Artumas today announced that it has fulfilled all conditions and has
received final approval from the Government of Tanzania to complete
the sale of a portion of its participating interest in the Mnazi Bay
Development Licence to Maurel & Prom S.A. (38.22% all operations
other than exploration operations, 47.775% exploration operations)
and Cove Energy Tanzania Mnazi Bay Ltd (16.38% all operations other
than exploration operations, 20.475% exploration operations).
As previously announced on September 17, 2009 the sale leaves Artumas
with a 25.4% participating interest in all operations other than
exploration operations (31.75% exploration operations) and will
transfer Operatorship to Maurel & Prom.
As a result of this sale and the transfer of Operatorship, Artumas
will be undergoing a substantial reorganization and rationalization
of its position in Tanzania.
Also in connection with the completion of the sale Artumas announced
that it has successfully negotiated the termination of a Gross
Overriding Royalty Interest («GORI») related to Mnazi Bay production
previously held by Sunorca Development Corp. of Vancouver Canada
(«Sunorca»). Under the terms of the agreement Artumas will provide
Sunorca $400,000 CAD in cash and $600,000 CAD in AGI shares in
exchange for the termination of the GORI.
According to President and CEO Cameron Barton, «The completion of
this sale and the royalty termination means that Artumas has now
reached its restructuring objectives. Artumas is now able to move on
to the next stage of its exploration and development objectives
without the further need for capital.»
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)