Jacka Resources has announced that it will be farming out its Ruhuhu block ahead of its planned seismic acquisition in the first half of 2015 according to the company’s latest corporate presentation.
The company is already carrying out early stage exploration on the block with a depth to basement map derived from an airborne magnetic survey showing a rift basin structure.
In the western Ruhuhu hydrocarbons in Lake Nyasa basin sediment samples indicate potential for young charge system while the Intra-Lake Nyasa rift structure demonstrates possible migration pathways toward western and into younger Neogene traps or older Karoo traps.
In the central and eastern side of Ruhuhu the company estimates a multi Tcf potential Coal Seam Gas and Shale Gas play.
The farm-out is part of the new ventures strategy by the company that also includes the acquisition of high potential frontiers.
The company that carried out a farm-out in the Odewayne block in Somaliland raising a total US$15 million cash also recently carried out a board restructuring process and has been focusing on cost reduction.