KEY 0.00% 0.6¢ key petroleum limited

5tfc what the...

  1. 259 Posts.

    Check this out from Reuters... They are exploring right-near Songo-Songo I will look into this more deeply I can't believe I didn't know this.

    UPDATE 2-Tanzania discloses size of Maurel & Prom gas find
    Tue Feb 6, 2007 4:09pm GMT Email | Print | Share| Single Page| Recommend (0) [-] Text [+]
    (Recasts with Maurel & Prom comment, shares, analyst)

    CAPE TOWN/PARIS, Feb 6 (Reuters) - The gasfield which independent French oil group Maurel & Prom (MAUP.PA: Quote, Profile, Research) has discovered in Tanzania has reserves of about five trillion cubic feet of gas, Tanzanian President Jakaya Kikwete said on Tuesday.

    "They are saying it's about 5 trillion cubic feet from this well. They are going to drill another well and some more wells ... to ascertain exactly how much there is," Kikwete told a news conference at the Indaba African mining conference in Cape Town.

    The announcement pushed Maurel & Prom shares up 5.28 percent to 16.81 euros in Paris by 1520 GMT as analysts said the size of the field, if confirmed, would be above what they expected.

    "We of course need this figure to be confirmed by the company, but it would be very good news in terms of reserves," a Paris-based analyst said.

    Maurel & Prom did not comment on the figure, only saying: "Additional studies in seismic and drilling are expected to evaluate the reserves of this mining field of more than 14,000 square kilometers," a spokesman for Maurel & Prom said.

    Maurel & Prom said last month that test wells at the Mkuranga-1 project, in which it has a 60 percent share, had found gas at a depth of 2,030 metres with a stable flow of around 19.2 million cubic metres a day.

    The discovery, the third gas field found in the country, was made at a site around 50 km south of the capital Dar es Salaam, the president said.

    He said several other companies were exploring at Tanzania's offshore Songasonga field.

    "The prospects look good for gas but also for oil," Kikwete said in a speech.
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