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Armour Energy: exploration licence granted for Kanywataba Block, Uganda

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Oilfield Technology,

The Board of Directors of Armour Energy Limited has announced that Armour has been granted the exploration licence for the Kanywataba Block in the Albertine Graben in Uganda.

Armour has previously advised that it had been selected as the preferred tenderer on the Kanywataba Block offered by the Government of Uganda under their first licensing round. Armour recently concluded negotiations with the Government of Uganda which enabled an exploration licence for the Kanywataba block to be granted to Armour following the signing of the Production Sharing Agreement with the Government of Uganda . Armour is the first company to have been granted an exploration licence out of the first licencing round tender issued by the Government of Uganda in late 2015. The grant of the licence is a significant milestone for Armour and provides exposure to a world renowned oil province.

The Kanywataba block is located at the southern end of Lake Albert in the Albertine Graben where approximately 115 wells have been drilled, and 101 wells encountered hydrocarbons delivering an 88% success rate on economic discoveries. To date, discoveries in the Albertine Graben total approximately 6.5 billion barrels of oil initially in place, with estimated recovery being 1.5 billion barrels and oil being light to medium gravity (30 - 35 API) with associated wet and dry gas. The Albertine Graben is a Rift Basin, a geological formation known to host a third of the world’s oil reserves and similar geology to the Gippsland Basin in Victoria, Australia. The Albertine Graben is considered to provide world class reservoir qualities, multiple reservoirs and less than 40% of the Albertine Graben has been evaluated. Production licenses have been awarded to Total, Tullow and CNOOC on blocks to the north of the Kanyawataba block, on the east coast of Lake Albert. Armour considers the Kanywataba block to be a highly prospective oil play. Based on the Highly Prospective Oil Columns Kanywataba Block internal report dated 13 September 2017, Armour has assessed the prospectivity of the block and estimates low, best and high unrisked prospective oil resource to range from 646 to 969 million bbls of oil in place across 7 prospects each with stacked reserves.

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