Agriterra’s legacy oil interests in Ethiopia are estimated at 2.7 billion barrels according to a new report. he projected figure is a best case gross un-risked estimate derived from an independent review carried out on the South Omo concession according to African Oil which is a partner in the venture.
Agriterra has 20% state in the concession and Africa Oil owns 30% while Tullow Oil owns the remaining 50%.
It is to be remembered that Tullow has already made oil discoveries at the concession it is prospecting in Kenya and which is located in the same system as South Omo.
The first well to be drilled for the South Omo Block, Sabisa-1 is planned before the end of 2012 following Tullow’s rig contract negotiations with the government said to be close to concluding according to Agriterra.Seismic and gravity data from Africa Oil show strong leads and prospects with in the South Omo Project area, Agriterra noted.
The results in addition to successful drilling in the same system indicate that it is a high value concession said Andrew Groves, Chief Executive of Agriterra.
The possibility of the first well being drilled by the end of the current year is also an exciting possibility said Groves.
Source: Capital
