Jacka Resources
Jacka Resources (ASX: JKA) holds oil and gas assets in Australia, Tunisia and Nigeria. It is also pursuing a Tanzanian play.
Jacka Resources closer to acquiring Tanzanian petroleum play
Wednesday, February 08, 2012 by Bevis Yeo
Jacka Resources (ASX:JKA) has taken yet another step towards securing exploration and production rights over the prospective Ruhuhu Basin in southwest Tanzania after signing off on the production sharing agreement.
The agreement with state-owned Tanzania Petroleum and Development Corporation is now subject to final government approval.
Jacka said the work program could start as early as the second quarter 2012 with high resolution airborne gravity amongst the early works planned.
While Tanzania is underexplored, it has received considerable attention from international oil and gas companies in the past 12 months following the three offshore discoveries made by an Ophir Energy-led joint venture.
Ophir (LON:OPHR) made the Chaza-1, Chewa-1 and Pweza-1 gas discoveries between 2010 and 2011 and has flagged the possibility of a liquefied natural gas development if enough gas is found.
Beach Energy (ASX:BPT) also holds a production sharing agreement in Tanzania while majors such as Shell, Statoil and ExxonMobil are also entering the country.
Tanzania is considered to have significant exploration potential within the offshore deep water blocks and within the onshore East African Rift basins in the central and western parts of the country.
Jacka said both conventional and unconventional exploration plays exist in the Ruhuhu Basin.
These include post-glacial, early Permian euxinic lacustrine shales related to those that have sourced the heavy oil in the Bemolanga tar sands of west Madagascar, which have reported resources of about 22 billion barrels of oil.
Jacka was offered exclusive negotiating rights for a 100% interest over the 8400 square kilometre Ruhuhu Basin mid-last year.
The company held cash of about A$800,000 at the end of last year though its next major expenditure will only occur at the end of April 2012.
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