The Energy Minister Irene Muloni said the deep in global oil prices delayed negotiations prior to the signing of the Agreement with Armour Energy Limited. “The process that was under taken, we were very happy that indeed it attracted a good number of interests given the nose diving of the crude oil prices. And a due diligence was carried out because we want serious people, we want people who are credible, we want people who have the financial muscle to come and invest in this sector.” Said, Irene Muloni – Minister of Energy & Mineral Development.

This followed a series of competitive licensing grounds launched in 2015. Roger Cressey the Chief Executive Officer of Armour Energy Limited was optimistic that the move would aid the expansion of the firm’s global footprint. “The budgeted demand aligns with the minimum expenditure commitment that we have just agreed under the signing of the PSI which amounts to 1.98 US million dollars. In terms of funding network, we have sufficient funds to actually carryout that work as we continue growing our business into producing oil and gas in Australia, our ability to fund further exploration projects already in place.” Said, Roger Cressey – Chief Executive Officer, Armour Energy Ltd.

The government also announced plans to bring onboard additional firms to sign production sharing agreements in October. “Last Friday, the Cabinet approved the award of two licenses in the Ngasa Block to Oranto Petroleum Limited and as the Permanent Secretary has informed you Oranto has communicated that they will be here in 3 weeks-time to sign.” The Australian based firm now joined three Nigeria’s oil companies that emerged as winners. Uganda proved results of oil estimated at 6.5 billion bullows, with 1.8 bullows considered to be recoverable.