Oranto Petroleum inks exploration deals for Uganda licenses

Oranto Petroleum Ltd. has signed two production-sharing agreements with Uganda’s Ministry of Energy and Mineral Development for the 410-sq-km Ngassa shallow and deepwater play of Lake Albert.

Oranto will hold 100% participating interest in both licenses, which are contiguous with major coastal petroleum discoveries, the firm said.

The PSA comprises a first exploration period of 2 years followed by a second exploration period for a maximum of 2 years for both licenses. Each first exploration period carries a minimum work program that includes 2D and 3D seismic and reprocessing and amplitude vs. offset (AVO) studies.

Following the first exploration period, Oranto has the option to renew the agreement and commence a second exploration period consisting of additional seismic data acquisition, the drilling of one exploration well, and the drilling of one appraisal well contingent upon the success of the first well.

Oranto Petroleum and sister company Atlas Petroleum International are part of Atlas Oranto Group, which owns and operates 21 oil and gas acreages in 11 African jurisdictions.