Pan-African Firm Oranto Petroleum To Explore For Oil In Zambia  | Rigzone

LUSAKA, June 27 (Reuters) – Pan-African firm Oranto Petroleum said on Wednesday it would start exploring for oil in Zambia after it was awarded two blocks, its first investment in the southern African nation.

Zambia does not produce oil, but the government says soil samples sent to European laboratories have shown good traces of crude.

Under the agreement, Oranto will hold a 90 percent stake in the two blocks and will be required to conduct geological and geophysical studies over two years.

“Oranto Petroleum is committed to an aggressive work programme to increase the levels of prospectivity in one of the world’s last true frontier markets,” it said in a…

Read More

*** This news item is 3rd party content and is included strictly for non-commercial informational purposes.

  • 1