ASX listed Jacka Resources has said its management is exploring all options including relinquishment as farm-out campaign initiated in September 2014 and which has not seen much interest thus far.
Jacka which is currently planning seismic and airborne gravity surveys attributes this to a lack of risk appetite in current low oil price market
“Management exploring all options, including relinquishment, in light of lacklustre farmout market and desire to preserve capital,”says Jacka Resources Non-Executive Chairman Max Cozijn.
Jacka which is the Operator and holds 100% of the petroleum exploration rights to the entire Ruhuhu Basin, a Karoo rift basin and a portion of the Lake Nyasa rift basin has been intending to farmout the Ruhuhu block prior to undertaking significant expenditure on these major geophysical programs and has engaged a US – based consultancy to assist with an ongoing active farmout campaign, targeting a wide range of international companies.
According to Ruhuhu Block has set the highest estimate at 3.6 billion barrels of oil in both conventional and unconventional oil including 263 million barrels of oil (MMBO) of conventional neogene oil and 20 Tcf unconventional gas + liquids potential (shale/tight gas and coal seam methane)
The Ruhuhu licence is located in south-west Tanzania and covers an area of 10,343 km2 and Jacka is the Operator holding 100% of the licence.