Ethiopian Oil Interests

RNS Number : 1010A

Agriterra Ltd

27 March 2012

 



Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

27 March 2012

Agriterra Ltd ('Agriterra' or 'the Group')

Ethiopian Oil Interests

Agriterra Ltd, the AIM listed pan African agricultural company, notes the recent announcement by Tullow Oil plc ('Tullow') in respect of the successful drilling of Block 10BB in the Turkana County in Kenya. 

The development of the Ngamia structure in Block 10BB is the first prospect to be tested as part of a multi-well drilling campaign being conducted by Tullow in Kenya and Ethiopia.  As stated by Tullow, this success is 'an excellent start to our major exploration campaign in the East African rift basins of Kenya and Ethiopia.  To make a good oil discovery in our first well is beyond our expectations and bodes well for the material programme ahead of us.'

Included in this programme is the 29,465 sq km South Omo Block in Ethiopia ('South Omo'), a legacy concession in which Agriterra has a 20% interest, Africa Oil Corp., 30% and Tullow 50%.  South Omo also lies within the Tertiary age East African Rift, just north of Lake Turkana, located across the Ethiopian border in Kenya and within the same petroleum system as Block 10BB. 

Agriterra CEO Andrew Groves said, "This is significant news for us as we still maintain a 20% interest in the South Omo Block.  Exploration programmes on the South Omo block are being conducted by Tullow and Africa Oil, as per our original farm-out agreement with Africa Oil, and with a discovery already made in the same petroleum system, the prospectivity of the South Omo Block only increases."

**ENDS**

For further information please visit www.agriterra-ltd.com or contact:

Andrew Groves	Agriterra Ltd	Tel: [phone]
Jonathan Wright	Seymour Pierce Ltd	Tel: [phone]
David Foreman	Seymour Pierce Ltd	Tel: [phone]
Andy Cuthill	MC Peat & Co LLP	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Susie Geliher	St Brides Media & Finance Ltd	Tel: [phone]

 

END

 

 

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