Oranto Petroleum has acquired two exploration blocks located in Zambia – Blocks 17 and 27 which represent Oranto’s first investment in Zambia.
“Oranto Petroleum is committed to an aggressive work program to increase the level of prospectivity in one of the world’s last true frontier markets,” said Prince Aurthe Eze, Chairman of Oranto Petroleum. “Our specialty at Oranto Petroleum is discovering the vast potential of Africa’s frontier oil and gas markets, and we are very pleased to add Zambia to our extensive portfolio. We are committed to developing Zambia into an oil and gas producing nation, as we have many times with other countries on the continent.”
Oranto Petroleum and Atlas Petroleum International, are hugest African independent oil operators with active exploration and production programs across Africa, including Benin Repiblic, Equatorial Guinea, Nigeria, Liberia, Namibia, Ghana, São Tomé and Príncipe, Senegal, South Sudan and Uganda.
Oranto Petroleum will have a 90 percent stake and ZCCM Investment Holdings will hold a 10 percent share, on behalf of the Zambian Government. The company is also required to co-ordinate geological and geophysical studies for first two 2-year sub-periods.
Other operators in Zambia include Tullow Oil and Bowleven.