Artumas Group Inc. (`Artumas`) is pleased to announce that it has entered into a Front End Engineering and Design (`FEED`) Study Agreement with TransCanada CNG Technologies Ltd, (`TransCanada`) a wholly owned subsidiary of TransCanada Corporation, a Canadian company and global leader in gas transportation including the marine transport of compressed natural gas (`CNG`).
TransCanada`s Gas Transport Module (GTM) technology, utilizing a proprietary composite reinforced steel pressure vessel system and manufactured under license from NCF Industries Inc., (US and foreign patents issued and pending), provides a simple and cost effective solution for marine CNG transportation.
Phase 1 of the FEED study will investigate the economic and project details to develop a marine transport system for CNG from Mtwara, Tanzania to Mombassa, Kenya. The objectives are to identify the marine transportation system, establish a comprehensive cost estimate, identify and provide a time schedule, evaluate marine transportation regulatory issues and identify safety related issues and risk factors. The First Phase is expected to be completed in Q3 2006.
Artumas and TransCanada incorporate the highest level of awareness for environmental protection health and safety in accordance with industry best practices, codes and standards.
TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure. TransCanada`s network of more than 25,600 miles (41,000 kilometres) of pipeline transports the majority of Western Canada`s natural gas production to key Canadian and U.S. markets. A growing independent power producer, TransCanada owns, or has interests in, approximately 6,700 megawatts of power generation in Canada and the United States. TransCanada`s common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Artumas Group Inc. is a Canadian based independent energy producer, delivering total energy solutions to targeted regions in rural Africa. The Company is currently developing the Mnazi Bay hydrocarbon concession located near the deep-water port of Mtwara in southeastern Tanzania and in May, will commence an initial three well drilling program to further delineate the Mnazi Bay reserves.
On March 9, 2006 Artumas announced its successful bid for a 15,000 square kilometre onshore block in the Rovuma Delta basin in northern Mozambique, adjacent to the Company`s Mnazi Bay concession in Tanzania. Offsetting the Company`s acreage in both Tanzania and Mozambique are major oil and gas companies including Anadarko Petroleum, ENI, Norsk Hydro and Petronas. The Rovuma Delta is an area of increasing interest highlighted by Anadarko`s recent statement; `Anadarko has been actively working seismic, well and other geologic data from the Rovuma Delta for the past three years and has concluded that the basin is similar in nature to the proven world-class petroleum systems of the Niger Delta, Mahakam Delta and the Gulf of Mexico.`
Artumas` common shares trade on the Oslo stock exchange under the symbol AGI.
The news release can be downloaded from the following link:
