Artumas Group Inc. (OSE: AGI) ("Artumas") has operations and concession acreage in the Rovuma Delta Basin of East Africa. The Company's proven natural gas resources located in the Tanzanian Mnazi Bay Concession are being monetized through a localized gas to electric power and rural electrification project in southern Tanzania.
As Artumas is in the initial stages of this project, production throughputs are not yet in quantities sufficient to qualify as economic under reserves definitions. Thus, none of the hydrocarbon resource in place volumes have yet been categorized as reserves.
Pending expansion of the overall production throughput rates, and completion of activities to commit to commercial development of gas markets, Artumas will comply in all aspects to the Oslo Stock Exchange guidelines given in Circular 2/2007 "Guidelines for the disclosure of hydrocarbon reserves, contingent resources and results from exploration" and will file an Annual Statement of Reserves (ASR) in subsequent years.
As at 31 December 2007, Artumas Group held an 80% working interest position in Mnazi Bay Concession.
Contingent resources are reported as "Development Pending" under the SPE/WPC/AAPG Resource Management System and its associated definitions of Reserves and Resources. Both gross and net to Artumas resources are reported as total estimated original gas in place (GIIP) and estimated ultimate technical recoverable resources (EUR).
