DAR ES SALAAM, Tanzania, December 11, 2023 -- Petrodel Resources Ltd. (‘Petrodel’), a leading energy company in the development of oil and gas reserves, confirms Tanzania’s Minister of Energy, has approved the assignment of 74% interest in the Tanga block from Afren Tanzania Ltd. to Octant Energy Tanzania Ltd. (‘Octant’) in accordance with Section 86(2) of the Petroleum Act 2015.

The parties Petrodel (26%) and Octant (the operator - 74%) can now move into the final 3-year period and shall focus on applying state of the art technology to reprocess the 3D seismic survey of Tanga acquired in 2013.  

The Tanga block is optimally located as it includes a deep basin with a very thick sedimentary section that has the potential to host several source rock intervals and reservoir/seal pairings. Potential petroleum plays recognised to date are Lower Cretaceous sands deposited in deltaic to shallow marine environments, Upper Cretaceous submarine fans, Eocene shelf sands and Miocene fluvial and deltaic sands. Both structural and stratigraphic traps have been identified by previous mapping campaigns.

Oil seeps and shows encountered in previous wells drilled on the nearby Pemba Island attest to the oil potential of the block and surrounding area. Previous interpretations have indicated the likely presence of several giant (>100 MMB) prospects within the Tanga block.

Michael J Prest, Founder and Chief Executive of Petrodel, said:

“Petrodel had been a first mover in Tanzania and was awarded Tanga, Latham & Kimbiji exploration licences under competitive tender. We farmed out an interest to Afren and so we are delighted with what is a most positive and significant development and we look forward to working with our partner Octant in realising Tanga’s significant potential.”

Petrodel was awarded Tanga, Kimbiji and Latham licenses in Tanzania in 2006. Tanzania is home to sub-Saharan Africa’s second largest gas resources, with reserves estimated at 57.5 trillion cubic feet.