Beach Petroleum (Tanzania) Limited, a wholly owned subsidiary of Beach Energy Limited (BPT), is pleased to announce the execution of a Production Sharing Agreement (PSA) for a 100% interest in the Lake Tanganyika South concession with the Government of the United Republic of Tanzania, in Dodoma today. The agreement gives Beach the right to explore the Great Rift Valley in western Tanzania. The concession is considered highly prospective for oil, and Beach’s exploration program will target plays analogous to those which are yielding significant success in the Rift system in Uganda.
Beach Energy Managing Director, Reg Nelson said “The signing of the Lake Tanganyika PSA is a major milestone for Beach. This is the first PSA signed by the Government of the United Republic of Tanzania over this part of the Rift valley. Given the success of Tullow Oil plc and Heritage Oil plc in nearby Uganda, along the same rift valley setting, where over 800 MMbbl has been discovered in the past seven years, Beach has high hopes for success in this emerging big oil province.” Mr Nelson also said “Beach is very grateful for the leadership, co-operation and professionalism displayed by TPDC in the negotiation of the PSA and looks forward to working with TPDC to explore this highly prospective acreage.”
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