Petroleum Africa
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Thursday, June 28, 2018
Oranto Petroleum is going to take two exploration blocks in Zambia. The blocks, 17 and 27, represent the company’s first investment in Zambia.
Under the agreement, Oranto Petroleum will hold a 90% stake and ZCCM Investment Holdings will control a 10% share, on behalf of the Zambian government. The company will be required to conduct geological and geophysical studies for the first two 2-year sub-periods.
“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.”
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