzania`s speed in oil and gas exploration vividly signifies that East African countries will soon be joining a global oil producing family,`` he said.

 

He said the development at Mnazi Bay gas project were impressive.

 

On his part, the Ugandan Commissioner for Petroleum Exploration and Production, Reuben Kashambuzi said, Tanzanians was a very lucky nation for successfully managing to produce own power from Mnazi Bay gas reserves,.

 

The two energy commissioners were hosted by Tanzania?s Energy Commissioner, Bashir Mrondoko, at the weekend in a two-day visit in Mtwara.

 

They visited Mnazi Bay`s gas processing facility and power station in Mtwara town.

 

Mrindoko said the commissioners` trip to Mnazi Bay was an extension of the East African Energy Conference held in Arusha last week, at which the trio led their countries delegations to deliberate energy development strategies in the region.

 

Artumas Vice President Ian Horswill, said his company was in discussion with the government of Tanzania to produce 300MW for sale to Kenya.

 

At the same time company was looking into the possibilities of pumping 300MW into the national grid, through either Songea to Makambako or use the Mtwara to Kidatu route, and then proceed with it to the north from there.

 

Last month, the Minister for Economy and Planning, Dr Juma Ngasongwa, during his visit at Mnazibay said Artumas was ready to sell 300MW to Kenya.

 

http://www.ippmedia.com/ipp/guardian/2007/03/20/86671.html

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Fra First: :happy:

Vi hever vårt kursmål i Artumas (AGI) med NOK 5 til NOK 95 basert på en oppgraderingen av selskapets reserver. Ifm en nylig gjennomført tredjepartsvurdering, annonserte AGI i dag en økning i selskapets P50 reserver for feltet der selskapet har en eierandel på 80%, fra 100 til 167 mboe. Videre meldte selskapet om en økning i forventede reserver fra 177 til 184 mboe.

 

Selskapet har boret til ønsket dybde i en letebrønn i Tanzania, og vi venter nyheter herfra ila en ukes tid.

Reserveoppgraderingen gjør AGI til en mer attraktiv oppkjøpskandidat, og styrker selskapets forhandlingsposisjon ifm gassavtaler da det kan vises til betydelige verifiserte gass-reserver.

 

Vi gjentar vår kjøpsanbefaling på aksjen med det nye kursmålet på NOK 95.

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26/03-2007 07:42:08: (AGI) PRELIMINARY DRILL RESULTS MSIMBATI PROSPECT

Artumas Group Inc. is pleased to announce the

Msimbati - 1X (MS-1X) exploration well, drilled in

its Mnazi Bay Concession in Southern Tanzania,

reached target depth (TD) of 6570 feet on 20 March

2007, a full 11 days ahead of schedule.

 

Artumas Group Inc. is pleased to announce the

Msimbati - 1X (MS-1X) exploration well, drilled in

its Mnazi Bay Concession in Southern Tanzania,

reached target depth (TD) of 6570 feet on 20 March

2007, a full 11 days ahead of schedule.

 

The MS-1X well successfully penetrated the primary

exploration target, the Msimbati Prospect, at a

depth commencing at approximately 4800 feet. The

Msimbati Prospect is a series of multiple, stacked

sands of the Middle Miocene age. We are pleased

to

report initial well logs, completed 25 March 2007,

show strong indication of hydrocarbons in the

sandstone horizons. The Msimbati Prospect is a

separate, high amplitude fairway and upon

confirmation through Drill Stem Testing (DST),

will

be the second hydrocarbon-bearing discovery in the

Mnazi Bay Concession.

 

MS-1X is located 2.5 km to the southeast of the MB-

3 well site. Drilling through the Msimbati

Prospect, at 6000 feet the well encountered

the `Classic` Miocene/Oligocene sandstone

formations of the Mnazi Bay Gas Field appraised by

MB-2 and MB-3 wells. Successful production

testing

of the classic sands will support the aerial

extent

and enhance the resource estimates recently

provided by APA for the Mnazi Bay Gas Field.

 

Logging of the prospective sandstone horizons at

MS-

1X was completed March 25. Drill Stem Testing

(DSTs) of the lower, Mnazi Bay Gas Field classic

horizons will continue through to 31 March 2007.

It is anticipated that DSTs on the Msimbati

Prospect sandstone horizons will subsequently

commence April 1, with preliminary results

available mid-April 2007.

 

Seismic Program Approved: Artumas has given

approval for a new 2D seismic program focused on

high-grading a deeper exploration prospect for an

Eocene/Cretaceous oil test. The new seismic will

cover approximately 60 kilometers over the Mwambo

Prospect. Given supporting interpretation of this

new seismic, Artumas will look to drill an

exploration well, the Mwambo-1X (MW-1X), targeting

the deeper Eocene and Cretaceous turbidities and

fan deltaic sands. A secondary target would be the

shallower Tertiary sands which are currently being

produced from the Mnazi Bay Field. Drilling of the

Mwambo Prospect is currently targeted for 3Q:2007.

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Takk gaudio, vi er på vei oppover. AGI tar kansje en 100% før vi tar sommerferie. Lykke til !

 

Artumas- Kraftig oppjustering av First !

New discovery and larger existing field?

 

We increase our Artumas NAV by NOK 8.2/share to NOK 115/share as a result of the results from the Msimbati – 1X (MS-1X) well. The well logs showed strong indications of hydrocarbons from the well’s primary exploration target, the Msimbati Prospect. The well was further drilled through the primary target and at 6,000 feet encountered the sandstone formations of the Mnazi Bay Gas Field, indicating the possibility of increased resources in the existing Mnazi Bay Gas Field. We bump our 12m target to NOK 103.

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Synd at det ikke er flere enn du og jeg, gaudio, som bryr oss om den mest potente oljemyggen.

Triggere kort/ mellomlang sikt :

 

1. Msimbati DST-resultater ( Meget snart.)

2. Salgsavtale 300MW.

3. Reserveoppgradering.

4. Salgsavtale gass.

5. Spudding MW1.

6. Letestart Mosambique.

 

Last, but not least we expect announcement of a farm in partner in 1-2 oil prospects in Tanzania as the company has opened a data room for the oil majors (Petrobras, Anadarko, Statoil, Norsk Hydro, Eni and many others) in the area.

 

 

PS ! Ser det like sannsynnlig at AGI blir 'slukt' på sikt slik som Assessit og Technor ble i sine dager. Simrad Optronics ble riktignok skilt ut fra TEC før salget og alle vet hvilken børsrakett dette ble. Jeg skrev om det og anbefalte folk inngang, men her er det mest interesse for produksjons bedriften Tomra, som har en enkel produksjon rent tekninsk og er avhengig av salg.

Jeg kunne skrevet mye om dette der jeg kunne gjort en sammenlikning mot gamle Nera som virkelig er teknologisk lengst fremme på sitt felt, og har mye av sitt salg i 'nye områder'.

Vi behøver ikke å si mer om det siden alle vet hvordan markedet 'pris-setter' dette. :happy:

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Hei, takker for svar!

Har surfa litt på sida deira og dessutan lest Corporate Pres. frå mars i år. Har eit par spørsmål til du kanskje svarar på? :smile:

 

- Kan du forklare desse punkta, og kva meiner du om dei?

(side 23 i Corp. Pres. Mars07)

Joint Venture with TransCanada Pipelines – FEED Study

TransCanada and OSG Joint Venture to build, own and

operate shipping assets.

 

- Nesten alle grafane i heftet stiger "1000%" i 2008-2010. Er det vits å gå inn no?

 

- "PS ! Ser det like sannsynnlig at AGI blir 'slukt' på sikt slik som Assessit og Technor ble i sine dager. Simrad Optronics ble riktignok skilt ut fra TEC før salget og alle vet hvilken børsrakett dette ble."

NÅR? :biggrin:

Hehe, no skal eg på tur i morgon og kjem ikkje att før neste veke, så ingen hast med svara.

Takk på førehand, fortsatt god påske!;-)

 

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Darkiz,

1)Samarbeid med TransCanada for å utrede og bygge en gasslinje fra Mnazi Bay til dypvannshavnen i Mtwara town.

2)Gassen og forhåpenlig oljen må ut til den 'store verden' og derfor er det påkrevet med en utbygging av nevnte dypvanns havn med tilhørende fasiliteter. Merk at dette er den eneste eksiterende dypvann havn som kan ta imot tankskip i dette enorme området.

3)Grafene stiger bratt i årene fremover hva angår produksjon.

Det er nå du skal gå inn !!

4)Satsingen og oppbyggingen av oljeindustrien i øst Afrika er allerede godt igang.

AGI er et lite 'filleselskap' sammenliknet med aktørene som har engangesjert seg i området.

Både aksjekursen og totalprisen gjør selskapet til et 'lett bytte'.

Finner AGI større oljeforekomster ved siden av gassen trenger man ikke engang magefølelse for å forstå at dette selskapet blir en 'diamant'. Dypvannshavnen er også et stikkord, samt at hele AGI sitt engangemet både i Tanzania og Mozambique ligger onshore med de fordeler dette fører med seg. :smile:

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http://www.newsweb.no/atmnt/CorporatePrese...07.pdf?id=41184

 

Gaudio, det vil jeg absolutt anbefale deg, men vær snar.

En DST test tar normalt 4-6 dager, noe som betyr at vi kan ha en mulig megamelding allerede mandag.

Endelig bekreftelse beregnes av tredje part, og denne verifikasjonen ventes i midten av april ifg. AGI. :happy:

 

 

Bekreftelsen av tredje part,er den kommet enda?

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We retain Artumas as our top pick amongst Norwegian Oil E&P shares. Over the past months we have seen a rapid increase in reserves for the company’s Mtwara energy project. As the recent drilling results from Tanzania were positive, we expect reserve estimates to increase even further. The combination of the Tanzanian reserve potential and the upside from the company’s onshore block in Mozambique makes Artumas the most favourably priced share in our Norwegian E&P Universe

 

• Recent drilling results from the Msibati 1-X indicate both a new discovery and an extension of the Mnazi Bay gas field. We expect the company to release new resource estimates for the area within short time. The resource potential is increasingly approaching critical size for a LNG development. If so, there is a huge upside from our current NAV of NOK 115. So far, the share price reflects the market discovering Artumas: there is plenty more to go.

 

• Another potential trigger for the share is an agreement with Anadarko which holds the neighbouring block to Artumas in Mozambique for an asset swap agreement where Artumas trades a large stake in its onshore concession for a smaller share in Anadarko’s offshore block. Other possible and probable near term triggers are new gas off-take agreements from the Mtwara energy project.

 

• Artumas stands out as by far the cheapest stock in our small-cap universe, and we see many short-term company specific events coming up. We estimate Artumas NAV to be NOK 115/share in our USD 35/b long real price scenario and find firm support for our Buy recommendation and NOK 103 share price target.

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AGI går mykje opp og ned for tida. Verkar som den slit med å halde seg over kurs 70. Kva tankar gjer de, (henholdsvis gaudio og nazze - andre?), dykk om dette? Er det mogleg for enda lavere kurs og inngang eller brytest 70 -for godt- snart?

 

AGI har jo hatt noko mediamerksemd i det siste, korleis summerer de dette? Det verkar på meg som om generalforsamlina gjekk bra?

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darkiz, vi er i 'ventemodus', og videre oppgang får vi ikke før reserveoppdateringen fra 3. part. Ellers kommer generalforsamlingen opp 9 mai.

Tipper en eller annen positiv melding er på gang før den tid.

Selv har jeg planer om å ta noe gevinst ved neste opptur.

Små berg og dalbane turer opp/ned på kursen bryr jeg meg ikke så mye om, men du er jo trader forstår jeg? tør du hoppe av for mulig inntreden til en billigere kurs? Tror ikke det er verdt risken hvis vi ikke skal ned på OSE fremover !?

 

 

20 April 2007

 

Artumas Signs Mozambique EPCC

 

Artumas Group Inc. is very pleased to announce the signing on April 18, 2007 by its wholly owned subsidiary Artumas Moçambique Petróleos Limitada, of the Exploration and Production Concession Contract (EPCC) for the Rovuma Onshore Block in the Rovuma Basin in northern Mozambique. The official signing ceremony took place in Pemba between the Government of the Republic of Mozambique, the national oil company, Empresa Nacional de Hidrocarbonetos (ENH), and executives of Artumas.

Artumas was awarded the block in Mozambique’s second licensing round in 2006.

The Rovuma Onshore Block covers an area of approximately 15,000 square kilometres in the hydrocarbon prospective Rovuma Basin. The Block offsets the Company’s Mnazi Bay concession in southeastern Tanzania. (http://www.artumas.com/html/rovuma_delta_basin.php# )

Under the terms of the contract, Artumas has secured an initial three-year exploration term with two extension terms. The initial exploration period work commitment calls for acquisition of a minimum of 250 kilometres of new 2D seismic and drilling of a deep Cretaceous prospect, representing a projected capital expenditure of US$ 20 Million. In addition, Artumas has the option to re-enter and test the existing Mocimboa-1 well, drilled by Esso in 1986. This well encountered multiple intervals of hydrocarbons shows, and several independent studies on the well logs have identified by-pass gas in the Cretaceous formation.

Artumas has interpreted numerous exploration leads on existing seismic within the Block at several stratigraphic levels, covering various play types. Additional seismic acquisition is planned, targeted to start in late 2007, to high-grade and delineate these leads.

Artumas has begun an environmental impact assessment (EIA) covering the planned seismic and anticipated drilling activities.

Artumas has a 100 percent working interest in the Block subject to ENH’s 15% interest which is carried by the concessionaire during the exploration phase.

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