After Eight Years in Limbo, an East Africa Transaction Will Resume Exploration on a Promising License

Exclusive Petrodel Assets is at last set to start on a  promising investigation at offshore Tanzania, eight years after its E&P plans were postponed after previous Partner Afren’s liquidation.

This is a positive move for Tanzania’s imminent northern waters.
The present administration of President Samia Suluhu Hassan is attempting to improve the circumstances surrounding E&P exercises.

After extended exchanges, Tanzania’s Service of Energy has endorsed the task of 74% interest in the Tanga block from Afren Tanzania to Octant Energy Tanzania, leaving Petrodel with a 26% interest.

Octant is a Canadian junior headed by Rick Schmittwho who’s worked with Afren, Africa Oil, Dark Marlin Energy and Occidental, among others.

The companies plan to go over 3D seismic information that has been obtained over Tanga since 2013.

Tanga lies in an area with several source rock stretches and reservoir-seal pairings, Petrodel said.

Potential petrol plays perceived to date are Lower Cretaceous sands kept in deltaic to shallow marine conditions, Upper Cretaceous submarine fans, Eocene sands and Miocene fluvial and deltaic sands.

Both underlying and stratigraphic traps have been distinguished by past planning efforts.

Oil leaks and oil shows experienced in past wells bored on neighbouring Pemba Island would recommend Tanga could be oil-inclined, Petrodel said, focusing on that past understanding demonstrated the “logical presence” of a few possibilities each with expected assets of more than 100 million barrels of oil.

Petrodel was granted the Tanga permit in 2006, alongside the Kimbiji and Latham licenses.

Michael J Prest, the organization’s CEO, depicted the most recent move as “a best and huge turn of events and we anticipate working with our partner Octant in understanding Tanga’s critical potential”.